Search results for: economic cycles

Authors: Kurotimi Maurice Fems, Abara Onu, Francis W. D. Poazi

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Scholars and development economists believe that the development of an economy depends largely on the creative and innovative ingenuity of its entrepreneurs. Others however, are of the opinion that the lack of entrepreneurs or entrepreneurial activities is not a constraint to economic development in any economy, particularly Nigeria. This paper sets out to explore the connectivity between entrepreneurship and economic development from a theoretical point of view, principally in Nigeria. A desk research approach was adopted where a conglomerate of literatures was reviewed on how entrepreneurship can spur economic growth or otherwise. The findings reveal that entrepreneurship is vital to the development of Nigeria and that, universities and other Higher Education Institutions must play the vital role of educating the people on entrepreneurship skills and competences. However, the problems and difficulties entrepreneurs face in Nigeria and the same problems suffocating the growth and development of its economy. Therefore, entrepreneurship cannot be said to be the sole cure for economic under-development in Nigeria but rather other factors such as empowering and granting the institutions autonomy and the provision of infrastructural capability, such as consistent electricity generation and supply, good system of transportation, implementing proposed economic policies in an effective and efficient manner etc., the cultural beliefs and mindset of the citizenry, was also found to be key in the development of any economy.

Keywords: economic underdevelopment, entrepreneurial, entrepreneurship, infrastructural under-development, oil boom, SMEs, unemployable

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Authors: Burcu Guvenek, Duygu Baysal Kurt

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The impact of foreign trade on economic growth has been discussed since the Classical Economists. Today, foreign trade has become more important for the country's economy with the increasing globalization. When it comes to foreign trade, policies which may vary from country to country and from time to time as protectionism or free trade are implemented. In general, the positive effect of foreign trade on economic growth is alleged. However, as studies supporting this general acceptance take place in the economics literature, there are also studies in the opposite direction. In this paper, the impact of foreign trade on economic growth will be investigated with the help of panel data analysis. For this research, 24 OECD countries’ GDP and foreign trade data, including the period of 1990 and 2010, will be used.

Keywords: foreign trade, economic growth, OECD countries, panel data analysis

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Authors: Sepideh Khavarinezhad, Paolo Pietro Biancone

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This paper sheds light on how gender entrepreneurship is influenced by economic freedom in OECD countries. Our study empirically explores the interaction of financial institutions and its effect of both motivations on total entrepreneurial activities (TEA) of women and men in these countries and to discuss the differences between women and men in this field, which is always a hot topic in entrepreneurship. Employing a dynamic method, we conducted panel data analysis in the time frame from 2012-2015. In this regard, we evaluate the relationship between the Index of Economic Freedoms and its three years, and both indicators of Global Entrepreneurship Monitor (GEM) on supportive financial institutions. We investigate that economic liberalization tends to persuade men and women entrepreneurs to start their businesses or to reduce motivation entrepreneurship. In particular, our paper demonstrates that motivation entrepreneurship seems to benefit from government support and fade barriers in legal structure in business, while we expect to confirm that free trade and economic freedom stimulate the entrepreneur’s motivation and their participation to start own business.

Keywords: economic freedom, gender entrepreneurship, financial institutions, OECD countries

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Authors: Fongang Robert Tichuck

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This paper reports the findings of a study undertaken to assess the socio-economic and environmental impacts of mining in Bertoua Eastern Region of Cameroon. In addition to sampling community perceptions of mining activities, the study prescribes interventions that can assist in mitigating the negative impacts of mining. Marked environmental and interrelated socio-economic improvements can be achieved within regional artisanal gold mines if the government provides technical support to local operators, regulations are improved, and illegal mining activity is reduced.

Keywords: gold mining, socio-economic, mining activities, local people

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Authors: Martha Matashu

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This study examined corporate governance and economic growth trends in Sub Saharan African (SSA) countries. The need for corporate governance arise from the fact that the day to day running of the business is done by management who in accordance with the neoclassical theory and agency theory have inborn tendencies to use the resources of the company to their advantage. This prevails against a background where the endogenous economic growth theory hold the assumption that economic growth is an outcome of the overall performance of all companies within an economy. This suggest that corporate governance at firm level determine economic growth through its impact on the overall performance. Nevertheless, insight into literature suggest that efforts to promote corporate governance in countries across SSA since the 1980s to date have not yet yielded desired outcomes. The board responsibilities, shareholder rights, disclosure and transparency, protection of minority shareholder, and liability of directors were thus used as proxies of corporate governance because these are believed to be mechanisms that are believed to enhance company performance their effect on enhancing accountability and transparency. Using panel data techniques, corporate governance and economic growth data for 29 SSA countries from the period of 2008 to 2019 was analysed. The findings revealed declining economic growth trend despite an increase in corporate governance aspects such as director liability, shareholders’ rights, and protection of minority shareholder in SSA countries. These findings are in contradiction to the popularly held theoretical principles of economic growth and corporate governance. The study reached the conclusion thata nonlinearrelationship exists between corporate governance and economic growth within the selectedSSA countries during the period under investigation. This study thus recommends that measures should be taken to create conditions for corporate governance that would bolster significant positive contributions to economic growth in the region.

