Search results for: Economic Price Adjustment

Authors: S. Khamsawang, S. Jiriwibhakorn

Abstract:

This paper proposes an improved approach based on conventional particle swarm optimization (PSO) for solving an economic dispatch(ED) problem with considering the generator constraints. The mutation operators of the differential evolution (DE) are used for improving diversity exploration of PSO, which called particle swarm optimization with mutation operators (PSOM). The mutation operators are activated if velocity values of PSO nearly to zero or violated from the boundaries. Four scenarios of mutation operators are implemented for PSOM. The simulation results of all scenarios of the PSOM outperform over the PSO and other existing approaches which appeared in literatures.

Keywords: Novel particle swarm optimization, Economic dispatch problem, Mutation operator, Prohibited operating zones, Differential Evolution.

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Authors: Yu-Jen Chang, Shih-Chieh Chen, Yu-Wei Kuo

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In this study, we are interested in the economic lot scheduling problem (ELSP) that considers manufacturing of the serviceable products and remanufacturing of the reworked products. In this paper, we formulate a mathematical model for the ELSP with reworks using the basic period approach. In order to solve this problem, we propose a search algorithm to find the cyclic multiplier ki of each product that can be cyclically produced for every ki basic periods. This research also uses two heuristics to search for the optimal production sequence of all lots and the optimal time length of the basic period so as to minimize the average total cost. This research uses a numerical example to show the effectiveness of our approach.

Keywords: Economic lot, reworks, inventory, basic period.

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Authors: Ingrid Majerová, Michaela Horúcková

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The concept of competitiveness is currently very frequently used term. However, the interpretation of its essence is different. In this paper, one of the many concepts of competitiveness will be analyzed and that is macroeconomic competitiveness, which is understood as a process, which is based on the productivity growth through the growth of key macroeconomic indicators such as standards of living and employment, where all of these variables must have a sustainable basis. Given the competition is a relative quantity it must be constantly compared with the development of competitiveness in other economies or regions. And this comparison method is also used in the article that compares the macrocompetitiveness of selected economies of the European Economic Area – the Czech Republic, Poland, Austria, Switzerland and Germany. The aim of the paper is to verify the hypothesis concerning the direct correlation between the size of the economy and its competitiveness.

Keywords: Comparison, Competitiveness, European Economic Area, Global Competitiveness Index, Immeasurable Indicators of Competitiveness, Macro-competitiveness.

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Authors: G.B. Nurlikhina, G.N. Azhimetova, R. M. Ashimova

Abstract:

Currently, one of the main directions is developing of development based on the clustering of economic operations of Kazakhstan, providing for the organization and concentration of production capacity in one region or the most optimal system. In the modern economic literature clustering is regarded as one of the most effective tools to ensure competitive businesses, and improve their business itself.

Keywords: A cluster, food market, innovation cluster.

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Authors: Burja C., Burja V.

Abstract:

For Romania, the fulfilment of the obligations undertaken as a member state of the European Union in accordance with the Treaty of Accession requires the effective implementation of sustainable development principles and practices, this being the only reasonable development option, which adequately draws in on the economic, social and environment resources. Achieving this objective is based on a profound analysis of the realities in the Romanian economy, which will reflect the existent situation and the action directions for the future. The paper presents an analysis of the Romanian economic performances compared to the EU economy, based on the sustainable value (SV) model. The analysis highlighted the considerable gap between Romania and the EU regarding the sustainable capitalization of resources, the provided information being useful to justify strategic development decisions at a micro and macro levels.

Keywords: Sustainable value, sustainable development, opportunity cost, economic performance.

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Authors: Sirirat Taneerananon

Abstract:

This paper presents the results of a study of the ultra-poor in the south of Thailand, revisited after 10 years since the original study in 2000. The original study was conducted in four provinces. The first two namely Phatthalung and Nakorn were chosen to represent the Thai Buddhists and the others, Satun and Pattani were chosen to represent the Thai Muslims. For this study, only the results from the three provinces except Pattani are reported as it was difficult and dangerous to conduct fieldwork in Pattani due to the continued unrest in the area since 2005.

