Search results for: economic effect

Authors: V. Sulakatko, F. U. Vogdt, I. Lill

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Construction technology and on-site construction activities have a direct influence on the life cycle costs of energy efficiently renovated apartment buildings. The systematic inadequacies of the External Thermal Insulation Composite System (ETICS) which occur during the construction phase increase the risk for all stakeholders, reduce mechanical durability and increase the life cycle costs of the building. The economic effect of these shortcomings can be minimised if the risk of the most significant on-site activities is recognised. The objective of the presented ETICS economic assessment concept is to evaluate the economic influence of on-site shortcomings and reveal their significance to the foreseeable future repair costs. The model assembles repair techniques, discusses their direct cost calculation methods, argues over the proper usage of net present value over the life cycle of the building, and proposes a simulation tool to evaluate the risk of on-site activities. As the technique is dependent on the selected real interest rate, a sensitivity analysis is anticipated to determine the validity of the recommendations. After the verification of the model on the sample buildings by the industry, it is expected to increase economic rationality of resource allocation and reduce high-risk systematic shortcomings during the construction process of ETICS.

Keywords: activity-based cost estimating, cost estimation, ETICS, life cycle costing

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Authors: Ahmad A. Kader

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In the principles of Microeconomics course taught during the Fall Semester 2019, 158out of 179 students participated in the completion of two questionnaires and a survey describing their demographic and academic profiles. The two questionnaires include the 29 items of the Rotter Locus of Control Scale and the 52 items of the Schraw andDennisonMetacognitive Awareness Scale. The 52 items consist of 17 items describing knowledge of cognition and 37 items describing the regulation of cognition. The paper is intended to show the combined influence of locus of control, metacognitive knowledge, and metacognitive regulation on student performance. The survey covers variables that have been tested and recognized in economic education literature, which include GPA, gender, age, course level, race, student classification, whether the course was required or elective, employments, whether a high school economic course was taken, and attendance. Regression results show that of the economic education variables, GPA, classification, whether the course was required or elective, and attendance are the only significant variables in their influence on student grade. Of the educational psychology variables, the regression results show that the locus of control variable has a negative and significant effect, while the metacognitive knowledge variable has a positive and significant effect on student grade. Also, the adjusted R square value increased markedly with the addition of the locus of control, metacognitive knowledge, and metacognitive regulation variables to the regression equation. The t test results also show that students who are internally oriented and are high on the metacognitive knowledge scale significantly outperform students who are externally oriented and are low on the metacognitive knowledge scale. The implication of these results for educators is discussed in the paper.

Keywords: locus of control, metacognitive knowledge, metacognitive regulation, student performance, economic education

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Authors: Sahbi Farhani

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This study investigates the relationship between external debt and military spending in case of India over the period of 1970–2012. In doing so, we have applied the structural break unit root tests to examine stationarity properties of the variables. The Auto-Regressive Distributed Lag (ARDL) bounds testing approach is used to test whether cointegration exists in presence of structural breaks stemming in the series. Our results indicate the cointegration among external debt, military spending, debt servicing, and economic growth. Moreover, military spending and debt servicing add in external debt. Economic growth helps in lowering external debt. The Vector Error Correction Model (VECM) analysis and Granger causality test reveal that military spending and economic growth cause external debt. The feedback effect also exists between external debt and debt servicing in case of India.

Keywords: external debt, military spending, ARDL approach, India

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Authors: Teodorica G. Ani

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Economic activity requires an encouraging regulatory environment and effective rules that are transparent and accessible to all. The World Bank has been publishing the annual Doing Business reports since 2004 to investigate the scope and manner of regulations that enhance business activity and those that constrain it. A streamlined business environment supporting the development of competitive small and medium enterprises (SMEs) may expand employment opportunities and improve the living conditions of low income households. Asia has emerged as one of the most attractive markets in the world. Economies in East Asia and the Pacific were among the most active in making it easier for local firms to do business. The study aimed to describe the ease of doing business and its effect to economic growth among selected economies in Asia for the year 2014. The study covered 29 economies in East Asia, Southeast Asia, South Asia and Middle Asia. Ease of doing business is measured by the Doing Business indicators (DBI) of the World Bank. The indicators cover ten aspects of the ease of doing business such as starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. In the study, Gross Domestic Product (GDP) was used as the proxy variable for economic growth. Descriptive research was the research design used. Graphical analysis was used to describe the income and doing business among selected economies. In addition, multiple regression was used to determine the effect of doing business to economic growth. The study presented the income among selected economies. The graph showed China has the highest income while Maldives produces the lowest and that observation were supported by gathered literatures. The study also presented the status of the ten indicators of doing business among selected economies. The graphs showed varying trends on how easy to start a business, deal with construction permits and to register property. Starting a business is easiest in Singapore followed by Hong Kong. The study found out that the variations in ease of doing business is explained by starting a business, dealing with construction permits and registering property. Moreover, an explanation of the regression result implies that a day increase in the average number of days it takes to complete a procedure will decrease the value of GDP in general. The research proposed inputs to policy which may increase the awareness of local government units of different economies on the simplification of the policies of the different components used in measuring doing business.

