Search results for: health economy

Authors: Nino Grigolaia

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Introduction. The paper discusses the role of the manufacturing industry in the Georgian economy, analyzes the current trends in the development of the manufacturing industry, reveals its impact on the Georgian economy, and justifies the essential importance of industrial transformation for the future development of the Georgian economy. Objectives. The main objective of research is to study development trends of the manufacturing industry of Georgia and estimate the industrial policy in Georgia. Methodology. The paper uses methods of induction, deduction, analysis, synthesis, analogy, correlation, and statistical observation. A qualitative study was conducted based on a survey of industry experts and entrepreneurs in order to identify the factors hindering and contributing to the manufacturing industry. Conclusions. The research reveals that the development of the manufacturing industry and the formation of industrial policy are of special importance for the further growth and development of the Georgian economy. Based on the research, the factors promoting and hindering the development of the manufacturing industry are identified. The need to increase foreign direct investment in the industrial sector are highlighted. Recommendations for the development of the country's manufacturing industry are developed, taking into account the competitive advantages and international experience of Georgia.

Keywords: manufacturing, industrial policy, contributing factor, hindering factor

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Authors: Louk Aourelien Andrianos, Edward Dommen, Athena Peralta

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Greed, as epitomized by overconsumption of natural resources, is at the root of ecological destruction and unsustainability of modern societies. Presently economies rely on unrestricted structural greed which fuels unlimited economic growth, overconsumption, and individualistic competitive behavior. Structural greed undermines the life support system on earth and threatens ecological integrity, social justice and peace. The World Council of Churches (WCC) has developed a program on ecological and economic justice (EEJ) with the aim to promote an economy of life where the economy is embedded in society and society in ecology. This paper aims at analyzing and assessing the economy of life (EcoLife) by offering an empirical tool to measure and monitor the root causes and effects of unsustainability resulting from human greed on global, national, institutional and individual levels. This holistic approach is based on the integrity of ecology and economy in a society founded on justice. The paper will discuss critical questions such as ‘what is an economy of life’ and ‘how to measure and control it from the effect of greed’. A model called GLIMS, which stands for Greed Lines and Indices Measurement System is used to clarify the concept of greed and help measuring the economy of life index by fuzzy logic reasoning. The inputs of the model are from statistical indicators of natural resources consumption, financial realities, economic performance, social welfare and ethical and political facts. The outputs are concrete measures of three primary indices of ecological, economic and socio-political greed (ECOL-GI, ECON-GI, SOCI-GI) and one overall multidimensional economy of life index (EcoLife-I). EcoLife measurement aims to build awareness of an economy life and to address the effects of greed in systemic and structural aspects. It is a tool for ethical diagnosis and policy making.

Keywords: greed line, sustainability indicators, fuzzy logic, eco-justice, World Council of Churches (WCC)

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Authors: Mohammad Mushir Khan, C. Satyanarayana

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Education is considered as one of the prime bottlenecks in the economic growth of India. The Ministry of Human Resource & Development, Government of India has, therefore, given special attention to this issue and the Gross Enrollment Ratio (GER) in Higher Education has increased marginally during last five years, with the efforts and various policy decisions like Right to Education (RTE) and other fee reimbursement schemes, initiated by the State Governments. But still this is one of the lowest, if assessed at the global level. It is true that the GER has improved but the survey reveals that the quality has been badly affected. This paper tries to assess the impact of lack of quality education in various sectors that affects Indian Economy and thereby signifies the need of immediate policy decision at the government level. It is to be noted that in higher education, science, management, engineering and technology plays vital role as far as shaping country’s economy is concerned and as such the quality needs to be addressed, particularly, in these streams. The paper, after carefully studying lots of survey reports and other government/ non-government documents recommends measures to be initiated by the Central Government, on priority, for improving quality of education. The quality up-gradation in higher education single handedly provides real fuel to the India’s growth Engine, as it has potential to touch each and every sector that strengthens country’s economy.

Keywords: higher education, economy, accreditation, industry, technology

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Authors: Paolo Russu

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The purpose of the present paper is to highlight some features of an economic growth model with environmental negative externalities, giving rise to a three-dimensional dynamic system. In particular, we show that the economy, which is based on a Perfect-Substitution Technologies function of production, has no neither indeterminacy nor poverty trap. This implies that equilibrium select by economy depends on the history (initial values of state variable) of the economy rather than on expectations of economies agents. Moreover, by contrast, we prove that the basin of attraction of locally equilibrium points may be very large, as they can extend up to the boundary of the system phase space. The infinite-horizon optimal control problem has the purpose of maximizing the representative agent’s instantaneous utility function depending on leisure and consumption.