Keywords: corporate governance, economic growth, sub saharan Africa, agency theory, endogenous theory

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Authors: Firano Zakaria, Filali Adib Fatine

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The issue f convergence in theoretical models (classical or Keynesian) has been widely discussed. The results of the work affirm that most countries are seeking to get as close as possible to a steady state in order to catch up with developed countries. In this paper, we have retested this question whether it is absolute or conditional. The results affirm that the degree of convergence of countries like Morocco is very low and income is still far from its equilibrium state. Moreover, the analysis of financial convergence, of the countries in our panel, states that the pace in this sector is more intense: countries are converging more rapidly in financial terms. The question arises as to why, with a fairly convergent financial system, growth does not respond, yet the financial system should facilitate this economic convergence. Our results confirm that the degree of information exchange between the financial system and the economic system did not change significantly between 1985 and 2017. This leads to the hypothesis that the financial system is failing to serve its role as a creator of information in developing countries despite all the reforms undertaken, thus making the existence of an economic demon in the Maxwell prevail.

Keywords: economic convergence, financial convergence, financial system, entropy

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Authors: Sonia Mahajan Dinesh, Anant Dinesh, Madhavi Tripathi, Vinod Kumar Ramteke, Rajnish Sharma, Anupam Mondal

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Background: Neo-adjuvant chemotherapy plays an important role in treatment of breast cancer by decreasing the tumour load and it offers an opportunity to evaluate response of primary tumour to chemotherapy. Standard anatomical imaging modalities are unable to accurately reflect the response to chemotherapy until several cycles of drug treatment have been completed. Metabolic imaging using tracers like 18F-fluorodeoxyglucose (FDG) as a marker of glucose metabolism or amino acid tracers like L-methyl-11C methionine (MET) have potential role for the measurement of treatment response. In this study, our objective was to compare these two PET tracers for assessment of response to neoadjuvant chemotherapy, in locally advanced breast carcinoma. Methods: In our prospective study, 20 female patients with histology proven locally advanced breast carcinoma underwent PET-CT imaging using FDG and MET before and after three cycles of neoadjuvant chemotherapy (CAF regimen). Thereafter, all patients were taken for MRM and the resected specimen was sent for histo-pathological analysis. Tumour response to the neoadjuvant chemotherapy was evaluated by PET-CT imaging using PERCIST criteria and correlated with histological results. Responses calculated were compared for statistical significance using paired t- test. Results: Mean SUVmax for primary lesion in FDG PET and MET PET was 15.88±11.12 and 5.01±2.14 respectively (p<0.001) and for axillary lymph nodes was 7.61±7.31 and 2.75±2.27 respectively (p=0.001). Statistically significant response in primary tumour and axilla was noted on both FDG and MET PET after three cycles of NAC. Complete response in primary tumour was seen in only 1 patient in FDG and 7 patients in MET PET (p=0.001) whereas there was no histological complete resolution of tumor in any patient. Response to therapy in axillary nodes noted on both PET scans were similar (p=0.45) and correlated well with histological findings. Conclusions: For the primary breast tumour, FDG PET has a higher sensitivity and accuracy than MET PET and for axilla both have comparable sensitivity and specificity. FDG PET shows higher target to background ratios so response is better predicted for primary breast tumour and axilla. Also, FDG-PET is widely available and has the advantage of a whole body evaluation in one study.

Keywords: 11C-methionine, 18F-FDG, breast carcinoma, neoadjuvant chemotherapy

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Authors: Mohammad Mehdi Mazaheri, Mohammad Motiee Lahromi

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Recently the two matters of how to evaluate art and what the influencing economic effects on cultural values are have attracted many researchers to investigate them. Therefore, in the present article the researcher made an attempt to answer the above questions. However, the fundamental distinction between this article and the other ones is in comparing the economic value (shown by monetary phrases) with cultural values (that reflects the aesthetic values and the importance of the artist). This article shows a different and trivial distinction that has a very clearly pivotal significance in the process of cultural policy making. The economic activities would be influenced when there are cultural values. The increase of commercial activities is measured by impact assessment. In other words, the value of culture is reflected in the satisfaction of the users of cultural activities. This kind of value is measured by “willingness to pay” researches. The researcher believes that these two values are dominant in the cultural policy but they include many aspects and are presented by different kinds of communities.