Keywords: doing business, economic growth, gross domestic product, Asia

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Authors: Sheraz Ahmad Choudhary

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Health plays a vital role in the growth. The study examined the effect of health indicator on the growth of Pakistan. ARDL model is used to check the growth rate which is affected by the health by using the time series date of Pakistan from 1990 to 2017. Health indicator, fertility rate, life expectancy, foreign direct investment, and infant mortality rate are variables Where the unit root is applied to check the stationarity of the model. consequences find a significant relationship between GDP, foreign direct investment, fertility rate, and life expectancy in the short run, whereas mortality rate effected negatively to economic growth but have significant values. In the long run, foreign direct investment (FDI) and fertility rate(FR) have significantly influenced the GDP. The results show thateconomic growth is positively stimulated by most of the health indicators. The study accomplishes that nations can achieve a high level of economic growth by increasing wellbeing human capital.

Keywords: economic growth, health expenditures, fertility rate, human capital, life expectancy, foreign direct investment, and infant mortality rate

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Authors: Kacper Tomasz Kröber-Mulawa

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This paper will address the topic of data ownership from an economic perspective, and examples of economic limitations of data property rights will be provided, which have been identified using methods and approaches of economic analysis of law. To properly build a background for the economic focus, in the beginning a short perspective of data and data ownership in the EU’s legal system will be provided. It will include a short introduction to its political and social importance and highlight relevant viewpoints. This will stress the importance of a Single Market for data but also far-reaching regulations of data governance and privacy (including the distinction of personal and non-personal data, data held by public bodies and private businesses). The main discussion of this paper will build upon the briefly referred to legal basis as well as methods and approaches of economic analysis of law.

Keywords: antitrust, data, data ownership, digital economy, property rights

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Authors: Joaquim Rubens Fontes-Filho, Felipe Buchbinder, Marcelo Desterro

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The study aims to identify the effects of an economic recession on the compensation of executives of listed companies. Market-based and labor environment explanations have received particular attention, both to explain the reasons for a growth in this compensation and to indicate that they may increase agency problems rather than mitigate them. In this sense, labor forces, especially related to the market for executives, contribute to defining the terms of compensation packages and represent a significant external control mechanism to moderate agency problems, but may be of little effect if the executives are entrenched and concentrate enough power to have a say in his/her compensation. Based on a five-year data panel related to executive compensation in 250 listed companies in Brazil, we examine whether the economic recession in the last two years produced any impact in this compensation, controlling for the sector and level of governance of the company.

Keywords: agency problems, executive compensation, control mechanisms, corporate governance

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Authors: Anuj Kumar Vaksha

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In the post cold war era the foreign direct investments have come to be considered as one of the most critical factors for economic development of a country particularly for the capital scarce countries like the developing and the under developed countries. The rush for foreign direct investments have led to intense competition between the countries treaties to attract foreign investments by entering into alluring Bilateral Investment Treaties (BITs). The Bilateral Investment Treaties are the intergovernmental legal framework for the promotion of private investments from one country to other. With more than 3000 BITs, the web of such BITs are the most dominant development of International Law in the post cold war era. The essence of all these BITs are bilateral cooperation for economic development and thus it is actually the theme of economic development around which the International Law had developed most dominantly in the post cold war era. Within the framework of two generally accepted premises that foreign direct investments are critical for economic development and the bilateral investment treaties are critical for promotion of foreign direct investments, the research paper seeks to explore the perspectives and paradigms on economic development as embodied in various Bilateral Investment Treaties. It seeks to address how and in what manners the perspectives on economic development as embodied in bilateral investment varies between the developed, developing and underdeveloped countries. It goes without saying that economic development is a very broad, complex and operationally intricate concept. In the paradigm of International Law it becomes much more complex and intricate. Understanding the concept of economic development from the perspectives of Bilateral Investment Treaties is a novel idea with far reaching significance. Such a perspective on economic development would help in enriching the contemporary International Law perspectives and paradigms on economic development.