The objectives of the study are to find out the changes of the poverty situation after 10 years and to see the impacts of the poverty reduction projects implemented by the government on the poor. The research methodology used both quantitative and qualitative methods. The same villages in the four provinces studied in 1999 were again chosen. In each village, five ultra-poor people and heads of the villages were interviewed. The results show that the poverty situation of the ultra-poor groups has not changed much since they lacked the basic key factor to get themselves out of poverty: The ownership of land. Their chronic poverty situation has been passed on from the last generation. In the province of Phatthalung, the ultra-poor have improved in terms of economic situation because of the big increase in the price of rubber. However, the same could not be said for other provinces. Even though the government’s projects have not reduced the poverty directly, the projects have significantly contributed to the improvement of the quality of life of the poor and the people in the areas. 

Keywords: Poverty, Southern Thailand, Ultra-poor.

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Authors: Gyula Fülöp, Bettina Hernádi

Abstract:

This paper deals with current strategic challenges related to the reshaping of the basic conditions of corporate operations. Through the experimental analysis of some domestic corporations, it presents how and to what extent Hungarian corporations are prepared for the current strategic challenges. The study examines how strategic directions and answer opportunities have changed in the following interrelated areas in the past five years: economic globalization, corporate sustainability, IT applications, labor force diversity and ethical competences. The conclusions of the empirical survey give a reliable basis on which economic organizations and enterprises can formulate their strategy.

Keywords: Economic globalization, corporate sustainability, IT applications, labor force diversity, ethical competences.

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Authors: Hussain Ali Bekhet, Nor Salwati Othman

Abstract:

Malaysia has achieved remarkable economic growth since 1957, moving toward modernization from a predominantly agriculture base to manufacturing and—now—modern services. The development policies (i.e., New Economic Policy [1970–1990], the National Development Policy [1990–2000], and Vision 2020) have been recognized as the most important drivers of this transformation. The transformation of the economic structure has moved along with rapid gross domestic product (GDP) growth, urbanization growth, and greater demand for energy from mainly fossil fuel resources, which in turn, increase CO2 emissions. Malaysia faced a great challenge to bring down the CO2 emissions without compromising economic development. Solid policies and a strategy to reduce dependencies on fossil fuel resources and reduce CO2 emissions are needed in order to achieve sustainable development. This study provides an overview of the Malaysian economic, energy, and environmental situation, and explores the existing policies and strategies related to energy and the environment. The significance is to grasp a clear picture on what types of policies and strategies Malaysia has in hand. In the future, this examination should be extended by drawing a comparison with other developed countries and highlighting several options for sustainable development.

Keywords: Energy policies, energy efficiency, renewable energy, green building, Malaysia, sustainable development.

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Authors: Kuncoro Harto Widodo, Joewono Soemardjito, Dwi Ardianta Kurniawan

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Currently, the demand for marine and fisheries commodity in Yogyakarta, Indonesia continues to increase. The existing condition shows that the aquaculture supply cannot be supplied by Yogyakarta region itself, but still need to be supported by regions outside Yogyakarta. The effort to optimize the market is initiated by reviewing and designing the supply chain of production and trade of aquaculture commodity in order to create the implementation of aquaculture production and trade commodity optimally. This formulated supply chain model indicates 4 performance indicators of measurable success in terms of: (1) efficiency; (2) flexibility; (3) responsiveness; and (4) quality. These indicators had been exercised as the success benchmarks for priority marketing management in local level as well as national level. The result of this research indicates that if the catfish fishery system is managed as business as usual then the catfish demand in Yogyakarta region will experience to increase in the future. The increase of demand is inline with the increase of number of people in Yogyakarta and also the fluctuation of catfish consumption per capita. The highest production of catfish will experience in the third year approximately 30,118 tons. Other result of the research indicates that the catfish demand in Yogyakarta region cannot be supplied yet from the local region. Therefore, to fulfill the supply from outside Yogyakarta region, the local farmers should improve the supply through land extension. The fluctuation of commodity price will experience in the future annually and the catfish supply from outside Yogyakarta region will be lowering the price in the market.

