Search results for: economic benefits

Authors: Soumia Hebbri

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The relationship between Britain and the European Union is phenomenally complex with a great opposition to Europe in the British Conservative and Labour Parties emerged since 1945. During the history and development of the European Union, Europe saw a lack of British involvement until 1961, after refusing to sign the Treaties of Rome of 1957 for being a member of the European Economic Community. Britain then applied to join the EEC in 1961 under Harold Macmillan’s Conservative Government, its application led by the Chief Negotiator Edward Heath. This application was vetoed by President de Gaulle. With de Gaulle out of power Britain. finally could joined in 1973. But again Labour and conservative both found themselves divided on the issue and they hold a referendum under labour on whether to continue the UK’s membership.

Keywords: the European Union, the British, economic community, de Gaulle

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Authors: Prakash Singh, Piet Maphodisa Kgohlo

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Knowledge-worker productivity is one of the biggest leadership challenges facing all organizations in the twenty-first century. It cannot be denied that knowledge-worker productivity affects all organizations. The work and the workforce are both undergoing greater changes currently than at any time, since the beginning of the industrial revolution two centuries ago. Employees welcome collegial teaming (CT) as an innovative way to develop their work-integrated learning competencies. Human resource development policies must evoke the symbiotic relationship between CT and work-integrated learning, seeing that employees need to be endowed with the competence to move from one skill to another, as each one becomes obsolete, and to simultaneously develop their cognitive and emotional intelligence. The outcome of this relationship must culminate in the development of highly productive knowledge-workers. While this study focuses on teachers, the conceptual framework and the findings of this research can be beneficial for any organization, public or private sector, business or non-business. Therefore, in this quantitative study, the benefits of CT are considered in developing human resources to sustain knowledge-worker productivity. The ANOVA p-values reveal that the majority of teachers agree that CT can empower them to overcome the challenges of managing curriculum change. CT can equip them with continuous and sustained learning, growth and improvement, necessary for knowledge-worker productivity. This study, therefore, confirms that CT benefits all workers, immaterial of their age, gender or experience. Hence, this exploratory research provides a new perspective of CT in addressing knowledge-worker productivity when organizational change alters the vision of the organization.

Keywords: collegial teaming, human resource development, knowledge-worker productivity, work-integrated learning

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Authors: Malay Kumar Pramanik

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Climate change induced sea level rise increases storm surge, erosion, and inundation, which are stirred by an intricate interplay of physical environmental components at the coastal region. The Mumbai coast is much vulnerable to accelerated regional sea level change due to its highly dense population, highly developed economy, and low topography. To determine the significant causes behind coastal vulnerability, this study analyzes four different iterations of CVI by incorporating the pixel-based differentially weighted rank values of the selected five geological (CVI5), three physical (CVI8 with including geological variables), and four socio-economic variables (CVI4). However, CVI5 and CVI8 results yielded broadly similar natures, but after including socio-economic variables (CVI4), the results CVI (CVI12) has been changed at Mumbai and Kurla coastal portion that indicates the study coastal areas are mostly sensible with socio-economic variables. Therefore, the results of CVI12 show that out of 274.1 km of coastline analyzed, 55.83 % of the coast is very low vulnerable, 60.91 % of the coast is moderately vulnerable while 50.75 % is very high vulnerable. Finding also admits that in the context of growing urban population and the increasing rate of economic activities, socio-economic variables are most important variable to use for validating and testing the CVI. Finally, some recommendations are presented for concerned decision makers and stakeholders to develop appropriate coastal management plans, nourishment projects and mitigation measures considering socio-economic variables.

Keywords: coastal vulnerability index, sea level change, Mumbai coast, geospatial approach, coastal management, climate change

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Authors: Rorick Daniel Tovar Galvan

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The existence of different legal systems represents an important barrier for married couples that attempt to reside in another country. Each movement can cause important changes in the rights and obligations derived from the marriage since a different law could be used by the courts to solve legal disputes arising from their relationship. In a context in which it is increasingly common to move from one country to another, people cannot be certain about the outcomes of proceedings dealing with i.e., the dissolution of property regime, maintenance payments or time to wait to initiate divorce because a foreign – and in most cases unknown – law could apply every time they move. At first glance, the answer to this issue seems to be the harmonization of the legal systems: the greater the mobility of individuals inside a group of countries, the higher the similarities of their laws should be. Such a solution could be positive for spouses because a higher degree of legal certainty would be reached in case the same legal rules applied regardless of the place where the couple lives. However, the legal pluralism brings with it also advantages that could be appreciated when one looks closely at the economic rationale behind the legal institution of marriage. This contribution carries out an economic analysis of the existence of different legal systems in the area of marriage law and proposes another strategy to cope with the problems arising from legal pluralism. Far from eliminating the diversity of legal systems, one wishes to foster it, since significant advantages could arise from such diversity in case couples are permitted to choose the applicable law themselves. Based on the idea that the law could be seem as a product offered in the market as well as states and spouses as suppliers and consumers of this product, the paper shows the advantages of designing a legal framework that allows spouses to determine freely the law governing the legal effects of their marriage. Instead of promoting the harmonization of the substantive law, one explores the benefits of encouraging the regulatory competition at international level in the area of marriage law.