Keywords: bilateral investment treaties, economic development, international Law, perspectives

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Authors: V. Benidze

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After the Rose Revolution of 2003, Georgia has achieved an unparalleled socioeconomic success. However, economic growth since 2012 has been sluggish and certainly not enough to rapidly improve the county’s standard of living that still remains substantially low compared to that in developed nations. Recent poor economic performance has shown that some key challenges need to be addressed if Georgia is to achieve high future economic growth that will decrease the poverty rate and create a middle class in the country. This paper offers in detail analysis of the economic performance of Georgia since 2012 and identifies key challenges facing the country’s economy. The main challenge going forward will be transforming Georgia from a consumption-driven to a production-oriented economy. It is identified that mobilizing domestic investment through savings, attracting foreign investment in tradable sectors and expanding the country’s export base will be crucial in the facilitation of the above-mentioned structural transformation. As the outcome of the research, the paper suggests a strategy for accelerating Georgia’ future economic growth and offers recommendations based on the relevant conclusions.

Keywords: challenges, development, economic growth, economic policy, Georgia

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Authors: Aimilia Vlami

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This paper examines the tourist economic development of Greece on the basis of the analysis of the main characteristics of the financing and development processes and the spatial and temporal structure of supply and demand. Taking into consideration the evolution of the economic planning and the policy for the tourist development of Greece over time, we study at the same time: the composition, the changes and the dynamics of the hotel industry in the last 20 years and especially the period of the economic adjustment programmes, where tourism has become a key pillar of development. It is clearly evident that this paper is written in a specific economic situation, which directs as much the emphases as the flow of arguments around the central question of balance of interventions in the tourist space, between the need for planning and practice of policy for sustainable tourist growth and in the de facto adaptation of fragmentary and urgent interventions of shaping and transforming the tourist space, as they are shaped by the requirements of various institutions and interest groups.

Keywords: development, Greece, hospitality, economic policy, tourism investments

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Authors: Evy Latifah, Eko Widaryanto, M. Dawam Maghfoer, Arifin

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Tomato (Lycopersicon esculentum Mill.) is potential vegetables to develop, because it has high economic value and has the potential to be exported. There is a decrease in tomato productivity due to unfavorable growth conditions such as bacterial wilt, fusarium wilt, high humidity, high temperature and inappropriate production technology. Grafting technology is one alternative technology. In addition to being able to control the disease in the soil, grafting is also able to increase the growth and yield of production. Besides, it is also necessary to know the economic benefits if using grafting technology. A promising eggplant rootstock for tomato grafting is Solanum torvum. S. torvum is selected as a rootstock with high compatibility. The purpose of this research is to know the effect of grafting several varieties of tomatoes with Solanum torvum as a rootstock. The experiment was conducted in Agricultural Extension Center Pare. Experimental Garden of Pare Kediri sub-district from July to early December 2016. The materials used were tomato Cervo varieties, Karina, Timoty, and Solanum torvum. Economic analysis, growth, and yield including plant height, number of leaves, percentage of disease and tomato production were used as performance measures. The study showed that grafting tomato Timoty scion with Solanum torvum as rootstock had higher production. Financially, grafting tomato Timoty and Cervo scion had higher profit about. 28,6% and 16,3% compared to Timoty and Cervo variety treatment without grafting.