Keywords: economic influence, cultural values, monetary phrases, aesthetic values

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Authors: Jessica Ordoñez, Francisco Ochoa, Pascual García

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The objective of this paper is to analyze the relationship between return migration in Ecuador and economic growth. The improvement of macroeconomic conditions in Latin America, starting in 2012, makes the region a new migratory destination, in both senses in north-south and south-south flows. Current studies highlight only the role of the entrepreneurial migrant in generating employment and economic growth in the region. Nevertheless, it has not been considered that not all migrants are entrepreneurs and that not all entrepreneurs contribute to economic growth. This research compares the socioeconomic and labor characteristics of migrant returnees working as freelancers in Ecuador. The principal aim is to demystify the role of migrant entrepreneurs in regional growth and to identify socioeconomic characteristics that can enhance growth. A panel econometric model was used, which is part of the information from labor and macroeconomic surveys.

Keywords: economic growth, entrepreneur, migration, returned migration

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Authors: Nadine Wills

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The whole life thinking of buildings (independent if these are commercial properties or residential properties) will raise if incentive systems are provided to investors, planners and users. The Use of Building Information Modelling (BIM)-Systems offers planners the possibility to plan and re-plan buildings for decades after a period of utilization without spending many capacities. The strategy-incentive should be to plan the building in a way that makes rescheduling possible by changing just parameters in the system and not re-planning the whole building. If users receive the chance to patient incentive systems, the building stock will have a long life period. Business models of tenant electricity or self-controlled operating costs are incentive systems for building –users to let fixed running costs decline without producing damages due to wrong purposes. BIM is the controlling body to ensure that users do not abuse the incentive solution and take negative influence on the building stock. The investor benefits from the planner’s and user’s incentives: the fact that the building becomes useful for the whole life without making unnecessary investments provides possibilities to make investments in different assets. Moreover, the investor gains the facility to achieve higher rents by merchandise the property with low operating costs. To execute BIM offers whole property life cycles.

Keywords: BIM, incentives, life cycle, sustainability

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Authors: Alirıza Kaleli, M. Akif Ceviz, Erdoğan Güner, Köksal Erentürk

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The cyclic variations in spark ignition engines occurring especially under specific engine operating conditions make the maximum pressure variable for successive in-cylinder pressure cycles. Minimization of cyclic variations has a great importance in effectively operating near to lean limit, or at low speed and load. The cyclic variations may reduce the power output of the engine, lead to operational instabilities, and result in undesirable engine vibrations and noise. In this study, spark timing is controlled in order to reduce the cyclic variations in spark ignition engines. Firstly, an ARMAX model has developed between spark timing and maximum pressure using system identification techniques. By using this model, the maximum pressure of the next cycle has been predicted. Then, self-tuning minimum variance controller has been designed to change the spark timing for consecutive cycles of the first cylinder of test engine to regulate the in-cylinder maximum pressure. The performance of the proposed controller is illustrated in real time and experimental results show that the controller has a reliable effect on cycle to cycle variations of maximum cylinder pressure when the engine works under low speed conditions.

Keywords: cyclic variations, cylinder pressure, SI engines, self tuning controller

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Authors: A. Mir, C. Aribi, B. Bezzazi

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Work presented is interested in the characterization of the quasistatic mechanical properties and in fatigue of a composite laminated in jute/epoxy. The natural fibers offer promising prospects thanks to their interesting specific properties, because of their low density, but also with their bio deterioration. Several scientific studies highlighted the good mechanical resistance of the vegetable fiber composites reinforced, even after several recycling. Because of the environmental standards which become increasingly severe, one attends the emergence of eco-materials at the base of natural fibers such as flax, bamboo, hemp, sisal, jute. The fatigue tests on elementary vegetable fibers show an increase of about 60% of the rigidity of elementary fibers of hemp subjected to cyclic loading. In this study, the test-tubes manufactured by the method infusion have sequences of stacking of 0/90° and ± 45° for the shearing and tensile tests. The quasistatic tests reveal a variability of the mechanical properties of about 8%. The tensile fatigue tests were carried out for levels of constraints equivalent to half of the ultimate values of the composite. Once the fatigue tests carried out for well-defined values of cycles, a series of static tests of traction type highlights the influence of the number of cycles on the quasi static mechanical behavior of the laminate jute/epoxy.