Keywords: conflict of laws, harmonization, international marriage law, law and economics, regulatory competition

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Authors: Obinna Afamefuna Echi

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Background: The global increase in the elderly population is anticipated to reach significant levels by 2050, presenting extensive economic, social, and healthcare challenges. Age-related cognitive decline, alterations in brain anatomy, and systemic inflammation are profound concerns that diminish the quality of life and increase susceptibility to diseases like Alzheimer's and cardiovascular diseases. Resistance training is presently studied for its potential neuroprotective and anti-inflammatory benefits in older adults. Objectives: This study aimed to explore the effects of different resistance training modalities on neurotrophic factors, inflammatory markers, and cognitive functions in the elderly. Methods: A controlled trial was conducted with 60 male participants aged 60-75, assigned to either 12 weeks of high-intensity blood flow restriction training (BFRT), muscle damaging resistance training (MDRT), or a non-exercising control group. Cognitive function, neurotrophic factors such as BDNF, and inflammatory markers including IL-6 and TNF were measured before and after the intervention period. Setting: Participants were recruited from Kaunas, Lithuania, with sessions facilitated at the Lithuanian Sports University and health assessments conducted at the Lithuanian University of Health Sciences. Results: Preliminary data suggested did not show significant improvements in BDNF levels and cognitive functions in the BFRT and MDRT groups compared to controls. However, there was a notable reduction in inflammatory markers, indicating potential health benefits beyond cognitive enhancement. Conclusion: The incorporation of resistance training can be a strategic intervention to mitigate age-associated cognitive decline and systemic inflammation, thereby enhancing overall health and quality of life in older adults. The results advocate for wider adoption and further study of resistance training as a preventive measure in ageing populations. Funding: The Lithuanian Sports University, the Research Council of Lithuania and the Lithuanian University of Health Sciences.

Keywords: ageing, resistance training, BDNF, cognitive function

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Authors: John Deely, Stephen Hynes, Mary Cawley, Sarah Hogan

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Domestic marine and coastal tourism have increased in importance over the last number of years due to the impacts of international travel, environmental concerns, associated health benefits and COVID-19 related travel restrictions. Consequently, this paper conceptualizes domestic marine and coastal tourism within an economic framework. Two logit models examine the factors that influence participation in the coastal day trips and overnight stays markets, respectively. Two truncated travel cost models are employed to explore trip duration, one analyzing the number of day trips taken and the other examining the number of nights spent in marine and coastal areas. Although a range of variables predicts participation, no one variable had a significant and consistent effect on every model. A division in access to domestic marine and coastal tourism is also observed based on variation in household income. The results also indicate a vibrant day trip market and large consumer surpluses.

Keywords: domestic marine and coastal tourism, day tripper, participation models, truncated travel cost model

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Authors: Norbert Csizmadia

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The paper is based on a thorough investigation regarding the recent global, social and geographical processes. The ‘Geofusion’ book series by the author guides the readers with the help of newly illustrated “associative” geographic maps of the global world in the 21st century through the quest for the winning nations, communities, leaders and powers of this age. Hence, the above mentioned represent the research objectives, the preliminary findings of which are presented in this paper. The most significant recognition is that scientists who are recognized as explorers, geostrategists of this century, in this case, are expected to present guidelines for our new world full of global social and economic challenges. To do so, new maps are needed which do not miss the wisdom and tools of the old but complement them with the new structure of knowledge. Using the lately discovered geographic and economic interrelations, the study behind this presentation tries to give a prognosis of the global processes. The methodology applied contains the survey and analysis of many recent publications worldwide regarding geostrategic, cultural, geographical, social, and economic surveys structured into global networks. In conclusion, the author presents the result of the study, which is a collage of the global map of the 21st century as mentioned above, and it can be considered as a potential contribution to the recent scientific literature on the topic. In summary, this paper displays the results of several-year-long research giving the audience an image of how economic navigation tools can help investors, politicians and travelers to get along in the changing new world.