Keywords: grafting technology, economic analysis, growth, yield of tomato, Solanum torvum

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Authors: Mlondi Ndovela

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Globally, the manufacturing employment has been declining and the South African manufacturing sector experiences the very same trend. Despite the commonality between the global and South African manufacturing trend, there is an understanding that local areas provide distinct contributions to the provincial/national economy. Therefore, the growth/decline of a particular manufacturing division in one local area may not be evident in another area since economic performances vary from region to region. In view of the above, the study employed the Esteban-Marquillas model of shift-share analysis (SSA) to conduct an empirical analysis of manufacturing employment performance at uMhlathuze Local Municipality in the KwaZulu-Natal province. The study set out two objectives; those are, to quantify uMhlathuze manufacturing jobs that are attributed to the provincial manufacturing employment trends and identify manufacturing divisions are growing/declining in terms of employment. To achieve these objectives, the study sampled manufacturing employment data from 2010 to 2017 and this data was categorised into ten manufacturing divisions. Furthermore, the Esteban-Marquillas model calculated manufacturing employment in terms of two effects, namely; provincial growth effect (PGE) and industrial mix effect (IME). The results show that even though uMhlathuze manufacturing sector has a positive PGE (+230), the municipality performed poorly in terms of IME (-291). A further analysis included other economic sectors of the municipality to draw employment performance comparison and the study found that agriculture; construction; trade, catering and accommodation; and transport, storage and communication, performed well above manufacturing sector in terms of PGE (+826) and IME (+532). This suggests that uMhlathuze manufacturing sector is not necessarily declining; however, other economic sectors are growing faster and bigger than it is, therefore, reducing the employment share of the manufacturing sector. To promote manufacturing growth from a policy standpoint, the government could create favourable macroeconomic policies such as import substitution policies and support labour-intensive manufacturing divisions. As a result, these macroeconomic policies can help to protect local manufacturing firms and stimulate the growth of manufacturing employment.

Keywords: allocation effect, Esteban-Marquillas model, manufacturing employment, regional competitive effect, shift-share analysis

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Authors: Abubakar O. Sulaiman

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Agriculture was the main stay of Nigeria’s economy before the oil boom of the 1970s caused a gradual but steady shift from agriculture to crude oil as the major source of revenue and foreign exchange. The economy later experienced many symptoms of the 'Dutch disease', with exchange rate appreciation and erosion of competitiveness of the non-oil tradable goods. In order to reverse the worsening economic situations -high unemployment, galloping inflation, deteriorating balance of payment, declining economic growth, and fiscal deficits among others- the government, embarked on austerity measures in 1982 and Structure Adjustment Programme (SAP) in 1986. One of the cornerstones of SAP is the diversification of the economy from oil to non-oil. In the form of stocktaking, this paper investigates the impact of non-oil revenue on economic growth in Nigeria using quarterly time-series data from 1980 to 2019. The findings revealed that a long-run relationship exists between the variables (non-oil variables) and economic growth in Nigeria. Among the variables, (agriculture revenue, manufacturing revenue, revenue from services, and company income tax) contributed substantially to economic growth. The paper recommends that the government should continue to intensify efforts and policies in the diversification of the economy as it will bring about sustainable non-oil revenue and economic growth.

Keywords: non-oil revenue, economic growth, export, long run relationship

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Authors: Ida Bagus Ilham Malik, Bart Julian Dewancker

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The road construction will affect the development of the region along the new road. With this principle, the government developed Antasari Street in order to become one of the main economic corridors for the city of Bandar Lampung. Since its construction in 1997, Antasari Street developed into one of the main economic corridors that greatly affect the economic condition of the city, in addition to other economic corridors such as Pagar Alam Street and Teuku Umar Street. The data shows that the construction of roads affects economic development in the corridor that with the advent of commercial buildings in large quantities. Among them are shops, office, restaurants, and a car showroom. This study proves that the road construction could accelerate the economic progress of the road corridor, especially in the construction and development of urban roads.

Keywords: road development, commercial area, Antasari street, Bandar Lampung

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Authors: Marina Kapsali, John S. Anagnostopoulos

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On the basis of comparative analysis of alternative “development scenarios” for electricity generation, the main objective of the present study is to investigate the techno-economic viability of high wind energy (WE) use at the local (island) level. An integrated theoretical model is developed based on first principles assuming two main possible scenarios for covering future electrification needs of a medium–sized Greek island, i.e. Lesbos. The first scenario (S1), assumes that the island will keep using oil products as the main source for electricity generation. The second scenario (S2) involves the interconnection of the island with the mainland grid to satisfy part of the electricity demand, while remarkable WE penetration is also achieved. The economic feasibility of the above solutions is investigated in terms of determining their Levelized Cost of Energy (LCOE) for the time-period 2020-2045, including also a sensitivity analysis on the worst/reference/best Cases. According to the results obtained, interconnection of Lesbos Island with the mainland grid (S2) presents considerable economic interest in comparison to autonomous development (S1) with WE having a prominent role to this effect.