Keywords: jute, epoxy resin, mechanical, static, dynamic behavior

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Authors: Gulnaz Erkomaishvili, Eteri Kharaishvili, Marina Chavleishvili

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The paper discusses the economic policy of increasing national competitiveness, the tools, and means which help the country to improve its competitiveness. The sectors of the economy, in which the country can achieve a competitive advantage, are studied. It is noted that the country’s economic policy plays an important role in obtaining and maintaining a competitive advantage - authority should take measures to ensure a high level of education; scientific and research activities should be funded by the state; foreign direct investments should be attracted mainly in science-intensive industries; adaptation with the latest scientific achievements of the modern world and deepening of scientific and technical cooperation. Stable business environment and export-oriented strategy is the basis for the country’s economic growth. The studies have shown that institutional reforms in Georgia are not enough to significantly improve the country's competitiveness.

Keywords: competitiveness, economic policy, competitiveness improvement strategy, competitiveness of Georgia

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Authors: Antonia Hoffmann, Andrea Stübner

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Resource scarcity and rising material prices are forcing companies to rethink their business models. The conventional linear system of economic growth and rising social needs further exacerbates the problem of resource scarcity. Therefore, it is necessary to separate economic growth from resource consumption. This can be achieved through the circular economy (CE), which focuses on sustainable product life cycles. However, companies face challenges in implementing CE into their businesses. Small and medium-sized enterprises are particularly affected by these problems, as they have a limited resource base. Collaboration and social interaction between different actors can help to overcome these obstacles. Based on a self-generated sample of 1,023 German small and medium-sized enterprises, we use a questionnaire to investigate the influence of social capital and its three dimensions - structural, relational, and cognitive capital - on the implementation of CE and the mediating effect of dynamic capabilities in explaining these relationships. Using regression analyses and structural equation modeling, we find that social capital is positively associated with CE implementation and dynamic capabilities partially mediate this relationship. Interestingly, our findings suggest that not all social capital dimensions are equally important for CE implementation. We theoretically and empirically explore the network forms of social capital and extend the CE literature by suggesting that dynamic capabilities help organizations leverage social capital to drive the implementation of CE practices. The findings of this study allow us to suggest several implications for managers and institutions. From a practical perspective, our study contributes to building circular production and service capabilities in small and medium-sized enterprises. Various CE activities can transform products and services to contribute to a better and more responsible world.

Keywords: circular economy, dynamic capabilities, SMEs, social capital

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Authors: Medhin Haftom Hailu

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The advancement of information technology has significantly impacted Ethiopia's economy, driving innovation, productivity, job creation, and global connectivity. This research examined the impact of contemporary information and communication technologies on Ethiopian economic progress. The study examined eight variables, including mobile, internet, and fixed-line penetration rates, and five macroeconomic control variables. The results showed a positive and strong effect of ICT on economic growth in Ethiopia, with 1% increase in mobile, internet, and fixed line services penetration indexes resulting in an 8.03, 10.05, and 30.06% increase in real GDP. The Granger causality test showed that all ICT variables Granger caused economic growth, but economic growth Granger caused mobile penetration rate only. The study suggests that coordinated ICT infrastructure development, increased telecom service accessibility, and increased competition in the telecom market are crucial for Ethiopia's economic growth. Ethiopia is attempting to establish a digital economy through massive investment in ensuring ICT quality and accessibility. Thus, the research could enhance in understanding of the economic impact of ICT expansion for successful ICT policy interventions for future research.

Keywords: economic growth, cointegration and error correction, ICT expansion, granger causality, penetration

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Authors: Chao Jen-Chih, Hsu Kuo-Wei

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Climate change and natural disasters take effect on urban development. It has been discussed urban renewals can prevent natural disasters. Integrating green infrastructure and urban renewals may have great effect on adapting the impact of climate change. To highlight the economic value of green infrastructure development on urban renewals, some strategies need to be carry on to reduce environmental impact. A number of urban renewals studies has been conducted on right transfer, financial risk, urban renewal policy, and public participation. Little research has been devoted on the subject of the economic value of green infrastructure development on urban renewals. The purpose of this study is to investigate the affecting factors on the economic value of green infrastructure development on urban renewals. This study will present the benefits of green infrastructure development and summarize the critical factors of green infrastructure develop on urban renewals for real essence and non-real essence on economic value from literature. Our results indicate that factors of housing price, land value, floor area incentive, and facilitation of the construction industry affect the outcome of real essence economic value. Factors of enhancement of urban disaster prevention, improvement of urban environment and landscape, crime reduction, climate control, pollution reduction, biological diversity, health impacts, and leisure space affects the outcome of non-real essence economic value.