Keywords: Hopf bifurcation, open-access natural resources, optimal control, perfect-substitution technologies, Poincarè compactification

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Authors: Mohammad Zaeimzade

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The development of communication technologies is clearly and rapidly moving towards reducing the distance between the virtual and real worlds. Of course, living in a two-spatial or two-globalized world or any other interpretation that means mixing real and virtual life is still relevant and debatable. In the present age of communication, where social networks have transformed the message equation and turned the audience out of passivity and turned into a user. Platforms have penetrated widely in various aspects of human life, from culture and education and economy. Among the messengers, Instagram, which is one of the most extensive image-based interactive networks, plays a significant role in the new economic life. It doesn't need much explanation that the era of thinking of every messenger as a non-insulating conductor that is just a neutral load has passed. Every messenger has its own economic, political and of course security background, Instagram is no exception to this rule and of course it leaves its effects in bio-economics as well. Iran, as the 19th largest economy in the world, has not been unaffected by new platforms, including Instagram, and their consequences in the economy. Generally, in the policy-making space, there are two simple and inflexible pessimistic or optimistic views on this issue, and each of the holders of these views usually have their own one-dimensional policy recommendations regarding how to deal with Instagram. Prescriptions that are usually very different and sometimes contradictory. In this article, we show that this confusion of policymakers is the result of not accurately describing the reality of its effect, and the reason for this inaccurate description is the existence of a conflict of interests in the eyes of describers and researchers. In this article, we first take a look at the main indicators of the Iranian economy, estimate the role of the digital economy in Iran's economic growth, then study the conflicting descriptions of the Instagram-based digital economy, the statistics that show the tolerance of economic users of Instagram in Iran. 300 thousand to 9 million have been estimated. Finally, we take a look at the government's actions in this matter, especially in the context of street riots in October and November 2022. And we suggest an intermediate idea.

Keywords: digital economy, instagram, conflict of interest, social networks

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Authors: Zeynep Karaçor, Volkan Alptekin, Gökhan Akar, Tuba Akar

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This paper aims to review the phenomenon of triplet deficit which is called interaction of budget balance that make up the overall balance of the economy, investment savings balance and current accounts balance in terms of Turkey. In this paper, triplet deficit state in Turkish economy has been analyzed with vector autoregressive model and Granger causality test using data covering the period of 1980-2010. According to VAR results, increase in current accounts is perceived on public sector borrowing requirement. These two variables influence each other bilaterally. Therefore, current accounts increase public deficit, whereas public deficit increases current accounts. It is not possible to mention the existence of a short-term Granger causality between variables at issue.

Keywords: internal and external deficit, stability, triplet deficit, Turkey economy

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Authors: Onyeke Paul Chuks

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Nigeria is ranked among the developing nations and a country with a low income per capita. The consequences of this economic situation have led to the low achievement records below UN benchmark especially in the area of basic education for her citizens. The country is, however, making relentless efforts at arresting the situation by making budgetary allocations to ensure the realization of Millennium Development Goal No. 2 which is achieving universal basic education, her distressed economy notwithstanding. Basic education which comprises primary and lower secondary education as well as pre-primary and/or adult literacy programs have suffered serious setbacks orchestrated by the dwindling of the nation’s economy. This category of education being the bedrock of all other levels of education is regarded as a priority by developing countries and also the focus of the Education for All Movement led by UNESCO. The introduction of child-friendly school model is one of the strategies designed by UNESCO to achieving this all important MDGs goal No. 2. Child-friendly education model is aimed at replacing the out-dated, mundane, regimented and officious school administrative model where the basic rights of school children are trampled upon with impunity and community participation in school activities is viewed as unnecessary interference by school managers. This paper ex-rayed the potential obstacles likely to impinge on the implementation of child-friendly school model in Nigeria especially from the angle of her distressed economy and the colossal effects of the corrupt practices bedeviling the nation. The paper as well outlines prospects for the successful implementation of the child-friendly school model in Nigeria.

Keywords: child-friendly school, distressed economy, model, Nigeria

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Authors: Robert L. Williamson

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A 'token economy' refers to a method of positive behaviour support whereby ‘tokens’ are delivered to students as a reward for exhibiting specific behaviours. Students later exchange tokens to ‘purchase’ items of interest. Unfortunately, implementation fidelity can be problematic as some find physical delivery of tokens while teaching difficult. This project developed and tested a prototype, iPad-based tool that enabled teachers to deliver and track tokens electronically. Using an alternating treatment design, any differences in on-task individual and/or group behaviours between the virtual versus physical token delivery systems were examined. Results indicated that while students and teachers preferred iPad-based implementation, no significant difference was found concerning on-task behaviours of students between the two methodologies. Perhaps more interesting was that the teacher found implementation of both methods problematic and suggested a second person was most effective in implementing a token economy method. This would represent a significant cost to the effective use of such a method. Further research should focus on the use of a lay volunteer regarding method implementation fidelity and associated outcomes of the method.