Keywords: electricity generation cost, levelized cost of energy, mainland, wind energy surplus

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Authors: Zhao Xinlei

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In general, interstate relations are diverse and include economic, political, military, and diplomatic. Therefore, by analyzing the development of the relationship between Malaysia and China, we can better verify how the Hirschman effect works between small countries and great powers. This paper mainly adopts qualitative research methods and uses Malaysia's 2020-2022 political crisis as a specific case to verify the practice of the Hirschman effect between small and large countries. In particular, the interest groups in small countries that are closely related to trade with extraordinary abilities, as the primary beneficiaries in the development of trade between the two countries, although they may use their resources to a certain extent to influence the decisions of small countries towards great powers, they do not fundamentally determine the small countries' response to large countries. In this process, the relative power asymmetry between states plays a dominant role, as small states lack trust and suspicion in political diplomacy towards large states based on the perception of threat arising from the relative power asymmetry. When developing bilateral relations with large countries, small states seek practical cooperation to promote economic and trade development but become more cautious in their political ties to avoid being caught in power struggles between large states or being controlled by them. The case of Malaysia-China relations also illustrates that despite the ongoing political crisis in Malaysia, which saw the country go through the transition from (Perikatan Nasional) PN to (Barisan Nasional) BN, different governments have maintained a pragmatic and proactive economic policy towards China to reduce suspicion and mistrust between the two countries in political and diplomatic affairs, thereby enhancing cooperation and interactions between the two countries. At the same time, the Malaysian government is developing multi-dimensional foreign relations and actively participating in multilateral, regional organizations and platforms, such as those organized by the United States, to maintain a relative balance in the influence of the US and China on Malaysia.

Keywords: Hirschman effect, interest groups, Malaysia, China, bilateral relations

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Authors: Marula Tsagkari

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Greece finds itself in challenging times, facing a severe economic slowdown since 2009. Despite the fact that Greece is in the epicenter of the global interest, to the best of our knowledge there is no extend research on how the crisis has affected the Greek environment (directly and indirectly), the past years. Thus, the present study aims to fill the aforementioned research gap by examining a number of environmental indicators related with air emissions, waste, water and energy. Our results indicate that the crisis affected the Greek environment in both positive and negative ways. For Greece, the main challenge is to recover from the present economic recession as soon as possible, but not at any cost to the environment. In this context, this research unfolds the interrelation between the economic and the environmental crisis and suggests a sustainable restructuring of the Greek economy.

Keywords: Greece, economic crisis, environmental policy, environmental indicators

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Authors: Wenjuan Lu

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China and Hungary have risen from a friendly and comprehensive cooperative relationship to a comprehensive strategic partnership in recent years, and the economic and trade relations between the two countries have developed smoothly. As an important country along the ‘Belt and Road’, Hungary and China have strong economic complementarities and have unique advantages in carrying China's industrial transfer and economic transformation and development. The construction of the China-Hungary Economic and Trade Cooperation Zone, which was initiated by the ‘Sino-Hungarian Borsod Industrial Zone’ and the ‘Hungarian Central European Trade and Logistics Cooperation Park’ has promoted infrastructure construction, optimized production capacity, promoted industrial restructuring, and formed brand and agglomeration effects. Enhancing the influence of Chinese companies in the European market has also promoted economic development in Hungary and even in Central and Eastern Europe. However, as the China-Hungary Economic and Trade Cooperation Zone is still in its infancy, there are still shortcomings such as small scale, single function, and no prominent platform. In the future, based on the needs of China's cooperation with ‘17+1’ and China-Hungary cooperation, on the basis of appropriately expanding the scale of economic and trade cooperation zones and appropriately increasing the number of economic and trade cooperation zones, it is better to focus on optimizing and adjusting its functions and highlighting different economic and trade cooperation. The differentiated function of the trade zones strengthens the multi-faceted cooperation of economic and trade cooperation zones and highlights its role as a platform for cooperation in information, capital, and services.