Keywords: economic value, green infrastructure, urban renewals, urban development

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Authors: Zintle Sikhunyana

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Management of public finance in many countries such as South Africa is affected by political decisions and by policies around fiscal decentralization amongst the government spheres. Economic success is said to be determined by efficient management of public finance and by the policies or strategies that are implemented to support efficient public finance management. Policymakers focus on pay attention to how economic policies have been implemented and how they are directed into ensuring stable development. This will allow policymakers to address economic challenges through the usage of fiscal policy parameters that are linked to the achieved rate of economic growth and development. Efficient public finance management reduces the likelihood of corruption and corruption is said to have negative effects on economic growth and development. Corruption in public finance refers to an act of using funds for personal benefits. To achieve macroeconomic objectives, governments make use of government expenditure and government expenditure is financed through tax revenue. The main aim of this paper is to investigate the potential impact of public finance management on economic growth and development in South Africa. The secondary data obtained from the South African Reserve Bank (SARB) and World Bank for 1980- 2020 has been utilized to achieve the research objectives. To test the impact of public finance management on economic growth and development, the study will use Seeming Unrelated Regression Equation (SURE) Modelling that allows researchers to model multiple equations with interdependent variables. The advantages of using SUR are that it efficiently allows estimation of relationships between variables by combining information on different equations and SUR test restrictions that involve parameters in different equations. The findings have shown that there is a positive relationship between efficient public finance management and economic growth/development. The findings also show that efficient public finance management has an indirect positive impact on economic growth and development. Corruption has a negative impact on economic growth and development. It results in an efficient allocation of government resources and thereby improves economic growth and development. The study recommends that governments who aim to stimulate economic growth and development should target and strengthen public finance management policies or strategies.

Keywords: corruption, economic growth, economic development, public finance management, fiscal decentralization

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Authors: Jihede Haj Messaoud, Hamdi Omar, Hela Fakhfakh Ben Jemia, Chokri Yaich

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The Upper Lutetian alternating marl–limestone succession of Reineche Member was deposited over a warm shallow carbonate platform that permits Nummulites proliferation. High-resolution studies of 30 meters thick Nummulites-bearing Reineche Member, cropping out in Central Tunisia (Jebel Siouf), have been undertaken, regarding pronounced cyclical sedimentary sequences, in order to investigate the periodicity of cycles and their related orbital-scale oceanic and climatic changes. The palaeoenvironmental and palaeoclimatic data are preserved in several proxies obtainable through high-resolution sampling and laboratories measurement and analysis as magnetic susceptibility (MS) and carbonates contents in conjunction with a wireline logging tools. The time series analysis of proxies permits to establish cyclicity orders present in the studied intervals which could be linked to the orbital cycles. MS records provide high-resolution proxies for relative sea level change in Late Lutetian strata. The spectral analysis of MS fluctuations confirmed the orbital forcing by the presence of the complete suite of orbital frequencies in the precession of 23 ka, the obliquity of 41 ka, and notably the two modes of eccentricity of 100 and 405 ka. Regarding the two periodic sedimentary cycles detected by wavelet analysis of proxy fluctuations which coincide with the long-term 405 ka eccentricity cycle, the Reineche Member spanned 0,8 Myr. Wireline logging tools as gamma ray and sonic were used as a proxies to decipher cyclicity and trends in sedimentation and contribute to identifying and correlate units. There are used to constraint the highest frequency cyclicity modulated by a long term wavelength cycling apparently controlled by clay content. Interpreted as a result of variations in carbonate productivity, it has been suggested that the marl-limestone couplets, represent the sedimentary response to the orbital forcing. The calculation of cycle durations through Reineche Member, is used as a geochronometer and permit the astronomical calibration of the geologic time scale. Furthermore, MS coupled with carbonate contents, and fossil occurrences provide strong evidence for combined detrital inputs and marine surface carbonate productivity cycles. These two synchronous processes were driven by the precession index and ‘fingerprinted’ in the basic marl–limestone couplets, modulated by orbital eccentricity.