Keywords: positive behaviour support, inclusion, token economy, applied behaviour analysis

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Authors: Biniam Tedros Kahsay, Yohannes Yebabe Tesfay

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Eritrea is a country in the East of Africa. The country is a neighbor of Djibouti, Ethiopia, and Sudan and is bordered by the Red Sea. The country declared its independence from Ethiopia in 1993. Thus, Eritrea has a lot of commonalities with the Northern Part of Ethiopia's tradition, religion, and languages. Many economists suggested that Eritrea is in a very strategic position for world trade roots and has an impact on geopolitics. This study focused on identifying the most important factor in boosting the Eritrean Economy. The paper collected big secondary data from the World Bank, International Trade and Tariff Data (WTO), East African Community (EAC), Ethiopian Statistical Agency (ESA), and the National Statistics Office (Eritrea). Economists consider economic and population growth in determining trade belts in East Africa. One of the most important Trade Belt that will potentially boost the Eritrean economy is the root of Eritrea (Massawa)->Eritea, (Asmara)->Tigray, (Humora)->Tigray, (Dansha)-> Gondar-> Gojjam-> Benshangual Gumuz => {Oromia, South Sudan}->Uganda. The estimate showed that this is one of the biggest trade roots in East Africa and has a participation of more than 150 million people. We employed various econometric analyses to predict the GDP of Eritrea, considering the future trade belts in East Africa. The result showed that the economy of Eritrea from the Trade Belt will have an elasticity estimate of 65.87% of the GDP of Ethiopia, 3.32% of the GDP of South Sudan, and 0.09% of the GDP of Uganda. The result showed that the existence of war has an elasticity of -93% to the GDP of the country. Thus, if Eritrea wants to strengthen its economy from the East African Trade Belt, the country needs to permanently avoid war in the region. Essentially, the country needs to establish a collaborative platform with the Northern part of Ethiopia (Tigray). Thus, establishing a mutual relationship with Tigray will boost the Eritrean economy. In that regard, Eritrean scholars and policymakers need to work on establishing the East African Trade Belt to boost their economy.

Keywords: Eritrea, east Africa trade belt, GDP, cointegration analysis, critical path analysis

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Authors: Muhammad A. Ishaq, S. U. R. Aliyu

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This paper on an exposition of Islamic fiscal policy attempts to discuss the basic principles of Islamic fiscal policy in an Islamic economy. The paper presents a number of definitions of the subject matter, its nature and its tools of application. Government spending, taxation and public borrowings were identified as the tools of the policy. The paper identifies zakat both as a veritable source of revenue and a major instrument of economic stabilization. Furthermore, the paper presents an algebraic 2-sector and 3-sector models from the basic Keynesian model. The paper posits that in view of uniqueness of its instruments, absence of interest rate in the economy and the policy’s derive towards socioeconomic justice and redistribution, Islamic fiscal policy is capable of stabilizing Islamic economy and ushering it into the path of long term economic growth and prosperity.

Keywords: automatic built-in-stabilizers, government spending, Islamic fiscal policy, taxation, zakat

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Authors: A. Chandra, M. Arthur, L. Mize, A. Pomeroy-Stevens

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Background: Lower and middle-income countries (LMICs) in Asia face rapid urbanization resulting in both economic opportunities (the urban advantage) and emerging health challenges. Urban health risks are magnified in informal settlements and include infectious disease outbreaks, inadequate access to health services, and poor air quality. Over the coming years, urban spaces in Asia will face accelerating public health risks related to migration, climate change, and environmental health. These challenges are complex and require multi-sectoral and multi-stakeholder solutions. The Building Health Cities (BHC) program is funded by the United States Agency for International Development (USAID) to work with smart city initiatives in the Asia region. BHC approaches urban health challenges by addressing policies, planning, and services through a health equity lens, with a particular focus on informal settlements and migrant communities. The program works to develop data-driven decision-making, build inclusivity through stakeholder engagement, and facilitate the uptake of appropriate technology. Methodology: The BHC program has partnered with the smart city initiatives of Indore in India, Makassar in Indonesia, and Da Nang in Vietnam. Implementing partners support municipalities to improve health delivery and equity using two key approaches: political economy analysis and participatory systems mapping. Political economy analyses evaluate barriers to collective action, including corruption, security, accountability, and incentives. Systems mapping evaluates community health challenges using a cross-sectoral approach, analyzing the impact of economic, environmental, transport, security, health system, and built environment factors. The mapping exercise draws on the experience and expertise of a diverse cohort of stakeholders, including government officials, municipal service providers, and civil society organizations. Results: Systems mapping and political economy analyses identified significant barriers for health care in migrant populations. In Makassar, migrants are unable to obtain the necessary card that entitles them to subsidized health services. This finding is being used to engage with municipal governments to mitigate the barriers that limit migrant enrollment in the public social health insurance scheme. In Indore, the project identified poor drainage of storm and wastewater in migrant settlements as a cause of poor health. Unsafe and inadequate infrastructure placed residents of these settlements at risk for both waterborne diseases and injuries. The program also evaluated the capacity of urban primary health centers serving migrant communities, identifying challenges related to their hours of service and shortages of health workers. In Da Nang, the systems mapping process has only recently begun, with the formal partnership launched in December 2019. Conclusion: This paper explores lessons learned from BHC’s systems mapping, political economy analyses, and stakeholder engagement approaches. The paper shares progress related to the health of migrants in informal settlements. Case studies feature barriers identified and mitigating steps, including governance actions, taken by local stakeholders in partner cities. The paper includes an update on ongoing progress from Indore and Makassar and experience from the first six months of program implementation from Da Nang.