Keywords: ‘One Belt, One Road’ Initiative, China-Hungary economic and trade cooperation zone, function optimization, Central and Eastern Europe

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Authors: Okwan Frank

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Maternal health outcome is one of the major population development challenges in Sub-Saharan Africa. The region has the highest maternal mortality ratio, despite the progressive economic growth in the region during the global economic crisis. It has been hypothesized that increase in economic growth will reduce the level of maternal mortality. The purpose of this study is to investigate the existence of the negative relationship between health outcome proxy by maternal mortality ratio and economic growth in Sub-Saharan Africa. The study used the Pooled Mean Group estimator of ARDL Autoregressive Distributed Lag (ARDL) and the Kao test for cointegration to examine the short-run and long-run relationship between maternal mortality and economic growth. The results of the cointegration test showed the existence of a long-run relationship between the variables considered for the study. The long-run result of the Pooled Mean group estimates confirmed the hypothesis of an inverse relationship between maternal health outcome proxy by maternal mortality ratio and economic growth proxy by Gross Domestic Product (GDP) per capita. Thus increasing economic growth by investing in the health care systems to reduce pregnancy and childbirth complications will help reduce maternal mortality in the sub-region.

Keywords: economic growth, maternal mortality, pool mean group, Sub-Saharan Africa

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Authors: Patricia Chinyere Oranefo

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This study examined the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. The dearth of empirical evidence and literature on “governance disclosure” as one of the explanatory variables of sustainability accounting reporting were the major motivation for this study. The main objective was to ascertain the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. An ex–post facto research design approach was adopted for the study. The population of this study comprises of five (5) Brewery firms quoted on the floor of the Nigeria exchange group (NSX) and the sample size of four (4) listed firms was drawn using purposive sampling method. Secondary data were carefully sourced from the financial statement/annual reports and sustainability reports from 2012 to 2021 of the Brewery firms quoted on the Nigeria exchange group (NSX). Panel regression analysis by aid of E-views 10.0 software was used to test for statistical significance of the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. The results showed that economic sustainability disclosure indexes do not significantly affect return on asset of listed Brewery firms in Nigeria. The findings further revealed that environmental sustainability disclosure indexes do not significantly affect return on equity of listed Brewery firms in Nigeria. More so, results showed that Social Sustainability disclosure indexes significantly affect Net Profit Margin of listed Brewery firms in Nigeria. Finally, the result established also that governance sustainability disclosure indexes do not significantly affect Earnings per share of listed Brewery firms in Nigeria. Consequent upon the findings, this study recommended among others; that managers of Brewers in Nigeria should improve and sustain full disclosure practices on economic, environmental, social and governance disclosures following the guidelines of the Global Reporting Index (GRI) as they are capable of exerting significant effect on financial performance of firms in Nigeria.

Keywords: sustainability, accounting, disclosure, financial performance

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Authors: Siriwan Saksiriruthai

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This paper reviews and analyzes impact of foreign migration on innovation for Thailand. With the analysis of decades of industrial and economic development, Thailand has attracted investment by providing cheap labor and low cost of production. Foreign migrant substantially contribute to the development by supplying lower wages with low-skilled workers. However, it is revealed that foreign low-skilled labor influx has a negative effect on innovation. Firms concentrate on benefits from low cost of production and are not motivated to invest for innovation. Therefore, with the emerging of new economies where lower wage laborers are offered, Thailand has to promote innovation to maintain economic development sustainability.

Keywords: migration, innovation, Thailand, foreign

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Authors: Iris Vural Gursel, Jonathan Moncada, Ernst Worrell, Andrea Ramirez