Keywords: geography, economic geography, geo-fusion, geostrategy

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Authors: Min Liu, Thanapauge Chamaratana

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Integrating ecotourism into urban borderlands holds significant potential for promoting sustainable development, enhancing cross-border cooperation, and preserving cultural and natural heritage. This study aims to evaluate the current status and strategic measures for sustainable ecotourism development in the border urban areas of Xishuangbanna, leveraging the unique opportunities and challenges presented by its policy and geographical location. Employing a qualitative research approach, the exploratory study utilizes documentary research, observation, and in-depth interviews with 20 key stakeholders, including local government officials, tourism operators, community members, and tourists. Content analysis is conducted to interpret the collected data. The findings reveal that Xishuangbanna holds significant potential for ecotourism due to its rich biodiversity, cultural heritage, and strategic location along the Belt and Road Initiative route. The integration of ecotourism can drive economic growth, create employment opportunities, and foster a deeper appreciation for conservation efforts. By promoting ecotourism practices, the region can attract environmentally conscious travelers, thereby contributing to global sustainability goals. However, challenges such as inadequate infrastructure, limited community involvement, and environmental concerns are also identified. The study recommends enhancing ecotourism development in urban borderlands through integrated planning, stakeholder collaboration, and sustainable practices. These measures are essential to ensure long-term benefits for both the local community and the environment. Moreover, the study underscores the importance of a holistic approach to ecotourism development, which balances economic, social, and environmental priorities to achieve sustainable outcomes for urban borderlands.

Keywords: ecotourism, sustainable tourism, urban, borderland

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Authors: Kebron Abich Asnake

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The outbreak of COVID-19 has had far-reaching socio-economic consequences globally, and Ethiopia is no exception. This abstract provides a summary of a research study on the socio-economic impact of COVID-19 in Ethiopia. The study analyzes the health impact, economic repercussions, social consequences, government response measures, and opportunities for post-crisis recovery. In terms of health impact, the research explores the spread and transmission of the virus, the capacity and response of the healthcare system, and the mortality rate, with a focus on vulnerable populations. The economic impact analysis entails investigating the contraction of the GDP, employment and income loss, disruption in key sectors such as agriculture, tourism, and manufacturing, and the specific implications for small and medium-sized enterprises (SMEs), foreign direct investment, and remittances. The social impact section looks at the disruptions in education and the digital divide, food security and nutrition challenges, increased poverty and inequality, gender-based violence, and mental health issues. The research also examines the measures taken by the Ethiopian government, including health and safety regulations, economic stimulus packages, social protection programs, and support for vulnerable populations. Furthermore, the study outlines long-term recovery prospects, social cohesion, and community resilience challenges. It highlights the need to strengthen the healthcare system and finds a balance between health and economic priorities. The research concludes by presenting recommendations for policy-makers and stakeholders, emphasizing opportunities for post-crisis recovery such as diversification of the economy, enhanced healthcare infrastructure, investment in digital infrastructure and technology, and support for domestic tourism and local industries. This research provides valuable insights into the socio-economic impact of COVID-19 in Ethiopia, offering a comprehensive analysis of the challenges faced and potential pathways towards recovery.

Keywords: impact, covid, ethiopia, health

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Authors: Daurenbek Kuleimenov, Elmira Otar

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Market institutions extension within transit societies contributes to constituting the new type of middle class and households livelihood strategies. The middle class households as an example of prosperity in many cases encourage the ordinary ones to do the same economic actions. Therefore, practices of using market institutions by middle class households in transit societies, which are mostly characterized by huge influence of traditional attitudes, can carry habitual features for the whole society. Market institutions consumption habit of the middle class households makes them trendsetters of economic habits of other households while adapting to the market economy. Moreover different social-economic positions of households lead them to different consuming results such as worsening or improving household economy due to indebtedness.

Keywords: middle class, households, market institutions, transition

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Authors: Bethany Leake, Samantha Caton, Paul Norman, Jill Edmondson

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With the majority of the UK population residing in urban areas and with the pressures both environmentally and socially on rural agriculture, the role of urban food production, particularly urban horticulture (UH), is increasingly important in the future of UK food security. UH has the potential to provide an important contribution to urban diets and to provide additional benefits to human health and well-being. While allotments are the traditional focus of UH and play an important role, as access to this type of land is limited and unequal across cities, other forms of UH space, such as domestic growing, will need to be utilized to provide a significant contribution to urban diets. It is theorized that this smaller scale of growing may also be a more accessible way of engaging novice growers in UH. A collaborative research project, Urban Harvest, was designed between the University of Sheffield and Sheffield-based food organizations, which aimed to engage inexperienced gardeners in UH by providing them with home food-growing kits (Grow-Kits). Grow-Kits were provided to 189 participants across Sheffield in 2022, 48% of whom had never grown food before. Data collected through surveys and interviews will help us to evaluate the effect of small-scale food growing on health and wellbeing and the potential of this type of scheme to encourage future UH engagement. This data and increasing evidence on the co-benefits of UH have important implications not only for local food security but also for urban health inequalities and the potential use of this activity for preventative healthcare.

Keywords: urban horticulture, health and wellbeing, food security, nutrition

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Authors: Tanimola Kazeem Abiodun

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In the paper, attempt was made to investigate the impact of international trade on economic growth at the disaggregate level both from the theoretical and economic angle. The study in its contribution examines this impact at the disaggregated level. To this end, a hypothesis was formulated to investigate the short ?run and long run impact of international trade on growth in the country. In the econometrics investigation that follow, international trade was disaggregated to export and imports and their short run and long run effect on growth was examined. Also, the aggregate international trade was also investigated to see the long run effects of its own growth. The results of the findings indicate that; both export and import impact significantly to growth in the short run. The long-run impact of export on growth was found to be positive, significant and stable both. Engle-Granger co integration test and error correlation mechanism were applied to these long run relationships. For the import, while the short run was found to be positive and significant on its impact on growth, the long run relationship was found to be negative but not significant. Therefore, it is thus recommended among others that the country should engage more on export promotion drives.