Keywords: informal settlements, migration, stakeholder engagement mapping, urban health

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Authors: Aarushi Baloria, Joshina Jamwal

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The paper attempts to understand the genesis of the Kashmir conflict, the LoC trade, and the various challenges which impede LoC trade. The paper further understands how this trade assists in mitigating tension between the countries and act as a conference building measure (CBM). The paper discusses later on the positive aspects of LoC trade with the help of statistical data like increase in state's economy along with negatives like smuggling of arms, drugs, swapping and interchanging of Hawala money and other unconstitutional activities like terrorism that took place on trade points across LoC. Moreover, the paper also mentioned in the international context; the episodes of Ireland of Europe, Palestine of Middle East, Uganda of Africa not only as transaction step but also as a peace channel between the fragmented parts. Thus, the paper, in a nutshell, reflects how the trade across LoC benefited in various psychological, economic, and political reasons, and it is worth taking risk, taking its overall positive things into consideration.

Keywords: drugs, economy, international, peace, psychological, trade

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Authors: Chaiwat Wuthinitikornkit

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Foreign Direct Investment (FDI) inevitably affects the landscape of the political economy of the host country. It is, therefore, significant to review and uncover how and in what way(s) FDI shapes the preferences of the interest groups within the host country, as such preferences may, in turn, influence the policies of the host country. By conducting a review of relevant literature, this paper attempts to outline the key forces behind such preferences and identify potential gaps for future studies. This paper argues that while existing theories have specified endowment and political and institutional factors as key explanations behind the preferences of domestic interest groups, other qualitative attributes of the foreign investors' side, such as their nationalities, have yet to be adequately investigated empirically and may potentially also possess explanatory power. This is particularly important in the current global economic landscape, where key global investors hail from origins from both developed and developing countries with diverse political systems and business practices. This paper aims to provide the groundwork for future studies on these potential gaps, which may provide not only contributions to the academic sphere but also practical insight into policymaking and business communities.

Keywords: foreign direct investment, interest groups, international political economy, political economy

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Authors: Amelia Faotusia

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The blue economy concept was coined by Pacific nations in recognition of the importance of sustainably managing their extensive marine territories. This is especially important for major ocean-based economic sectors of Pacific economies, such as coastal tourism. There is an absence of research, however, on the key ways in which the blue economy concept has emerged in discourse and public policy in Pacific countries, as well as how it articulates with coastal tourism. This research helps to fill such a gap with a specific focus on Tonga through the application of a post-positivist research approach to conduct a desktop study of relevant national documents and qualitative interviews with relevant government staff, civil society organizations, and tourism operators. The findings of the research reflect the importance of institutional integration and partnerships for a successful blue economy transition and are presented in the form of two case studies corresponding to two sub-sectors of Tonga’s coastal tourism sector: (i) the whale-watching and swimming industry, and (ii) beach resorts and restaurants. A thematic analysis applied to the interview data of both cases then enabled the identification of key areas and issues for socio-economic policy intervention and recommendations in support of blue economy transitions in Tonga’s coastal tourism sector. Examples of the relevant areas and issues that emerged included the importance of foreign direct investment, local market access, community-based special management areas, as well as the need to address the anthropogenic impacts of tropical cyclones, whale tourism, plastic litter on coastal assets, and ecosystems. Policy and practical interventions in support of addressing such issues include a proposed restructuring of the whale-watching and swimming licensing system; integration of climate resilience, adaptation, and capacity building as priorities of local blue economy interventions; as well as strengthening of the economic sustainability dimension of blue economy policies. Finally, this research also revealed the need for further specificity and research on the influence and value of local Tongan culture and traditional knowledge, particularly within existing customary marine tenure systems, on Tonga’s national and sectoral blue economy policies and transitions.

Keywords: blue economy, coastal tourism, integrated ocean management, ecosystem resilience

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Authors: Innocent Felix Idoko

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The development of indigenous entrepreneurship is critical to the achievement of sustainable development in the internationalized economy. Sustainable development implies a continuous stimulus of growth and improvement of an economy in a fairly stable manner. The paradigms of a globalization are numerous to mention. However, to a great extent, these are trade-offs and dilemmas for indigenous entrepreneurship, particularly in the developing economies with infant industries that are essentially crucial to development. This paper analyses the pros and cons of globalization as relates to the complementary role of both foreign and indigenous entrepreneurs, the conflict of values between globalization and protectionism for local entrepreneurship. Using analytical and descriptive approach, the views of academicians, research fellows, literature reviews and both the theories of the mercantilists and those of free trade mainstream economists, and the G20, the paper concludes that there is a legitimate need for protectionism for domestic entrepreneurship in the developing economies as doing otherwise amount to stifling them.