Keywords: Supply chain model, catfish, efficiency, flexibility

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Authors: Spiros Mazarakis, George Matzavinos, Peter P. Groumpos

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Economic models are complex dynamic systems with a lot of uncertainties and fuzzy data. Conventional modeling approaches using well known methods and techniques cannot provide realistic and satisfactory answers to today-s challenging economic problems. Qualitative modeling using fuzzy logic and intelligent system theories can be used to model macroeconomic models. Fuzzy Cognitive maps (FCM) is a new method been used to model the dynamic behavior of complex systems. For the first time FCMs and the Mamdani Model of Intelligent control is used to model macroeconomic models. This new model is referred as the Mamdani Rule-Based Fuzzy Cognitive Map (MBFCM) and provides the academic and research community with a new promising integrated advanced computational model. A new economic model is developed for a qualitative approach to Macroeconomic modeling. Fuzzy Controllers for such models are designed. Simulation results for an economic scenario are provided and extensively discussed

Keywords: Macroeconomic Models, Mamdani Rule Based- FCMs(MBFCMs), Qualitative and Dynamics System, Simulation.

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Authors: Mario Gómez, José Carlos Rodríguez

Abstract:

This paper analyzes the Environmental Kuznets Curve (EKC) hypothesis to test the causality relationship between economic activity, trade openness and carbon dioxide emissions in Mexico (1971-2011). The results achieved in this research show that there are three long-run relationships between production, trade openness, energy consumption and carbon dioxide emissions. The EKC hypothesis was not verified in this research. Indeed, it was found evidence of a short-term unidirectional causality from GDP and GDP squared to carbon dioxide emissions, from GDP, GDP squared and TO to EC, and bidirectional causality between TO and GDP. Finally, it was found evidence of long-term unidirectional causality from all variables to carbon emissions. These results suggest that a reduction in energy consumption, economic activity, or an increase in trade openness would reduce pollution.

Keywords: Energy consumption, environmental Kuznets curve, economic growth, causality, co-integration.

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Authors: Saeed Sedighizadeh, Abbas Mansoori, Mohammad Reza Pirestani, Davoud Sedighizadeh

Abstract:

The usual method of river flow diversion involves construction of tunnels and cofferdams. Given the fact that the cost of diversion works could be as high as 10-20% of the total dam construction cost, due attention should be paid to optimum design of the diversion works. The cost of diversion works depends, on factors, such as: the tunnel dimensions and the intended tunneling support measures during and after excavation; quality and characterizes of the rock through which the tunnel should be excavated; the dimensions of the upstream (and downstream) cofferdams; and the magnitude of river flood the system is designed to divert. In this paper by use of the cost of unit prices for tunnel excavation, tunnel lining, tunnel support (rock bolt + shotcrete) and cofferdam fill the cost function was determined. The function is then minimized by the aid of PSO Algorithm (particle swarm optimization). It is found that the optimum diameter and the total diversion cost are directly related to the river flood discharge (Q). It has also shown that in addition to optimum diameter design discharge (Q), river length, tunnel length, is mainly a function of the ratios (not the absolute values) of the unit prices and does not depend on the overall price levels in the respective country. The results of optimization use in some of the case study lead us to significant changes in the cost.