Keywords: magnetic susceptibility, cyclostratigraphy, orbital forcing, spectral analysis, Lutetian

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Authors: Yahya A. Sadiq, Grace F. Balogun, Olufemi J. Anjorin

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This study analyzed the spatial distribution of socio-economic factors in Kogi state with a view to examining its implications on the development of the state. Consequently, questionnaires were administered on both the selected individual respondents (784) in the state and on the administrative offices (local council offices, 21) to solicit relevant information on the spatial distribution of socio-economic factors in their areas. The collected data were tabulated and analyzed using percentages. The study revealed commerce/trade, education, and health care, etc. as the major socio-economic factors in the state but with marked variation/imbalance in their spatial distribution across the study area. The rural-based local government areas have far less of such important facilities. Conclusively, it was recommended that there is need for socio-economic transformation of living conditions of people in the study area especially by positively redistributing local political power and the resources that are abound in the state will be felt by everybody including the commoners.

Keywords: development, local government areas (LGAs), spatial distribution, socio-economic factors

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Authors: Edmund Kwablah, Anthony Amoah

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The merits associated with Foreign Direct Investment (FDI) inflows to host countries in Sub-Saharan Africa cannot be overemphasized. Against this background, countries have sought to design and implement strategic policies geared towards enhacing FDI and promoting economic growth. In this study, we used the Fully Modified Ordinary Least Squares technique and a panel data for Sub-Saharan African (SSA) countries spanning from 1998 to 2016. We hypothesize that FDI’s effect on economic growth is contingent on some absorptive capacities (e.g., financial market development and economic freedom) of the host country. We used financial market data that accounts for market fragility as a measure of financial market development and economic freedom data which uses the overall score of all the freedom indicators as a measure of economic freedom. Our results suggest that FDI has a statistically positive effect on economic growth when we account for host country’s absorptive capacities. However, a negative relationship will ensue if these absorptive capacities are not accounted for. We recommend that a developing continent like SSA should focus on identifying and building the relevant absorptive capacities that can translate the effect of FDI into a positive growth. This is because an economy with sound absorptive capacities reduces business risk and spur economic growth.

Keywords: FDI, absorptive capacity, economic growth, FMOLS, Fully Modified Ordinary Least Squares, SSA

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Authors: Amadou Banda Ndione, Charles Awono Onana

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In this paper the compartmental approach is applied to build a macroeconomic model characterized by countries. We consider a total of N countries that are subdivided into three compartments according to their economic status: D(t) denotes the compartment of developing countries at time t, E(t) stands for the compartment of emerging countries at time t while A(t) represents advanced countries at time t. The model describes the process of economic development and includes the notion of openness through collaborations between countries. Two delays appear in this model to describe the average time necessary for collaborations between countries to become efficient for their development process. Our model represents the different stages of development. It further gives the conditions under which a country can change its economic status and demonstrates the short-term positive effect of openness on economic growth. In addition, we investigate bifurcation by considering the delay as a bifurcation parameter and examine the onset and termination of Hopf bifurcations from a positive equilibrium. Numerical simulations are provided in order to illustrate the theoretical part and to support discussion.

Keywords: compartmental systems, delayed dynamical system, economic development, fiscal policy, hopf bifurcation

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Authors: Muhammad Ali Asadullah, Zafarullah Amir

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In recent years, Vocational Education and Training (VET) has been under discussion by the academic researchers and remained in focus in the political grounds. Due to potential contribution of VET, the World Bank and United Nations Educational, Scientific and Cultural Organization (UNESCO) support vocational education to reduce poverty, enhance economic growth and increase competitiveness. This paper examines the impact of Vocational Education and Training on the Economic Growth and Social Inclusion with direct and mediation effect of Social Inclusion. The basic purpose of this study is to assess economic pay-offs as a result of long term investments in VET. Based on the review of Anderson Nilsson, initially we explored the increasing or decreasing trend in investment on VET. Further, the study explores that the countries which invest more on VET, tend to get more economic growth and are socially more ‘inclusive’. It is a longitudinal / panel data study with 12 years of registered data which involves 24 OECD countries. The results of the study indicate the VET has positive association with Social Inclusion and Economic Growth. Further, there is also a positive association of VET and Economic Growth through mediation of Social Inclusion. The current study considers not only issue and challenges in developing VET systems but also contributes to develop the theoretical framework for considering how VET can directly and indirectly improve economic growth and social inclusion. A wider appreciation of how VET’s benefits operate may influence a country’s decisions to invest in it. If policy makers increase investment on VET, the result would be positive in Economic Growth and Social Inclusion. It is also recommended that the same OECD model may be implemented in developing countries like Pakistan.