Keywords: developing countries, entrepreneurship, globalization, infant-industries, protectionism, sustainable development

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Authors: Sharvari Parikh

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Climate change has always been looked upon as a threat. Increased use of fossil fuels, depletion of bio diversity, certain human activities, rising levels of Greenhouse Gas (GHG) emissions are the factors that have caused climate change. Climate change is creating new risks and aggravating the existing ones. The paper focuses on breaking the stereotypical perception of climate change and draws attention towards the constructive side of it. Researches around the world have concluded that climate change has provided us with many untapped opportunities. The next 15 years will be crucial, as it is in our hands whether we are able to grab these opportunities or just let the situation get worse. The world stands at a stage where we cannot think of making a choice between averting climate change and promoting growth and development. In fact, the solution to climate change itself has got economic opportunities. The data evidences from the paper show how we can create the opportunity to improve the lives of the world’s population at large through structural change which will promote environment friendly investments. Rising Investment in green energy and increased demand of climate friendly products has got ample of employment opportunities. Old technologies and machinery which are employed today lack efficiency and demand huge maintenance because of which we face high production cost. This can be drastically brought down by adaptation of Green technologies which are more accessible and affordable. Overall GDP of the world has been heavily affected in aggravating the problems arising out of increasing weather problems. Shifting to green economy can not only eliminate these costs but also build a sound economy. Accelerating the economy in direction of low-carbon future can lessen the burdens such as subsidies for fossil fuels, several public debts, unemployment, poverty, reduce healthcare expenses etc. It is clear that the world will be dragged into the ‘Darker phase’ if the current trends of fossil fuels and carbon are being consumed. Switching to Green economy is the only way in which we can lift the world from darker phase. Climate change has opened the gates for ‘Green and Clean economy’. It will also bring countries of the world together in achieving the common goal of Green Economy.

Keywords: climate change, economic opportunities, green economy, green technology

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Authors: Ilhan Keskin, Hasan Bulent Kantarci

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In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and non-interest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, islamic markets, non-interest bearing, rental certificates

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Authors: Cheryl Teelucksingh

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Toronto is in the midst of an urban development and infrastructure boom. Population growth and concerns about urban sprawl and carbon emissions have led to pressure on the municipal and the provincial governments to re-think urban development. Toronto’s approach to climate change mitigation and adaptation has positioning of the emerging green economy as part of the solution. However, the emerging green economy many not benefit all Torontonians in terms of jobs, improved infrastructure, and enhanced quality of life. Community benefits agreements (CBAs) are comprehensive, negotiated commitments, in which founders and builders of major infrastructure projects formally agree to work with community interest groups based in the community where the development is taking place, toward mutually beneficial environmental and labor market outcomes. When community groups are equitably represented in the process, they stand not only to benefit from the jobs created from the project itself, but also from the longer-term community benefits related to the quality of the completed work, including advocating for communities’ environmental needs. It is believed that green employment initiatives in Toronto should give greater consideration to best practices learned from community benefits agreements. Drawing on the findings of a funded qualitative study in Toronto (Canada), “The Green Gap: Toward Inclusivity in Toronto’s Green Economy” (2013-2016), this paper examines the emergent CBA in Toronto in relation to the development of a light rail transit project. Theoretical and empirical consideration will be given to the research gaps around CBAs, the role of various stakeholders, and discuss the potential for CBAs to gain traction in the Toronto’s urban development context. The narratives of various stakeholders across Toronto’s green economy will be interwoven with a discussion of the CBA model in Toronto and other jurisdictions.

Keywords: green economy in Toronto, equity, community benefits agreements, environmental justice, community sustainability

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Authors: Luedech Girdwichai, Suwaree Yordchim, Phusit Phukamchanoad

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This research is aimed to study about motivation that students of Suan Sunandha Rajabhat University follow and happily live according to Sufficiency Economy Philosophy. Having collected 394 questionnaires, the result showed that most students had great motivation to follow this philosophy in high level, especially in terms of righteousness in profession; besides, students’determination and intention to apply this philosophy in everyday lives were so impressive though students’ families were not ready enough. Each of students, in fact, consulted families for plans of any activities without tiredness and discouragement based on the saying” Where there is a will, there is a way.” On the part of universities lives, students interacted with society and created projects that supported income to the community including exercises, sports, recreational activities, and community services.