Keywords: Diversion Tunnel, Optimization, PSO Algorithm

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Authors: Yoong H. Chan, Brenda C. T. Lee, Jin C. Lee

Abstract:

As Malaysia aims to be a developed country by year 2020; the construction industry has since been identified as a major catalyst for the country to attain the status. It is one of the sectors that contribute to most environmental pollutions. It is, therefore, important for the industry to implement sustainable construction practices to reduce the negative impacts that it has on the environment. However, most Malaysian developers have placed much focus on market demand and economic factors; neglecting the need for attention on environmental issues. The practice of sustainable construction is deemed to be an obstacle to achieve short-term economic goals due to the higher cost incurred in the operations. Hence, choices need to be made and a balance needs to be struck in weighing the long-term environmental benefits against immediate economic factors. This paper discusses the challenges faced by Malaysian developers in adopting sustainable practices in the construction industry and the cause of these challenges. It also looks into the achievements and breakthroughs that developers in Malaysia have achieved so far. The paper aims explores the long-term benefits of sustainable practices that would potentially raise awareness on the feasibility and economic potential of sustainable construction.

Keywords: Construction industry, construction method, sustainability.

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Authors: Lorena Munoz

Abstract:

Since the 1990s, cities in the Global South have implemented revanchist neoliberal urban regeneration policies that cater to urban elites based on “recovering” public space for capital accumulation purposes. These policies often work to reify street vending as survival strategies of ‘last resort’ for marginalized people and as an unorganized, unsystematic economic activities that needs to be disciplined, incorporated and institutionalized into the formal economy. This paper suggests that, by moving away from frameworks that reify formal/informal spheres of the economy, we are able to disrupt and rethink normative understandings of economic practices categorized as ‘informal’. Through queering economies, informal workers center their own understandings of self-value and legitimacy informing their economic lives and contributions to urban life. As such, queering the economy opens up possibilities of rethinking urban redevelopment policies that incorporate rather than remove street vendors, as their economic practices are incorporated into the everyday fabric and aesthetic of urban life.

Keywords: Informal economy, street vending, diverse economies, immigrant informal workers.

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Authors: K. C. Meher, R. K. Swain, C. K. Chanda

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This paper presents the performance analysis of dynamic search space reduction (DSR) based gravitational search algorithm (GSA) to solve dynamic economic dispatch of thermal generating units with valve point effects. Dynamic economic dispatch basically dictates the best setting of generator units with anticipated load demand over a definite period of time. In this paper, the presented technique is considered that deals an inequality constraints treatment mechanism known as DSR strategy to accelerate the optimization process. The presented method is demonstrated through five-unit test systems to verify its effectiveness and robustness. The simulation results are compared with other existing evolutionary methods reported in the literature. It is intuited from the comparison that the fuel cost and other performances of the presented approach yield fruitful results with marginal value of simulation time.

Keywords: Dynamic economic dispatch, dynamic search space reduction strategy, gravitational search algorithm, ramp rate limits, valve-point effects.

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Authors: S. Zeković, M. Vujošević, T. Maričić

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The paper provides a comprehensive analysis of the sustainable development in the Belgrade Metropolitan Region - BMA (level NUTS 2) preliminary evaluating the three chosen components: 1) economic growth and developmental changes; 2) competitiveness; and 3) territorial concentration and industrial specialization. First, we identified the main results of development changes and economic growth by applying Shift-share analysis on the metropolitan level. Second, the empirical evaluation of competitiveness in the BMA is based on the analysis of absolute and relative values of eight indicators by Spider method. Paper shows that the consideration of the national share, industrial mix and metropolitan/regional share in total Shift share of the BMA, as well as economic/functional specialization of the BMA indicate very strong process of deindustrialization. Allocative component of the BMA economic growth has positive value, reflecting the above-average sector productivity compared to the national average. Third, the important positive role of metropolitan/regional component in decomposition of the BMA economic growth is highlighted as one of the key results. Finally, comparative analysis of the industrial territorial concentration in the BMA in relation to Serbia is based on location quotient (LQ) or Balassa index as a valid measure. The results indicate absolute and relative differences in decrease of industry territorial concentration as well as inefficiency of utilizing territorial capital in the BMA. Results are important for the increase of regional competitiveness and territorial distribution in this area as well as for improvement of sustainable metropolitan and sector policies, planning and governance on this level.