Keywords: international trade, disaggregated, import, export, econometrics, trade, economic growth, foreign trade, import, export

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Authors: Luan Vardari, Dena Arapi Vardari

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The Balkan countries, known for their diverse landscapes and cultural heritage, face the dual challenge of promoting economic growth while addressing pressing environmental concerns. In recent years, the concept of green finance has emerged as a powerful tool to achieve sustainable development and mitigate the environmental impact of various sectors, including architecture. This extended abstract explores the untapped potential of green finance in architecture within the Balkan region and highlights its role in driving sustainable construction practices and fostering a greener future. The abstract begins by defining green finance and emphasizing its relevance in the context of the architectural sector in Balkan countries. It underlines the benefits of green finance, such as economic growth, environmental conservation, and social well-being. Integrating green finance into architectural projects is important as a means to achieve sustainable development goals while promoting financial viability. Also, delves into the current state of green building practices in the Balkan countries and identifies the need for financial support to further drive adoption. It explores the existing regulatory frameworks and policies that promote sustainable architecture and discusses how green finance can complement these initiatives. Unique challenges faced by Balkan countries are highlighted, along with the potential opportunities that green finance presents in overcoming these challenges. We highlight successful sustainable architectural projects in the region to showcase the practical application of green finance in the Balkans. These projects exemplify the effective utilization of green finance mechanisms, resulting in tangible economic and environmental impacts, including job creation, energy efficiency, and reduced carbon emissions. The abstract concludes by identifying replicable models and lessons learned from these projects that can serve as a blueprint for future sustainable architecture initiatives in the Balkans. The importance of collaboration and knowledge sharing among stakeholders is emphasized. Engaging architects, financial institutions, governments, and local communities is crucial to promoting green finance in architecture. The abstract suggests the establishment of knowledge exchange platforms and regional/international networks to foster collaboration and facilitate the sharing of expertise among Balkan countries.

Keywords: sustainable finance, renewable energy, Balkan region, investment opportunities, green infrastructure, ESG criteria, architecture

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Authors: Valerian Omsarashvili, Nino Jamrishvili

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Georgia is one of the hail-dangerous countries of world. The work on action on hail processes in Georgia was conducted in 1960-1989 (East Georgia) over the total area of approximately 1.2 million hectares with average positive economic effect near 75 %. In 2015 in East Georgia, the anti-hail service was restored. Therefore, for the estimation of the effectiveness of action on the hail processes at present, arose the need for the detailed analysis of damage from the hail in the past. The work presents the analysis of the data about the number of days with the hail, the areas of damage of agricultural crops (general and to 100 %), and also the economic damage from the hail, of the caused loss to agricultural crops on the territories land of 123 separate populated areas of into 1982 and 1984-1989. In particular, on the average to one populated area, the total area of agricultural crops damaged from the hail was approximately 140 hectares, to 100% damage - 60 hectares, economic damage - 120 thousand US dollars. The corresponding maps of the distribution of the damaged areas on the investigated territory with the use of GIS-technologies are obtained.

Keywords: damage to agricultural crops, hail, Georgia, economic damage

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Authors: R. Santos Alimi

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Using time-series techniques, this study empirically tested the validity of existing theory which stipulates there is a nonlinear relationship between government size and economic growth; such that government spending is growth-enhancing at low levels but growth-retarding at high levels, with the optimal size occurring somewhere in between. This study employed three estimation equations. First, for the size of government, two measures are considered as follows: (i) share of total expenditures to gross domestic product, (ii) share of recurrent expenditures to gross domestic product. Second, the study adopted real GDP (without government expenditure component), as a variant measure of economic growth other than the real total GDP, in estimating the optimal level of government expenditure. The study is based on annual Nigeria country-level data for the period 1970 to 2012. Estimation results show that the inverted U-shaped curve exists for the two measures of government size and the estimated optimum shares are 19.81% and 10.98%, respectively. Finally, with the adoption of real GDP (without government expenditure component), the optimum government size was found to be 12.58% of GDP. Our analysis shows that the actual share of government spending on average (2000 - 2012) is about 13.4%.This study adds to the literature confirming that the optimal government size exists not only for developed economies but also for developing economy like Nigeria. Thus, a public intervention threshold level that fosters economic growth is a reality; beyond this point economic growth should be left in the hands of the private sector. This finding has a significant implication for the appraisal of government spending and budgetary policy design.