Keywords: motivation, livelihood, sufficiency economy philosophy, undergraduate students of Suan Sunandha Rajabhat University

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Authors: Minna-Maari Harmaala, Hanna Harilainen

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Estimates of the economic value of transitioning to circular economy models vary but it has been estimated to represent $1 trillion worth of new business into the global economy. In Europe alone, estimates claim that adopting circular-economy principles could not only have environmental and social benefits but also generate a net economic benefit of €1.8 trillion by 2030. Proponents of a circular economy argue that it offers a major opportunity to increase resource productivity, decrease resource dependence and waste, and increase employment and growth. A circular system could improve competitiveness and unleash innovation. Yet, most companies are not capturing these opportunities and thus the even abundant circular opportunities remain uncaptured even though they would seem inherently profitable. Service design in broad terms relates to developing an existing or a new service or service concept with emphasis and focus on the customer experience from the onset of the development process. Service design may even mean starting from scratch and co-creating the service concept entirely with the help of customer involvement. Service design methodologies provide a structured way of incorporating customer understanding and involvement in the process of designing better services with better resonance to customer needs. A business model is a depiction of how the company creates, delivers, and captures value; i.e. how it organizes its business. The process of business model development and adjustment or modification is also called business model innovation. Innovating business models has become a part of business strategy. Our hypothesis is that in addition to linear models still being easier to adopt and often with lower threshold costs, companies lack an understanding of how circular models can be adopted into their business and how customers will be willing and ready to adopt the new circular business models. In our research, we use robust service design methodology to develop circular economy solutions with two case study companies. The aim of the process is to not only develop the service concepts and portfolio, but to demonstrate the willingness to adopt circular solutions exists in the customer base. In addition to service design, we employ business model innovation methods to develop, test, and validate the new circular business models further. The results clearly indicate that amongst the customer groups there are specific customer personas that are willing to adopt and in fact are expecting the companies to take a leading role in the transition towards a circular economy. At the same time, there is a group of indifferents, to whom the idea of circularity provides no added value. In addition, the case studies clearly show what changes adoption of circular economy principles brings to the existing business model and how they can be integrated.

Keywords: business model innovation, circular economy, circular economy business models, service design

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Authors: Cornellia Ayu, Putrianti Herni, Saptoto Robertus

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In the context of global tourism and creative economies, digital maturity has become a crucial factor for the sustainable development of small and medium enterprises (SMEs). This paper explores the journey toward digital maturity among SMEs in Sleman, Yogyakarta, Indonesia, focusing on their empowerment to foster sustainable tourism and creative economy growth. The study adopts a mixed-methods approach, integrating qualitative interviews with SME owners and quantitative surveys to assess their digital capabilities and readiness. Data were collected from a diverse sample of SMEs engaged in various sectors, including crafts and culinary services. Findings reveal significant gaps in digital literacy and infrastructure, impeding the full realization of digital benefits. However, targeted interventions, such as digital training programs and the provision of affordable technology, have shown promise in bridging these gaps. The study concludes that enhancing digital maturity among SMEs is vital for their competitiveness and sustainability in the modern economy. The insights gained can inform policymakers and stakeholders aiming to bolster the digital transformation of SMEs in similar contexts.

Keywords: digital maturity, small medium enterprises, digital literacy, sustainable tourism, creative economy

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Authors: Vakhtang Charaia

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The article focuses on the role of FDI in Georgia’s economic development for the last decade. To attract as much FDI as possible a proper investment climate should be on the place-institutional, policy and regulatory environment. Well-developed investment climate is the chance and motivation for both, local economy and foreign companies, to generate maximum income, create new work places and improve the quality of life. FDI trend is one of the best indicators of country’s economic sustainability and its attractiveness. Especially for small and developing countries, the amount of FDI matters, therefore, most of such countries are trying to compete with each other through improving their investment climate according to different world famous indexes. As a result of impressive reforms since 2003, Georgian economy was benefited with large invasion of FDI. However, the level of per capita GDP is still law in comparison to Eastern European countries and it should be improved. The main idea of the paper is to show a real linkage between FDI and employment ration, on the case of Georgian economy.

Keywords: foreign direct investment, employment, economic growth, taxes, corruption, sustainable development

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Authors: Kwok Tak Kit

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Combating climate change is becoming a hot topic in various sectors. Building construction and infrastructure sectors contributed a significant proportion of waste and GHGs emissions in the economy of different countries and cities. Many types of research had conducted and discussed the topic of waste management and waste management being a macro-level control is well developed in the building and construction industry. However, there is little research and studies on the micro-level of waste management, “building construction material wastage management,” and fewer reviews about regulatory control in the building construction sector. In this paper, we will focus on the potentialities and importance of material wastage management and review the deficiencies of the current standard to take into account the reduction of material wastage in a systematic and quantitative approach.