Keywords: Vocational Education and Training (VET), Social Inclusion, Economic Growth, OECD countries

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Authors: Jamila Garba Audu, Peter Adamu

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This study investigates the role of forensic accounting in the fight against corruption in Nigeria for better utilization of public funds and economic growth and development of the Country. We adopted a trend analysis to show the performance of the Nigerian economy as well as the quality of institutions which government economic and political activities in the country. It is an established fact that Nigeria has performed badly since the 1960s to date in terms of institutional quality and economic development despite large amount of money obtained from the export of crude oil. It was revealed also that the fight against corruption has not been very successful in recent times because experts in the field of forensic accounting have not been utilized. With the successes recorded in dealing with fraud and embezzlement using forensic accounting, it has become imperative for the EFCC to use forensic accountants in the fight against corruption in the country. Also, there is the need to introduce very seriously, the teaching of forensic accounting in Nigerian Universities to train experts.

Keywords: corruption, economic performance, forensic accounting, Nigeria

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Authors: Amaefule, Leonard Ifeanyi

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The study evaluated the disruptions in Nigeria’s domestic economic activities occasioned by the COVID-19 pandemic: a pre and post-pandemic investigation approach. Domestic economic activities were measured with composite manufacturing purchasing managers index (PMI) and composite non-manufacturing PMI. Production and employment levels indices were proxies for composite manufacturing PMI, while business activities and employment level indices were proxies for non-manufacturing PMI. Data for these indices were sourced from monthly and quarterly publications of the Central Bank of Nigeria for periods covering fifteen (15) months before and 15 months after the outbreak of the virus in Nigeria. Test of equality of means was employed in establishing the significance of the difference of means between the pre and post-pandemic domestic economic activities. Results from the analysis indicated that a significant negative difference exists in each of the measures of domestic economic activities between the pre and post-pandemic periods. These findings, therefore, offer empirical evidence that the COVID-19 pandemic has disrupted domestic economic activities in Nigeria; thus, it exerts a negative influence on the measures of the nation’s domestic economic activities. The study thus recommended (among other things) that the Nigerian government should focus on policies that would enhance domestic production, employment and enhance business activities.

Keywords: COVID-19, domestic economic activities, composite manufacturing indices, composite non-manufacturing indices

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Authors: Temitope L. A. Leshoro

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This study explored several variables that enhance economic growth in South Africa, based on different growth theories while using the vector error correction model (VECM) technique. The impacts and contributions of each of these variables on GDP in South Africa were investigated. The motivation for this study was as a result of the weak economic growth that the country has been experiencing lately, as well as the continuous increase in unemployment rate and deteriorating health care system. Annual data spanning over the period 1974 to 2013 was employed. The results showed that the major determinants of GDP are trade openness, government spending, and health indicator; as these variables are not only economically significant but also statistically significant in explaining the changes in GDP in South Africa. Policy recommendations for economic growth enhancement are suggested based on the findings of this study.

Keywords: economic growth, GDP, investment, health indicator, VECM

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Authors: Asraful Islam

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Extended dependency graph (EDG) is a state-of-the-art isomorphic graph to represent normal logic programs (NLPs) that can characterize the consistency of NLPs by graph analysis. To construct the vertices and arcs of an EDG, additional renaming atoms and rules besides those the given program provides are used, resulting in higher space complexity compared to the corresponding traditional dependency graph (TDG). In this article, we propose an extended labeled dependency graph (ELDG) to represent an NLP that shares an equal number of nodes and arcs with TDG and prove that it is isomorphic to the domain program. The number of nodes and arcs used in the underlying dependency graphs are formulated to compare the space complexity. Results show that ELDG uses less memory to store nodes, arcs, and cycles compared to EDG. To exhibit the desirability of ELDG, firstly, the stable models of the kernel form of NLP are characterized by the admissible coloring of ELDG; secondly, a relation of the stable models of a kernel program with the handles of the minimal, odd cycles appearing in the corresponding ELDG has been established; thirdly, to our best knowledge, for the first time an inverse transformation from a dependency graph to the representing NLP w.r.t. ELDG has been defined that enables transferring analytical results from the graph to the program straightforwardly.