Keywords: public expenditure, economic growth, optimum level, fully modified OLS

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Authors: S. Vaibhav Kant Sahu, Surabhi Bipin Seth

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Human well-being has multiple constituents including the basic material for a good life, freedom and choice, health, good social relations, and security. Poverty is also multidimensional and has been defined as the pronounced deprivation of well-being. Dhurwa tribe of Bastar (India) have symbiotic relation with nature, it provisions ecosystem service such as food, fuel and fiber; regulating services such as climate regulation and non-material benefits such as spiritual or aesthetic benefits and they are managing their forest from ages. The demand for ecosystem services is now so great that trade-off among services become rule. Aim of study to explore evidences for linkages between ecosystem services and well-being of indigenous community, how much it helps them in poverty reduction and interaction between them. Objective of study was to find drivers of change and evidence concerning link between ecosystem, human development and sustainability, evidence in decision making does it opt for multi sectoral objectives. Which means human well-being as the central focus for assessment, while recognizing that biodiversity and ecosystems also have intrinsic value. Ecosystem changes that may have little impact on human well-being over days or weeks may have pronounced impacts over years or decades; so assessments needed to be conducted at spatial and temporal scales under social, political, economic scales to have high-resolution data. Researcher used framework developed by Millennium ecosystem assessment; since human action now directly or unknowingly virtually alter ecosystem. Researcher used ethnography study to get primary qualitative data, secondary data collected from panchayat office. The responses were transcribed and translated into English, as interview held in Hindi and local indigenous language. Focus group discussion were held with group of 10 women at Tiriya village. Researcher concluded with well-being is not just gap between ecosystem service supply but also increases vulnerability. Decision can have consequences external to the decision framework these consequences are called externalities because they are not part of the decision-making calculus.

Keywords: Bastar, Dhurwa tribe, ecosystem services, millennium ecosystem assessment, sustainability

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Authors: Hatun Korkmaz

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Todays, the developing countries of the world widely face challenges of economic growth, political, social and human development. One of the ways to achieve economic, political and human development is good governance. Without an improvement in good governance, the objectives of human development cannot be achieved. The good governance has become a key issue over preceding two decades and it is the very important component of good economic growth and human development. This paper argues that good governance impacts positively human development with the case of Rwanda. Rwanda is a good example of this subject. In this paper, firstly we explained that what is good governance and human development and how we measure them. Then we researched the relationship between good governance and human development in case of Rwanda with the indexes of many international institutions which are researching in this topics. Rwanda has recorded the 'best progress' since the year 2000, making it the ‘most successful' about governance. Rwanda is seen as one of the top ten countries in the region in terms of relative peace, political stability and economic progress. Part of the reason for Rwanda's success is accountability, which comprises access to information, elimination of corruption and bureaucracy and transparency in public service, which variables cumulatively earned it 72.1 percent. According to this research If countries want batter growth and human development then good reforms of good governance is needed.

Keywords: human development, Rwanda, good governance, governance, development

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Authors: Felippe Clemente, Evaldo Henrique da Silva

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The need to adopt some type of industrial policy and innovation in Brazil is a recurring theme in the discussion of public interventions aimed at boosting economic growth. For many years, the country has adopted various policies to change its productive structure in order to increase the participation of sectors that would have the greatest potential to generate innovation and economic growth. Only in the 2000s, tax incentives as a policy to support industrial and technological innovation are being adopted in Brazil as a phenomenon associated with rates of productivity growth and economic development. In this context, in late 2004 and 2005, Brazil reformulated its institutional apparatus for innovation in order to approach the OECD conventions and the Frascati Manual. The Innovation Law (2004) and the 'Lei do Bem' (2005) reduced some institutional barriers to innovation, provided incentives for university-business cooperation, and modified access to tax incentives for innovation. Chapter III of the 'Lei do Bem' (no. 11,196/05) is currently the most comprehensive fiscal incentive to stimulate innovation. It complies with the requirements, which stipulates that the Union should encourage innovation in the company or industry by granting tax incentives. With its introduction, the bureaucratic procedure was simplified by not requiring pre-approval of projects or participation in bidding documents. However, preliminary analysis suggests that this instrument has not yet been able to stimulate the sector diversification of these investments in Brazil, since its benefits are mostly captured by sectors that already developed this activity, thus showing problems with moral hazard. It is necessary, then, to analyze the 'Lei do Bem' to know if there is indeed the need for some change, investigating what changes should be implanted in the Brazilian innovation policy. This work, therefore, shows itself as a first effort to analyze a current national problem, evaluating the effectiveness of the 'Lei do Bem' and suggesting public policies that help and direct the State to the elaboration of legislative laws capable of encouraging agents to follow what they describes. As a preliminary result, it is known that 130 firms used fiscal incentives for innovation in 2006, 320 in 2007 and 552 in 2008. Although this number is on the rise, it is still small, if it is considered that there are around 6 thousand firms that perform Research and Development (R&D) activities in Brazil. Moreover, another obstacle to the 'Lei do Bem' is the percentages of tax incentives provided to companies. These percentages reveal a significant sectoral correlation between R&D expenditures of large companies and R&D expenses of companies that accessed the 'Lei do Bem', reaching a correlation of 95.8% in 2008. With these results, it becomes relevant to investigate the law's ability to stimulate private investments in R&D.