Keywords: quantitative measurement, material wastage management plan, waste management, uncalculated waste, circular economy

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Authors: Mohammed Bashir Uddin

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Human trafficking remains as a persistent problem in many parts of the world. It is considered by many countries as an issue of a threat to national security. Border enforcement to prevent trafficking has been the main incentive, which eventually causes human insecurity for vulnerable people, especially for women. This research argues that focus needs to be placed on the political economy of trafficking, hence on the supply and demand sides of trafficking from a broader socio-economic perspective. Trafficking is a global phenomenon with its contemporary origins in the international capitalist market system. This research investigates particularly the supply-demand nexus on the backdrop of globalization and its impact on human security. It argues that the nexus varies across the countries, particularly the demand side. While prostitution has been the sole focus of the demand side in all countries in Asia, the paper argues that organ trade, bonded labor, cheap and exploitable labor through false recruitment (male trafficking) and adoption are some of the rising demands that explore new trends of trafficking, which could be better explained through international political economy (IPE). Following a qualitative research method, the paper argues that although demands vary in destination countries, they are the byproducts of IPE which have different socio-economic impacts both on trafficked individuals and the states.

Keywords: globalization, human security, human trafficking, political economy

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Authors: Maggie Shen

Abstract:

Ever since the late 20th century, business giants have been competing to provide better experiences for their users. One way they strive to do so is through more efficiently connecting users with their goals, with recommendation systems that filter out unnecessary or less relevant information. Today’s top online platforms such as Amazon, Netflix, Airbnb, Tiktok, Facebook, and Google all utilize algorithmic recommender systems for different purposes—Product recommendation, movie recommendation, travel recommendation, relationship recommendation, etc. However, while bringing unprecedented convenience and efficiency, the prevalence of algorithmic recommendation systems also influences society in many ways. In using a variety of primary, secondary, and social media sources, this paper explores the impacts of algorithms, particularly algorithmic recommender systems, on different sectors of society. Four fields of interest will be specifically addressed in this paper: economy, international relations, political ideologies, and education.

Keywords: algorithms, economy, international relations, political ideologies, education

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Authors: Xukai Fu

Abstract:

The concept of circular economy is interdisciplinary, intersecting environmental engineering, information technology, business, and social science domains. Over the course of its 15-year tenure in the sanitation industry, Jinkai has concentrated its efforts in the past five years on integrating artificial intelligence (AI) technology with street sanitation apparatus and systems. This endeavor has led to the development of various innovations, including the Intelligent Identification Sweeper Truck (Intelligent Waste Recognition and Energy-saving Control System), the Intelligent Identification Water Truck (Intelligent Flushing Control System), the intelligent food waste treatment machine, and the Intelligent City Road Sanitation Surveillance Platform. This study will commence with an examination of prevalent global challenges, elucidating how Jinkai effectively addresses each within the framework of circular economy principles. Utilizing a review and analysis of pertinent environmental management data, we will elucidate Jinkai's strategic approach. Following this, we will investigate how Jinkai utilizes the advantages of circular economy principles to guide the design of street sanitation machinery, with a focus on digitalization integration. Moreover, we will scrutinize Jinkai's sustainable practices throughout the invention and operation phases of street sanitation machinery, aligning with the triple bottom line theory. Finally, we will delve into the significance and enduring impact of corporate social responsibility (CSR) and environmental, social, and governance (ESG) initiatives. Special emphasis will be placed on Jinkai's contributions to community stakeholders, with a particular emphasis on human rights. Despite the widespread adoption of circular economy principles across various industries, achieving a harmonious equilibrium between environmental justice and social justice remains a formidable task. Jinkai acknowledges that the mere development of energy-saving technologies is insufficient for authentic circular economy implementation; rather, they serve as instrumental tools. To earnestly promote and embody circular economy principles, companies must consistently prioritize the UN Sustainable Development Goals and adapt their technologies to address the evolving exigencies of our world.

Keywords: circular economy, core principles, benefits, the tripple bottom line, CSR, ESG, social justice, human rights, Jinkai

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Authors: Anucha Wittayakorn-Puripunpinyoo

Abstract:

The research objectives were 1) to study the situation and its trend of agricultural product export of Thailand 2) to study the impact of agricultural product export on income of Thai economy 3) the impact of agricultural product export on employment of Thai economy and 4) to find out the recommendations of agricultural product export policy of Thailand. In this research, secondary data were collected as yearly time series data from 1990 to 2016 accounted for 27 years. Data were collected from the Bank of Thailand database. Primary data were collected from the steakholders of agricultural product export policy of Thailand. Data analysis was applied descriptive statistics such as arithmetic mean, standard deviation. The forecasting of agricultural product was applied Mote Carlo Simulation technique as well as time trend analysis. In addition, the impact of agricultural product export on income and employment by applying econometric model while the estimated parameters were utilized the ordinary least square technique. The research results revealed that 1) agricultural product export value of Thailand from 1990 to 2016 was 338,959.5 Million Thai baht with its growth rate of 4.984 percent yearly, in addition, the forecasting of agricultural product export value of Thailand has increased but its growth rate has been declined 2) the impact of agricultural product export has positive impact on income in Thai economy, increasing in agricultural product export of Thailand by 1 percent would lead income increased by 0.0051 percent 3) the impact of agricultural product export has positive impact on employment in Thai economy, increasing in agricultural product export of Thailand by 1 percent would lead income increased by 0.079 percent and 4) in the future, agricultural product export policy would focused on finished or semi-finished agricultural product instead of raw material by applying technology and innovation in to make value added of agricultural product export. The public agricultural product export policy would support exporters in private sector in order to encourage them as agricultural exporters in Thailand.