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In order to achieve the transition from a fossil to bio-based economy, biomass needs to replace fossil resources in meeting the world’s energy and chemical needs. This calls for development of biorefinery systems allowing cost-efficient conversion of biomass to chemicals. In biorefinery systems, feedstock is converted to key intermediates called platforms which are converted to wide range of marketable products. The C6 sugars platform stands out due to its unique versatility as precursor for multiple valuable products. Among the different potential routes from C6 sugars to bio-based chemicals, 1,3-butadiene and ε-caprolactam appear to be of great interest. Butadiene is an important chemical for the production of synthetic rubbers, while caprolactam is used in production of nylon-6. In this study, ex-ante techno-economic performance of 1,3-butadiene and ε-caprolactam routes from C6 sugars were assessed. The aim is to provide insight from an early stage of development into the potential of these new technologies, and the bottlenecks and key cost-drivers. Two cases for each product line were analyzed to take into consideration the effect of possible changes on the overall performance of both butadiene and caprolactam production. Conceptual process design for the processes was developed using Aspen Plus based on currently available data from laboratory experiments. Then, operating and capital costs were estimated and an economic assessment was carried out using Net Present Value (NPV) as indicator. Finally, sensitivity analyses on processing capacity and prices was done to take into account possible variations. Results indicate that both processes perform similarly from an energy intensity point of view ranging between 34-50 MJ per kg of main product. However, in terms of processing yield (kg of product per kg of C6 sugar), caprolactam shows higher yield by a factor 1.6-3.6 compared to butadiene. For butadiene production, with the economic parameters used in this study, for both cases studied, a negative NPV (-642 and -647 M€) was attained indicating economic infeasibility. For the caprolactam production, one of the cases also showed economic infeasibility (-229 M€), but the case with the higher caprolactam yield resulted in a positive NPV (67 M€). Sensitivity analysis indicated that the economic performance of caprolactam production can be improved with the increase in capacity (higher C6 sugars intake) reflecting benefits of the economies of scale. Furthermore, humins valorization for heat and power production was considered and found to have a positive effect. Butadiene production was found sensitive to the price of feedstock C6 sugars and product butadiene. However, even at 100% variation of the two parameters, butadiene production remained economically infeasible. Overall, the caprolactam production line shows higher economic potential in comparison to that of butadiene. The results are useful in guiding experimental research and providing direction for further development of bio-based chemicals.

Keywords: bio-based chemicals, biorefinery, C6 sugars, economic analysis, process modelling

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Authors: Ali Shirazi, Robert A. Taylor, Stephen D. White, Graham L. Morrison

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In this paper, a detailed simulation model of a solar-powered triple-effect LiBr–H₂O absorption chiller is developed to supply both cooling and heating demand of a large-scale building, aiming to reduce the fossil fuel consumption and greenhouse gas emissions in building sector. TRNSYS 17 is used to simulate the performance of the system over a typical year. A combined energetic-economic-environmental analysis is conducted to determine the system annual primary energy consumption and the total cost, which are considered as two conflicting objectives. A multi-objective optimization of the system is performed using a genetic algorithm to minimize these objectives simultaneously. The optimization results show that the final optimal design of the proposed plant has a solar fraction of 72% and leads to an annual primary energy saving of 0.69 GWh and annual CO₂ emissions reduction of ~166 tonnes, as compared to a conventional HVAC system. The economics of this design, however, is not appealing without public funding, which is often the case for many renewable energy systems. The results show that a good funding policy is required in order for these technologies to achieve satisfactory payback periods within the lifetime of the plant.

Keywords: economic, environmental, multi-objective optimization, solar air-conditioning, triple-effect absorption chiller

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Authors: Mohsin Reza, Thirunaukarasu Subramaniam, M. Rezaul Islam

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In Asia, economic and social well-being issues are rarely addressed. The major characteristics of the migrant workers in Asian countries are seriously exploited, marginalized, and infrequently looked from human rights perspective. This paper explored the opportunities and shortages of economic and social well-being for the migrant workers in Asia. A Qualitative Interpretative Meta-Synthesis (QIMS) was conducted to analyze the contextual socio-economic factors that characterized migrant workers’ economic and social well-being. It is perceived that in most of the recruiting countries, there are lacks of government commitments to the international protocols, conventions and laws that they ratified towards safeguarding migrant workers’ economic and social well-being. Results showed that the migrant workers had lack of job security, poor salary, long working hours, low access to the public services, poor health, poor living and working conditions, lack of legal rights, physical and mental threats. The finding would be important guideline to the governments, policy makers, legal rights practitioners, and human rights organizations.

Keywords: Asia, economic well-being, social well-being, migrant workers, human rights

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Authors: Young Sik Kim, Tae Kwon Ha

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This article considers the problems of economic growth and Russian energy strategy. Also in this paper, the issues related to the economic growth prospects of Russian were discussed. Russian energy strategy without standing Russia`s stature in global energy markets, at the current production and extraction rates, will not be able to sustain its own production as well as fulfil its energy strategy. Indeed, Russia’s energy sector suffers from a chronic lack of investments which are necessary to modernize its energy supply system. In recent years, especially since the international financial crisis, Russia-EU energy cooperation has made substantive progress. Recently the break-through progress has been made, resulting mainly from long-term contributing factors between the countries and recent international economic and political situation changes. Analytical material presented in the article is intended for a more detailed or substantive analysis related to foreign economic relations of the countries and Russia as well.