Keywords: brazilian innovation system, moral hazard, R&D, Lei do Bem

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Authors: Guanghua Yu

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This article has examined the rise of the UK, US, and China at different historical times to explain the argument that it is open access in the economic sphere, as well as institutional building related to the protection of property rights, contract enforcement, financial market, the rule of law, and human resource accumulation that determine economic and human development. Both the UK, after the Glorious Revolution in the seventeenth century, and China, after its adoption of the open door policy at the end of the 1970s, follow such a path of development. The difference between the UK and China in moving toward that path is the different coordination of elites. While the coordination of elites in the UK through parliament played important roles in forcing the government to consider the wider encompassing interest in society after the Glorious Revolution, the coordination of elites in China has mainly been achieved by the Communist Party of China such that the Chinese Government has started to pay greater deal of attention to the wider encompassing interest in the country from 1978. The article has also examined the rise of the US following colonial settlement to independence and institutional building thereafter. The US case is similarly consistent with the argument that open access in the economic sphere and institutional building matter the most to economic development. More decentralized methods of the coordination of elites in the US among colonies (states), the federal governments, and other political groups similarly shaped the path towards open access in the economic sphere and institutional building. As such, open access in the political sphere plays an indirect role in development at best. If that is correct, there are possibilities that different political systems are able to achieve coordination of elites so that governments will turn their attention to development.

Keywords: open access, interconnected institutions, democracy, development

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Authors: Kushal Kumar Chode, Remus Miahi Cirstea

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In recent times, the drive towards more efficient vehicles and the increase in the number of vehicle on the roads has driven the aerodynamic researchers from studying the vehicle in isolation towards understanding the benefits of vehicle platooning. Vehicle platooning is defined as a series of vehicles traveling in close proximity. Due to the limitations in size and load measurement capabilities for the wind tunnels facilities, it is very difficult to perform this investigation experimentally. In this paper, the use of chimera or overset meshing technique is used within the STARCCM+ software to model the flow surrounding two identical vehicle models travelling in close proximity and also during an overtaking maneuver. The results are compared with data obtained from a polyhedral mesh and identical physics conditions. The benefits in terms of computational time and resources and the accuracy of the overset mesh approach are investigated.

Keywords: chimera mesh, computational accuracy, overset mesh, platooning vehicles

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Authors: Emilia Segun-Ajao

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The strategy of relocation aimed at strengthening supply chain resilience in the United States is examined, taking into account recent global disturbances and vulnerabilities in offshore manufacturing. It explains the procurement challenges faced by enterprises and offers solutions to mitigate risks and improve resilience. Through the analysis of innovative approaches, including technological advances, policy considerations, and strategic frameworks, this study provides insights to decision-makers about the complexity of supply chain management. Reshoring has gained attention as a strategy to improve supply chain resilience in the face of global disruptions. This analysis focuses on the importance of relocating as a multifaceted approach to strengthening supply chains, advocating economic benefits, technological advances, and policy frameworks to create a more robust supply landscape in the United States.

Keywords: collaborative partnerships, supply chain resilience, procurement challenges, technology adoption

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Authors: Ghunchq Khan

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The increase in greenhouse gas (GHGs) emissions is a main environmental problem. Diverse human activities and inappropriate economic growth have stimulated a trade-off between economic growth and environmental deterioration all over the world. The impact of economic growth on the environment has received attention as global warming and environmental problems have become more serious. The focus of this study is on carbon footprints (production and consumption) and analyses the impact of GDP per capita on carbon footprints. A balanced panel of 99 countries from 2000 to 2016 is estimated by employing autoregressive distributed lags (ARDL) model – mean group (MG) and pooled mean group (PMG) estimators. The empirical results indicate that GDP per capita has a significant and positive impact in the short run but a negative effect in the long run on the carbon footprint of production in high-income countries by controlling trade openness, industry share, biological capacity, and population density. At the same time, GDP per capita has a significant and positive impact in both the short and long run on the carbon footprint of the production of non-high-income countries. The results also indicate that GDP per capita negatively impacts the carbon footprint of consumption for high-income countries; on the other hand, the carbon footprint of consumption increases as GDP per capita grows in non-high-income countries.

Keywords: ARDL, carbon footprint, economic growth, industry share, trade openness

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Authors: Fahad Javed, Tasneem Akhter, Maria Zafar, Adnan Shafique

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Evaluation and quantification of techniques is critical element of research and development of technology. Simulations and models play an important role in providing the tools for such assessments. When we look at technologies which impact or is dependent on an average Joe consumer then modeling the socio-economic and psychological aspects of the consumer also gain an importance. For feed in tariff for home consumers which is being deployed for average consumer may force many consumers to be adapters of the technology. Understanding how consumers will adapt this technologies thus hold as much significance as evaluating how the techniques would work in consumer agnostic scenarios. In this paper we first build the case for simulators which accommodate socio-economic realities of the consumers to evaluate smart grid technologies, provide a glossary of data that can aid in this effort and present an abstract model to capture and simulate consumers' adaptation and behavioral response to smart grid technologies. We provide a case study to express the power of such simulators.