Keywords: Belgrade Metropolitan Area (BMA), Comprehensive analysis/evaluation, economic growth and competitiveness, sustainable development.

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Authors: Zohreh Bang Tavakoli, Shuktika Chatterjee

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This study is investigating the impact of ideological structures in terms of conservative and liberal on shaping immigration acceptance attitudes under the contribution of socio-economic status. According to motivated reasoning theory, political ideology is identified as a recurrent impact on the formation of attitude, while conservatives tend to express more hostility toward immigrants in comparison to liberals which are proposed to be more tolerant towards immigrants. Our finding suggests that political ideology will structure individual attitudes when citizens socio-economic vulnerability and level of education are low enough to consider immigrants as a threat. Therefore, economic vulnerability is proposed to weaken the ideological predispositions’ resistance. There has been some threats and factors such as level of education and economic condition proposed by group competition theory and labor market competition theory as fundamental factors which can strengthen or weaken the effects of political ideology on individuals’ attitudes towards immigration; those mechanisms for liberals and conservatives will be operated differently.

Keywords: Conservative, immigration, liberal, political ideology.

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Authors: Achmad Zamroni, Masahiro Yamao

Abstract:

Coastal resource management, community empowerment and socio economic development are the cornerstones for uplifting the lives of coastal area inhabitants. This paper aims to identify the positive impacts of coastal management projects toward fishermen-s economic well-being, to analyze the role of fishermen and their families in effecting economic change and to analyze the roles of stakeholders in managing coastal resources. Structured and semi-structured questionnaires were prepared to obtain qualitative data, and interviews were conducted with fishermen. Findings show that community empowerment and conservation of coastal resources through local and central government projects have exerted positive impact on the coastal community. Some activities involved women who are more active particularly in “off-fishing" season. Traditionally, local fishermen together with local stakeholders have set up a zoning system to minimize conflicts between fishermen. In addition, zoning is used to protect certain ecosystems that can provide benefits well into the future.

Keywords: Economic development, Off-fishing, Resource management, Stakeholders' participation, Women's participation

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Authors: N. Phanthuna, J. Jaturacherdchaiskul, S. Lerdvanittip, S. Auchariyamet

Abstract:

This paper proposes a particle swarm optimization (PSO) technique to solve the economic load dispatch (ELD) problems. For the ELD problem in this work, the objective function is to minimize the total fuel cost of all generator units for a given daily load pattern while the main constraints are power balance and generation output of each units. Case study in the test system of 40-generation units with 6 load patterns is presented to demonstrate the performance of PSO in solving the ELD problem. It can be seen that the optimal solution given by PSO provides the minimum total cost of generation while satisfying all the constraints and benefiting greatly from saving in power loss reduction.

Keywords: Particle Swarm Optimization, Economic Load Dispatch, Loss Reduction.

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Authors: Mei-Se Chien, Chien-Chiang Lee, Sin-Jie Cai

Abstract:

The main purpose of this paper is to investigate thelong-run equilibrium and short-run dynamics of international housing prices when macroeconomic variables change. We apply the Pedroni’s, panel cointegration, using the unbalanced panel data analysis of 33 countries over the period from 1980Q1 to 2013Q1, to examine the relationships among house prices and macroeconomic variables. Our empirical results of panel data cointegration tests support the existence of a cointegration among these macroeconomic variables and house prices. Besides, the empirical results of panel DOLS further present that a 1% increase in economic activity, long-term interest rates, and construction costs cause house prices to respectively change 2.16%, -0.04%, and 0.22% in the long run.Furthermore, the increasing economic activity and the construction cost would cause strongerimpacts on the house prices for lower income countries than higher income countries.The results lead to the conclusion that policy of house prices growth can be regarded as economic growth for lower income countries. Finally, in America region, the coefficient of economic activity is the highest, which displays that increasing economic activity causes a faster rise in house prices there than in other regions. There are some special cases whereby the coefficients of interest rates are significantly positive in America and Asia regions.