Keywords: Russia, energy strategy, economic growth, cooperation

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Authors: Ensieh Hajeb, Hefzollah Mohammadiyan, Mohamad Baqer Heidari

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In this paper layout plans and determine the best place to install a heat recovery boilers , gas turbines , and simulation models built to evaluate the performance of the design and operating conditions, heat recovery boiler design using model built on the basis of operating conditions , the effect of various parameters on the performance of the designed heat recovery boiler , heat recovery boiler installation was designed to evaluate the technical and economic impact on performance would be Turbo generator. Given the importance of this issue, that is the main goal of economic efficiency and reduces costs; this project has been implemented similar plans in which the target is implementation specific patterns. The project will also help us in the process of gas refineries and the actual efficiency of the process after adding a system to analyze the turbine and predict potential problems and how to fix them and appropriate measures according to the results of simulation analysis and results of the process gain. The results of modeling and the effect of different parameters on this line, the software has been ThermoFlow.

Keywords: boiler, gas turbine, turbo generator, power flow

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Authors: Henrique Alpalhão

Abstract:

This paper attempts to model the widely studied relationship between a country's economic growth and its level of democracy, with an emphasis on possible non-linearities. We adopt the concept of 'political capital' as a measure of democracy, which is extremely uncommon in the literature and brings considerable advantages both in terms of dynamic considerations and plausibility. While the literature is not consensual on this matter, we obtain, via panel Arellano-Bond regression analysis on a database of more than 60 countries over 50 years, significant and robust results that indicate that the impact of democratization on economic growth varies according to the stage of democratic development each country is in.

Keywords: democracy, economic growth, political capital, political economy

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Authors: Ha Hai Duong, Amnon Levy Livermore, Kankesu Jayanthakumaran, Oleg Yerokhin

Abstract:

The issues of economic development, the environment and human health have been investigated since 1990s. Previous researchers have found different empirical evidences of the relationship between income and environmental pollution, health as determinant of economic growth, and the effects of income and environmental pollution on health in various regions of the world. This paper concentrates on integrative relationship analysis of GDP, carbon dioxide emissions, and health services and population health in context of Vietnam. We applied the dynamic generalized method of moments (GMM) estimation on datasets of Vietnam’s sixty-three provinces for the years 2000-2010. Our results show the significant positive effect of GDP on emissions and the dependence of population health on emissions and health services. We find the significant relationship between population health and GDP. Additionally, health services are significantly affected by population health and GDP. Finally, the population size too is other important determinant of both emissions and GDP.

Keywords: economic development, emissions, environmental pollution, health

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Authors: Burcu Guvenek, Volkan Alptekin

Abstract:

Turkey is a country in the process of development and its economy has undergone structural reforms in order to realize a sustainable development and energy has vital role as a basic input for this aim. Turkey has been in the process of economic growth and development and, because of this, has an increasing energy need. This paper investigates relationship between economic growth and electricity consumption using annual data for Turkey between 1970-2008 by using bounds test. As economic growth and energy consumption variables used in empirical analysis was different order of integration I(0) and I(1), we employed bounds test approach. We have not found co-integration relationship between the variables.

Keywords: bounds test, economic growth, energy consumption, Turkey

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Authors: Khalid Ishola Bello

Abstract:

No condition is permanent in life. This phenomenon is more evident in the socio-economic and political life of man regardless of race, colour or religious affiliation. As the economy of an individual or nation stands to be favourable at one time, it may also experience decline and become unbearable at another time. Muslims, towards the third decade of Islam, experienced economic hardship due to some natural and artificial factors. The recession, which lasted for four years, was rescued by different approaches, and economic prosperity was later regained. Some years ago, Nigeria was drastically affected by an economic recession characterized by high rates of unemployment, illiquidity and inflation, which have caused depression to many individuals and organizations. It is the aim of this paper to look into the causes and remedies of the recession in that early period of Islam in order to suggest a way out of the unfriendly economic situation of Nigeria. An analytical method is adopted to draw some lessons from the situation of Muslims of that time to address the current economic challenges in Nigeria. Though Nigeria is not under any natural disaster, the causes seem to be a deliberate reaction of some Nigerians against the government's attempts to curb corruption at all costs and lapses in some government policies.

Keywords: recession, hardship, spiritual, lessons, early period of Islam

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