Keywords: smart grids, simulation, socio-economic parameters, feed in tariff (FiT), forecasting

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Authors: Alexander Sharashenidze

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This article discusses the role of tourism in the economics of Georgia, justifies the necessity of several governmental supporting tools for diversification of tourism product and increasing competitiveness. Tourism directions are characterized through discovering Georgian tourism potential, considering cultural and geographical features; tools of formating supplemental products and development opportunities of Tbilisi and, also regions are asserted in the case of conducting appropriate government policy. There are presented tools of suggesting innovative tourism products, improvement of service, decreasing taxes, also providing availability to them. The role of tourism cluster in improvement of national competitiveness is substantiated. Based on the analysis of competitive factors influencing the development of tourism cluster, conclusions are made, and recommendations are suggested.

Keywords: economic competitivness, enhancing competitiveness, Georgian economic, tourism cluster, tourism product

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Authors: Hayati Sari Hasibuan, Tresna P. Soemardi, Raldi H. Koestoer, Setyo S. Moersidik

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Facing the severe transportation system in daily basis, the government of Indonesia were searching an alternative solution to combat the acute traffic jam and the socio-economic negative effects and pollutions resulted. Transit-oriented development as a strategy in reformulating and restructuring of the urban land uses as well as the transport system will be implemented in many urban areas in Indonesia, especially in Jabodetabek. Jabodetabek is the greatest metropolitan area in Indonesia with 27.9 million inhabitants. The Jabodetabek is also the center of economic activity with gross domestic product around 22 percent of gross national product. This study aims to assess the potential of economic development and community change effects with implementing the transit oriented development. This study found that using transit oriented development as an alternative approach in reconstructing of urban land uses in metropolitan region will effect to the behaviour of urban mobilities, the housing choices, and the cost of transportation. The sustainable of socio-economic aspects resulting from the transit oriented development is the main focus of this paper. The challenge here is to explore the characteristics of transit oriented development that suitable for metropolitan region in developing country,which considering the uniqueness of nature and socio-cultural that shapes this urban.

Keywords: economic development, community change, restructuring, land use, transportation, environment

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Authors: Roengchai Tansuchat, Woraphon Yamaka, Paravee Maneejuk

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From the past recent, the global financial crisis, economic instability, and large fluctuation in agricultural commodity price have led to increased concerns about the volatility transmission among them. The problem is further exacerbated by commodities volatility caused by other commodity price fluctuations, hence the decision on hedging strategy has become both costly and useless. Thus, this paper is conducted to analysis the volatility spillover effect among major agriculture including corn, soybeans, wheat and rice, to help the commodity suppliers hedge their portfolios, and manage the risk and co-volatility of them. We provide a switching regime approach to analyzing the issue of volatility spillovers in different economic conditions, namely upturn and downturn economic. In particular, we investigate relationships and volatility transmissions between these commodities in different economic conditions. We purposed a Copula-based multivariate Markov Switching GARCH model with two regimes that depend on an economic conditions and perform simulation study to check the accuracy of our proposed model. In this study, the correlation term in the cross-hedge ratio is obtained from six copula families – two elliptical copulas (Gaussian and Student-t) and four Archimedean copulas (Clayton, Gumbel, Frank, and Joe). We use one-step maximum likelihood estimation techniques to estimate our models and compare the performance of these copula using Akaike information criterion (AIC) and Bayesian information criteria (BIC). In the application study of agriculture commodities, the weekly data used are conducted from 4 January 2005 to 1 September 2016, covering 612 observations. The empirical results indicate that the volatility spillover effects among cereal futures are different, as response of different economic condition. In addition, the results of hedge effectiveness will also suggest the optimal cross hedge strategies in different economic condition especially upturn and downturn economic.

Keywords: agricultural commodity futures, cereal, cross-hedge, spillover effect, switching regime approach

