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Articles 1 - 10 of 10
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A Note On Income Inequality And Macro-Economic Volatility, Amnon Levy
A Note On Income Inequality And Macro-Economic Volatility, Amnon Levy
Faculty of Business - Economics Working Papers
Income inequality may influence macro-economic variables by affecting the money multiplier and the trade-off between inflation and output. In an AD-AS model with imperfect foresight income inequality intensifies the volatility of output and inflation rate by increasing the likelihood of oscillations as well as their magnitude. Volatility is, however, moderated when income inequality prolongs the business cycles.
Rational Non-Addictive Eating: Cycles, Overweightness, And Underweightness, Amnon Levy
Rational Non-Addictive Eating: Cycles, Overweightness, And Underweightness, Amnon Levy
Faculty of Business - Economics Working Papers
Although a deviation from the physiologically optimal weight increases the probability of dying, the steady state for a lifetime expected-utility maximiser is a state of overweightness. However, even a small initial deviation from this rationally stationary weight is followed by explosive oscillations. These oscillations might lead to severe and chronic underweightness in a late stage of life. In the presence of socio-cultural norms of appearance, the rationally stationary weight of fat people is lower than otherwise and the rationally stationary weight of lean people is greater than otherwise. (JEL I12)
On The Organisation Of Smes And Economic Growth In The Usa And Japan, E. Sanidas
On The Organisation Of Smes And Economic Growth In The Usa And Japan, E. Sanidas
Faculty of Business - Economics Working Papers
The total number of firms, out of which around at least 95 to 99 per cent (or even more) are SMEs approximates the degree of competition that exists in each country and within each sector of a national economy. A historical examination of the American and Japanese firm evolutions, which shows a divergence in industrial organisation between the companies in the USA and Japan provides a qualitative evidence to this role of competition. Also, the same historical trip reveals the close relationship, which prevails between the degree of competition as represented by the total number of firms and the speed …
Endogeneity, Knowledge And Dynamics Of Long Run Capitalist Economic Growth, E. J. Wilson, D. P. Chaudhri
Endogeneity, Knowledge And Dynamics Of Long Run Capitalist Economic Growth, E. J. Wilson, D. P. Chaudhri
Faculty of Business - Economics Working Papers
The revival of interest in economic growth and technological leadership issues has resulted in the re-examination of the theoretical foundations of the economics of growth. The neoclassical concerns with steady state paths and neo-Keynesian focus on short-term issues have remained intact in this process. However the 'new economics of growth' extensions proposed by Lucas (1988) and Romer (1986) and attempts by Scott (1989) to explain technological progress, do not address Arrow's (1962) concerns or explain Kuznet's (1957) and Maddison's (1991) empirical telescoping of the economic growth experience of the last two hundred years. This paper attempts to address some of …
Recent Significant Advances In Estimating And Forecasting Theories And Economic Modelling: With Applications To Asean Investment Studies, Tran Van Hao
Faculty of Business - Economics Working Papers
The paper presents the basics of a new and flexible approach to statistically modelling the activities of multi-sectoral economies (Tran Van Hoa, 1992) and applies it to study investment in five major East Asian countries (ie, China, Indonesia, Korea, Malaysia and Thailand) during the period 1970-1993 using recent World Bank databases. The approach dominates the computable general equilibrium method in its data-consistent structure. The paper also describes the fundamentals of the new two-stage hierarchical information (2SHI) estimation and forecasting theory (Tran Van Hoa, 1985, 1986a, 1993b, Tran Van Hoa and Chaturvedi, 1988, 1990, 1997) and its superior MSE properties for …
The Challenge Of Child Labour In Rural India: A Multi-Dimensional Problem In Need Of An Orchestrated Policy Response, D. P. Chaudhri, E. J. Wilson
The Challenge Of Child Labour In Rural India: A Multi-Dimensional Problem In Need Of An Orchestrated Policy Response, D. P. Chaudhri, E. J. Wilson
Faculty of Business - Economics Working Papers
Perceptions about facets of child labour in India, and elsewhere, are strongly conditioned by our knowledge of economic history, socio-cultural view of child welfare, respect, or lack of it, for functioning of the market system and attitudes towards duties of the Sovereign with respect to its citizens and to the international community. The spectrum of views generated by such a complex intellectual prism would naturally be rather large. The coloured vision of vested interests reduces the transpiracy of the spectrum. This is clearly observable in media reporting, legislative processes, national and international posturings on the subject of child labour. The …
From Hotelling To Backstop Technology, Amnon Levy
From Hotelling To Backstop Technology, Amnon Levy
Faculty of Business - Economics Working Papers
Hotelling’s conceptual framework is expanded to incorporate the effects of a backstop technology on the planning horizon of the suppliers of an exhaustible resource and its price and quantity trajectories. It is shown that in the non-trivial case, the presence of a backstop technology shortens the planning horizon of the suppliers of the exhaustible resource in accordance with the resource suppliers’ rate of time preference, backstop technology’s rate of improvement and ratio of the initial resource spot price to the initial average production cost of the backstop substitute. As expected the presence of a backstop technology also lowers the spot …
Agricultural Growth, Employment And Poverty: Theoretical And Empirical Explorations With Indian Data (1970-1993), D. P. Chaudhri, E. J. Wilson
Agricultural Growth, Employment And Poverty: Theoretical And Empirical Explorations With Indian Data (1970-1993), D. P. Chaudhri, E. J. Wilson
Faculty of Business - Economics Working Papers
There is a rapidly growing literature on the dual concern of promoting agricultural growth and reducing the incidence of rural poverty. However the analysis of the interaction of growth and poverty is an under researched area of economic policy. This paper attempts to further analyse these dual concerns in an integrated manner. A basic endogenous growth model is developed which explicitly includes poor households and a government that has to decide how to allocate resources to the provision of infrastructure and to the public distribution of food grains. The intertemporal maximisation clearly shows the trade-off the government is facing and …
Industrialisation: Import Substitution To Export Promotion, Kankesu Jayanthakumaran
Industrialisation: Import Substitution To Export Promotion, Kankesu Jayanthakumaran
Faculty of Business - Economics Working Papers
Import-substitution policy creates biases in the incentive structure and lowers the growth of potential exports in the long run. Trade reforms in this respect are likely to reduce the gap between domestic and border prices. The expectation is to bring better industrial performance on the lines of comparative advantages. This paper examines the import-substitution policy and the effect and impact of trade liberalisation.
The Internationalisation Process Of Asian Small And Medium Firms, A. Hodgkinson
The Internationalisation Process Of Asian Small And Medium Firms, A. Hodgkinson
Faculty of Business - Economics Working Papers
National governments throughout the Asia-Pacific Region have identified small and medium enterprises as an important source of economic growth and employment. In the past, SME business strategies have focused on production, relying on their subcontracting and sales contacts with large firms for technological innovation and marketing and on abundant domestic labour forces for comparative advantage. Recently, structural problems in the region arising from the Japanese recession, currency appreciation and rising labour costs have upset these relationships forcing SMEs to move offshore (DFI) to restore cost competitiveness and to upgrade their internal technological and organisational capacities to international standards in order …