Keywords: House prices, Macroeconomic Variables, Panel cointegration, Dynamic OLS.

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Authors: A. K. Al-Othman, F. S. Al-Fares, K. M. EL-Nagger

Abstract:

This paper presents a new optimization technique based on quantum computing principles to solve a security constrained power system economic dispatch problem (SCED). The proposed technique is a population-based algorithm, which uses some quantum computing elements in coding and evolving groups of potential solutions to reach the optimum following a partially directed random approach. The SCED problem is formulated as a constrained optimization problem in a way that insures a secure-economic system operation. Real Coded Quantum-Inspired Evolution Algorithm (RQIEA) is then applied to solve the constrained optimization formulation. Simulation results of the proposed approach are compared with those reported in literature. The outcome is very encouraging and proves that RQIEA is very applicable for solving security constrained power system economic dispatch problem (SCED).

Keywords: State Estimation, Fuzzy Linear Regression, FuzzyLinear State Estimator (FLSE) and Measurements Uncertainty.

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Authors: Javier Rivas, Olga Gimeno, Maria Carbajo, Teresa Borralho

Abstract:

Potassium monopersulfate has been decomposed in aqueous solution in the presence of Co(II). The effect of the main operating variables has been assessed. Minimum variations in pH exert a considerable influence on the process kinetics. Thus, when no pH adjustment is considered, the actual effect of variables like initial monopersulfate and/or catalyst concentration may be hindered. As expected, temperature enhances the monopersulfate decomposition rate by following the Arrhenius law. The activation energy in the proximity of 85 kJ/mol has been obtained. Amongst the different solids tested in the monopersulfate decomposition, only the perovskite LaTi0.15Cu0.85O3 has shown a significant catalytic activity.

Keywords: Monopersulfate, Oxone®, Sulfate radicals, Watertreatment.

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Authors: Abdulrahman A. Bahaddad, Mohammed Beshir

Abstract:

The objective of this paper is to demonstrate and describe eight different types of power generation technologies and to understand the history and future trends of each technology. In addition, a comparative analysis between these technologies will be presented with respect to their cost analysis and associated performance.

Keywords: Conventional power generation, economic analysis, environmental impact, renewable energy power generation.

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

Abstract:

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: Miguel Amado, João Freitas, Eveline Rodrigues, Rosario Ribeiro

Abstract:

The United Nations has defined the inclusive community as “…promoting growth with equity, a place where everyone, regardless of their economic means, gender, race, ethnicity or religion, is enabled and empowered to fully participate in the social, economic and political opportunities that cities have to offer”. In this paper, the concept of walkability is viewed as an important tool towards the planning and future development of more inclusive communities. Walking is the cheapest and cleanest mode of travel available to all providing large benefits to both health and local economic development. To demonstrate the validity of this strategy a set of parameters, selected from existing research, were measure, compared and discussed in the existing and proposed scenarios of a Portuguese small town using GIS software.

Keywords: GIS, Inclusiveness, Planning, Sustainability, Walkability.

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Authors: Samson Davoyan, Tatevik Sahakyan

Abstract:

The purpose of this report is to suggest a new methodology for the assessment of the comparative efficiency of the reforms made in different countries by an integral index. We have highlighted the reforms made in post-crisis period in 21 former socialist countries. The integral index describes the social-economic development level. The integral index contains of six indexes: The Global Competitiveness Index, Doing Business, The Corruption Perception, The Index of Economic Freedom, The Human Development, and The Democracy Index, which are reported by different international organizations. With the help of our methodology we first summarized the above-mentioned 6 indexes and attained 1 general index, besides, our new method enables us to assess the comparative efficiency of the reforms made in different countries by analyzing them. The purpose is to reveal the opportunities and threats of socialeconomic reforms in different directions.