Keywords: normal logic program, isomorphism of graph, extended labelled dependency graph, inverse graph transforma-tion, graph colouring

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Authors: Jiří Klečka, Dagmar Čámská

Abstract:

This paper is focused on the investigation of productivity (total productivity and partial productivity). The value productivity is an indicator of level and changes in technical economic efficiency of production factors. It represents an important factor in achieving corporate objectives. This text works with the contemporary concept of value productivity that means that indicators of the productivity express the effect of economic efficiency not only of inputs consumption, but also of inputs binding efficiency. This approach is based on principles of the economic profit, respectively the economic value added (EVA). The research is done on the sample of Czech enterprises operating in the automotive industry in the regions of Liberec and the Central Bohemia. The data sample covers the time period 2006-2011 which allows the comparison of development before crisis and during crisis period. It enables to discover the companies' reaction during crises and the regional comparison allows to showing if there are significant differences between regions.

Keywords: automotive industry, Czech Republic, economic efficiency, regional comparison, value productivity

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Authors: Soo Hyung Park, Seong Beom Kim, Wontae Lee, Jin Chul Joo, Jungmin Lee, Jongsoo Choi

Abstract:

A newly-developed electromagnetically vibrated solid-phase microextraction (SPME) device for extracting nonpolar organic compounds from aqueous matrices was evaluated in terms of sorption equilibrium time, precision, and detection level relative to three other more conventional extraction techniques involving SPME, viz., static, magnetic stirring, and fiber insertion/retraction. Electromagnetic vibration at 300~420 cycles/s was found to be the most efficient extraction technique in terms of reducing sorption equilibrium time and enhancing both precision and linearity. The increased efficiency for electromagnetic vibration was attributed to a greater reduction in the thickness of the stagnant-water layer that facilitated more rapid mass transport from the aqueous matrix to the SPME fiber. Electromagnetic vibration less than 500 cycles/s also did not detrimentally impact the sustainability of the extracting performance of the SPME fiber. Therefore, electromagnetically vibrated SPME may be a more powerful tool for rapid sampling and solvent-free sample preparation relative to other more conventional extraction techniques used with SPME.

Keywords: electromagnetic vibration, organic compounds, precision, solid-phase microextraction (SPME), sorption equilibrium time

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Authors: Jianghua Chen

Abstract:

Sustainable urban development requires the coordination of economic growth and resource environment, and industrial transformation and upgrading is the key link. Based on the decoupling theory and the improved decoupling decomposition model, the quantitative evaluation and comprehensive analysis of the degree of decoupling between resource consumption and economic development in Jiangsu Province are conducted using the data related to the resource consumption and economic growth of the secondary and tertiary industries in Jiangsu Province from 2013 to 2018, as a way of exploring the sustainable development path of industrial transformation in Jiangsu Province. The results show that from the decoupling status, the degree of decoupling of economic development of the secondary industry to the required coke resources, water resources, and human resources is gradually deepening, and the decoupling index of economic development of the tertiary industry to the required water resources is fluctuating; from the perspective of the driving factors, the technological effect is the main driving factor to decouple the economic growth of Jiangsu Province to the resources, and the structural effect has a significant impact on the driving index of the decoupling of economic growth of the secondary and tertiary industries to the consumption of resources in Jiangsu Province. Finally, we discuss the difficulties of industrial transformation and layout faced by Jiangsu Province at present.

Keywords: resource consumption, economic growth, industrial transformation, decoupling theory

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Authors: Parth Shah

Abstract:

The author examines the recent trend where business organizations are significantly reducing their developmental cycle times to stay competitive in today’s global marketspace. The author proposes a rapid systems engineering framework to address late design changes and allow for flexibility (i.e. to react to unexpected or late changes and its impacts) during the product development cycle using a Systems Engineering approach. A System Engineering approach is crucial in today’s product development to deliver complex products into the marketplace. Design changes can occur due to shortened timelines and also based on initial consumer feedback once a product or service is in the marketplace. The ability to react to change and address customer expectations in a responsive and cost-efficient manner is crucial for any organization to succeed. Past literature, research, and methods such as concurrent development, simultaneous engineering, knowledge management, component sharing, rapid product integration, tailored systems engineering processes, and studies on reducing product development cycles all suggest a research gap exist in specifically addressing late design changes due to the shortening of life cycle environments in increasingly competitive markets. The author’s research suggests that 1) product development cycles time scales are now measured in months instead of years, 2) more and more products have interdepended systems and environments that are fast-paced and resource critical, 3) product obsolesce is higher and more organizations are releasing products and services frequently, and 4) increasingly competitive markets are leading to customization based on consumer feedback. The author will quantify effectiveness with respect to success factors such as time-to-market, return-of-investment, life cycle time and flexibility in late design changes by complexity of product or service, number of late changes and ability to react and reduce late design changes.

Keywords: product development, rapid systems engineering, scalability, systems engineering, systems integration, systems life cycle

Procedia PDF Downloads 204