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Authors: Ismatilla Mardanov

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There are three types of countries, the first of which is willing to attract foreign direct investment (FDI) in enormous amounts and do whatever it takes to make this happen. Therefore, FDI pours into such countries. In the second cluster of countries, even if the country is suffering tremendously from the shortage of investments, the governments are hesitant to attract investments because they are at the hands of local oligarchs/cartels. Therefore, FDI inflows are moderate to low in such countries. The third type is countries whose companies prefer investing in the most efficient locations globally and are hesitant to invest in the homeland. Sorting countries into such clusters, the present study examines the essential institutions and economic factors that make these countries different. Past literature has discussed various determinants of FDI in all kinds of countries. However, it did not classify countries based on government motivation, institutional setup, and economic factors. A specific approach to each target country is vital for corporate foreign direct investment risk analysis and decisions. The research questions are 1. What specific institutional and economic factors paint the pictures of the three clusters; 2. What specific institutional and economic factors are determinants of FDI; 3. Which of the determinants are endogenous and exogenous variables? 4. How can institutions and economic and political variables impact corporate investment decisions Hypothesis 1: In the first type, country institutions and economic factors will be favorable for FDI. Hypothesis 2: In the second type, even if country economic factors favor FDI, institutions will not. Hypothesis 3: In the third type, even if country institutions favorFDI, economic factors will not favor domestic investments. Therefore, FDI outflows occur in large amounts. Methods: Data come from open sources of the World Bank, the Fraser Institute, the Heritage Foundation, and other reliable sources. The dependent variable is FDI inflows. The independent variables are institutions (economic and political freedom indices) and economic factors (natural, material, and labor resources, government consumption, infrastructure, minimum wage, education, unemployment, tax rates, consumer price index, inflation, and others), the endogeneity or exogeneity of which are tested in the instrumental variable estimation. Political rights and civil liberties are used as instrumental variables. Results indicate that in the first type, both country institutions and economic factors, specifically labor and logistics/infrastructure/energy intensity, are favorable for potential investors. In the second category of countries, the risk of loss of assets is very high due to governmentshijacked by local oligarchs/cartels/special interest groups. In the third category of countries, the local economic factors are unfavorable for domestic investment even if the institutions are well acceptable. Cluster analysis and instrumental variable estimation were used to reveal cause-effect patterns in each of the clusters.

Keywords: foreign direct investment, economy, institutions, instrumental variable estimation

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Authors: Umit Cali

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The integration of intermittent energy sources like wind farms into the electricity grid has become an important challenge for the utilization and control of electric power systems, because of the fluctuating behaviour of wind power generation. Wind power predictions improve the economic and technical integration of large amounts of wind energy into the existing electricity grid. Trading, balancing, grid operation, controllability and safety issues increase the importance of predicting power output from wind power operators. Therefore, wind power forecasting systems have to be integrated into the monitoring and control systems of the transmission system operator (TSO) and wind farm operators/traders. The wind forecasts are relatively precise for the time period of only a few hours, and, therefore, relevant with regard to Spot and Intraday markets. In this work predictive data mining techniques are applied to identify a statistical and neural network model or set of models that can be used to predict wind power output of large onshore and offshore wind farms. These advanced data analytic methods helps us to amalgamate the information in very large meteorological, oceanographic and SCADA data sets into useful information and manageable systems. Accurate wind power forecasts are beneficial for wind plant operators, utility operators, and utility customers. An accurate forecast allows grid operators to schedule economically efficient generation to meet the demand of electrical customers. This study is also dedicated to an in-depth consideration of issues such as the comparison of day ahead and the short-term wind power forecasting results, determination of the accuracy of the wind power prediction and the evaluation of the energy economic and technical benefits of wind power forecasting.

Keywords: renewable energy sources, wind power, forecasting, data mining, big data, artificial intelligence, energy economics, power trading, power grids

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Authors: Bahareh Asefi, Fereidoun Farzaneh, Ghazaleh Asefi, Chang-Ping Yu

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Increased production of food waste (FW) is a global issue that is receiving more attention due to its environmental and economic impacts. The generation of electricity from food waste, known as energy recovery, is one of the effective solutions in food waste management. Food waste has high energy content which seems ideal to achieve dual benefits in terms of energy recovery and waste stabilization. Microbial fuel cell (MFC) is a promising technology for treating food waste and generate electricity. In this work, we will review energy utilization from different kind of food waste using MFC and factors which affected the process. We have studied the key technology of energy generated from food waste using MFC to enhance the food waste management. The power density and electricity production by each kind of food waste and challenges were identified. This work explored the conversion of FW into energy from different type of food waste, which aim to provide a theoretical analysis for energy utilization of food waste.

Keywords: energy generation, food waste, microbial fuel cell, power density

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Authors: Sayed Kifayat Shah, Tang Zhongjun, Mohammad Ahmad, Sohaib Mostafa

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This article investigates consumer’s intention to shift to 5G in the light of disruptive technology innovation. To switch from 4G (Existing) technology to 5G (Disruptive) technology requires not just economic benefits and costs but involves other values too, which aren't yet experienced in the framework of technology innovation. This study extended the valued adaptation (VAM) model by proposing the sustainability values (SVs) construct. The model was examined on data from 361 Chinese consumers using the partial least squares-based structural equation modelling (PLS-SEM) technique. The outcomes prove the significant correlation of sustainability values (SVs) which influences consumer’s switching intentions toward 5G disruptive technology. The findings of this research will be helpful to telecoms firms in developing consumer retention strategies. Some limitations and the importance of the research for scholars and managers are also discussed.

Keywords: value adaptation model (VAM), sustainability values (SVs), disruptive 5G technology, switching intentions (SI), partial least squares-based structural equation modelling (PLS-SEM)

Procedia PDF Downloads 148