Keywords: agricultural product export, income, employment, Thai economy

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Authors: Godwin Chigozie Okpara, Eugine Iheanacho

Abstract:

The paper set out to assess the sustainability of debt in the Nigerian economy. Precisely, it sought to determine the level of debt sustainability and its impact on the growth of the economy; whether internationalization of capital market has positively influenced debt sustainability’s impact on economic growth; and to ascertain the direction of causality between external debt sustainability and the growth of GDP. In the light of these objectives, ratio analysis was employed for the determination of debt sustainability. Our findings revealed that the periods 1986 – 1994 and 1999 – 2004 were periods of severe unsustainable borrowing. The unit root test showed that the variables of the growth model were integrated of order one, I(1) and the cointegration test provided evidence for long run stability. Considering the dawn of internationalization of capital market, the researcher employed the structural break approach using Chow Breakpoint test on the vector error correction model (VECM). The result of VECM showed that debt sustainability, measured by debt to GDP ratio exerts negative and significant impact on the growth of the economy while debt burden measured by debt-export ratio and debt service export ratio are negative though insignificant on the growth of GDP. The Cho test result indicated that internationalization of capital market has no significant effect on the debt overhang impact on the growth of the Economy. The granger causality test indicates a feedback effect from economic growth to debt sustainability growth indicators. On the bases of these findings, the researchers made some necessary recommendations which if followed religiously will go a long way to ameliorating debt burdens and engendering economic growth.

Keywords: debt sustainability, internalization, capital market, cointegration, chow test

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Authors: Aristeidis Samitas, Stathis Polyzos

Abstract:

As the UK and the EU prepare to start negotiations for Brexit, it is important for both sides to comprehend the full extent of the consequences of this process. In this paper, we employ an object oriented simulation framework in order to test for the short-term and long-term effects of Brexit on both sides of the Channel. The relative strength of the UK economy and the banking sector vis-à-vis the EU is taken under consideration. Our results confirm predictions in the relevant literature regarding the output cost of Brexit, with particular emphasis on the EU. Furthermore, we show that financial stability is also an important issue on both sides, with the banking system suffering significant losses, particularly over the longer term. Our findings suggest that policymakers should be extremely careful in handling Brexit negotiations, making sure to consider dynamic effects that may be caused by UK bank assets moving to the EU after Brexit. The model results show that, as the UK banking system loses its assets, the end state of the UK economy is deteriorated while the end state of EU economy is improved.

Keywords: Banking Crises, Brexit, Financial Stability, VBanking

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Authors: Siriwan Chatmaneerungcharoen

Abstract:

An emerging body of ‘21st century skills’-such as adaptability, complex communication skills, technology skills and the ability to solve non-routine problems--are valuable across a wide range of jobs in the national economy. Within the Thai context, a focus on the Philosophy of Sufficiency Economy is integrated into Science Education. Thai science education has advocated infusing 21st century skills and Philosophy of Sufficiency Economy into the school curriculum and several educational levels have launched such efforts. Therefore, developing science teachers to have proper knowledge is the most important factor to success of the goals. The purposes of this study were to develop 40 Cooperative Science teachers’ Technological Pedagogical Content Knowledge (TPACK) and to develop Professional Development Model integrated with Co-teaching Model and Coaching System (Co-TPACK). TPACK is essential to career development for teachers. Forty volunteer In-service teachers who were science cooperative teachers participated in this study for 2 years. Data sources throughout the research project consisted of teacher refection, classroom observations, Semi-structure interviews, Situation interview, questionnaires and document analysis. Interpretivist framework was used to analyze the data. Findings indicate that at the beginning, the teachers understood only the meaning of Philosophy of Sufficiency Economy but they did not know how to integrate the Philosophy of Sufficiency Economy into their science classrooms. Mostly, they preferred to use lecture based teaching and experimental teaching styles. While the Co- TPACK was progressing, the teachers had blended their teaching styles and learning evaluation methods. Co-TPACK consists of 3 cycles (Student Teachers’ Preparation Cycle, Cooperative Science Teachers Cycle, Collaboration cycle (Co-teaching, Co-planning, and Co-Evaluating and Coaching System)).The Co-TPACK enhances the 40 cooperative science teachers, student teachers and university supervisor to exchange their knowledge and experience on teaching science. There are many channels that they used for communication including online. They have used more Phuket context-integrated lessons, technology-integrated teaching and Learning that can explicit Philosophy of Sufficiency Economy. Their sustained development is shown in their lesson plans and teaching practices.

Keywords: technological pedagogical content knowledge, philosophy of sufficiency economy, professional development, coaching system

Procedia PDF Downloads 423