Keywords: Assessment, comparative, effectiveness, reforms

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Authors: L. Basha, E. Gjika

Abstract:

The exchange rate is one of the most important economic variables, especially for a small, open economy such as Albania. Its effect is noticeable on one country's competitiveness, trade and current account, inflation, wages, domestic economic activity and bank stability. This study investigates the fluctuation of Albania’s exchange rates using monthly average foreign currency, Euro (Eur) to Albanian Lek (ALL) exchange rate with a time span from January 2008 to June 2021 and the macroeconomic factors that have a significant effect on the exchange rate. Initially, the Random Forest Regression algorithm is constructed to understand the impact of economic variables in the behavior of monthly average foreign currencies exchange rates. Then the forecast of macro-economic indicators for 12 months was performed using time series models. The predicted values received are placed in the random forest model in order to obtain the average monthly forecast of Euro to Albanian Lek (ALL) exchange rate for the period July 2021 to June 2022.

Keywords: Exchange rate, Random Forest, time series, Machine Learning, forecasting.

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Authors: Shorena Pharjiani

Abstract:

Present empirical paper investigates the relationship between FDI and economic growth by 10 selected industries in 10 Central and Eastern European countries from the period 1995 to 2012. Different estimation approaches were used to explore the connection between FDI and economic growth, for example OLS, RE, FE with and without time dummies. Obtained empirical results leads to some main consequences: First, the Central and East European countries (CEEC) attracted foreign direct investment, which raised the productivity of industries they entered in. It should be concluded that the linkage between FDI and output growth by industries is positive and significant enough to suggest that foreign firm’s participation enhanced the productivity of the industries they occupied. There had been an endogeneity problem in the regression and fixed effects estimation approach was used which partially corrected the regression analysis in order to make the results less biased. Second, it should be stressed that the results show that time has an important role in making FDI operational for enhancing output growth by industries via total factor productivity. Third, R&D positively affected economic growth and at the same time, it should take some time for research and development to influence economic growth. Fourth, the general trends masked crucial differences at the country level: over the last 20 years, the analysis of the tables and figures at the country level show that the main recipients of FDI of the 11 Central and Eastern European countries were Hungary, Poland and the Czech Republic. The main reason was that these countries had more open door policies for attracting the FDI. Fifth, according to the graphical analysis, while Hungary had the highest FDI inflow in this region, it was not reflected in the GDP growth as much as in other Central and Eastern European countries.

Keywords: Central and East European countries (CEEC), economic growth, FDI, panel data.

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Authors: Alessandro Lanteri, Salvatore Rizzello

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The choice of studying economics instead of another subject should be motivated by the fact that economics training equips students with skills and knowledge that other disciplines do not provide. Which are these skills and knowledge, however, is not always very clear. This article clarifies such issue by first exploring the philosophical foundations and the defining features of the discipline, and then by investigating in which ways these are transferred to the students. In other words, we study what is meant by the 'economic way of thinking' that is passed on to the students.

Keywords: Economists, Expertise, Politics, Surveys.

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Authors: Heng Ma

Abstract:

Aiming at the problems existing in low-carbon technology of Chinese manufacturing industries, such as irrational energy structure, lack of technological innovation, financial constraints, this paper puts forward the suggestion that the leading role of the government is combined with the roles of enterprises and market. That is, through increasing the governmental funding the adjustment of the industrial structures and enhancement of the legal supervision are supported. Technological innovation is accelerated by the enterprises, and the carbon trading will be promoted so as to trigger the low-carbon revolution in Chinese manufacturing field.

Keywords: Low-carbon economy, traditional manufacturing industry, industrial structure, carbon emission reduction.

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