Comparison of economic growth in mixed economy and socialist economic systems - reviews economic theories thereon, provides a framework for the economic analysis of acceleration of growth under different initial conditions and for introducing political choice into the economic planning process, includes work on the selection of investment projects in a planning context, as implemented in Poland, and emphasizes political aspects of economic problems.

The global coronavirus pandemic has had an impact on the socio-economic development of the world. The article assesses the economic growth in the EAEU member States for 2020. Specific features of the development of the Union's economies are defined. Recommendations for increasing the rate of economic growth are formulated.

An intense debate is currently underway in the Pacific Northwest over whether remnant old-growth forests should be preserved or harvested. Old-growth forests can be viewed (1) as objects used instrumentally to serve human welfare or (2) as entities that possess value in themselves and are thus worthy of moral consideration. I compare the instrumental view suggested by economic analysis with the biocentric and ecocentric alternatives and suggest a reconciliation of these approaches in the context of old-growth (...) preservation. (shrink)

Despite the growing interest in understanding the effects of income inequality on economic growth, the influence of entrepreneurship-related institutional constraints on the inequality–growth association remains less understood. Drawing on an institutional constraints perspective in the context of startup entry regulation and credit constraints, we propose that under increasing income inequality, ease of startup or access to credit from the financial sector is positively associated with per capita economic growth. In a sample of 92 countries, robust (...) to alternate specifications, we find support for our hypotheses. Our findings contribute to the debates about the income inequality–growth nexus and imply potential policy interventions in the form of lower startup regulations and domestic credit provision from the financial sector to enhance economic growth under increasing economic inequality. (shrink)

Rawls theorizes principles of justice as defining a ‘pact of reconciliation’ between diverse conceptions of the good. What does fulfillment of this pact entail when reasonable pluralism is recognized as having an environmental dimension? Fair acknowledgment of the plurality of citizens’ relationships with the natural world challenges the neutrality of aims conventionally used to justify ecocide, including the promotion of economic growth and development. This paper explores how ecocide constitutes a violation of equal basic liberties and state neutrality (...) as per Rawlsian political liberalism. It further considers hard cases in which ecocide is enacted for meeting citizens’ basic needs. (shrink)

The concept of social entrepreneurship emerged as a significant factor that contributes toward public welfare and prosperity. Recent studies showed that social entrepreneurship influences the economic growth and sustainability of the state. Therefore, the underlying aim of this study was to investigate the impact of social entrepreneurship on sustainable economic growth and value creation. This study also undertook to observe the mediating role of innovation in the relationship between social entrepreneurship and sustainable economic growth (...) and between social entrepreneurship and value creation. A questionnaire technique was adopted to obtain data from 343 tour operators in China. The Smart-PLS software was used to analyze the data through the aid of a structural equation modelling (SEM) technique. The results revealed that social entrepreneurship has an effect on sustainable economic growth and value creation. The results also demonstrated that innovation has an effect on sustainable economic growth and value creation. Moreover, it was also observed that innovation mediated the relationship between social entrepreneurship and sustainable economic growth and between social entrepreneurship and value creation. Theoretically, this study made a valuable contribution by examining the impact of social entrepreneurship on sustainable economic growth and value creation and innovation as a mediator. In terms of practical implications, this study would certainly aid the policymakers to devise policies and strategies aim to encourage and promote social entrepreneurship. Moreover, future studies can introduce other mediating and moderating variables in order to gain a deeper insight into the phenomenon. (shrink)

The study aims to measure the link between CSR and economic growth. This study investigates whether CSR expenses shown by the banks are contributing to the sustainability of an emerging economy like India. For this study, CSR spending of 21 commercial banks, on nine development areas of the Indian economy, the human development index of India, and its indicators along with the growth rate of GDP of India and state-wise GDP for the year 2014-2015 to 2017-2018 have (...) been taken as secondary data. The research techniques used are the case analysis method, correlation, and descriptive analysis. The study highlights that CSR activities are more of a myth and a far-reaching possibility in developing nations like India, where most institutions are engrossed in such activities to gain laurels and secure investors from the globe. (shrink)

Instead of relying on the usual price elasticity technique, this book combines economic and engineering analysis to study economic growth and energy demands to the year 2000. It asserts that future energy demand will be determined by two basic factors--the gross national product and the efficiency with which energy is used to produce this output in the household, commercial, industrial, and transport sectors of the economy.Labor hours multiplied by a productivity factor results in the GNP. This study (...) predicts that, in the long run, productivity in the United States will recover most of the sharp losses registered in the past five years. The study points out the decelerating population growth, the higher number of women in the labor force, and new investments as having an influence on this situation.After projecting the size and composition of each of the four energy consuming sectors that account for the total GNP. Energy and Economic Growth estimates efficiency improvements for each. It shows, for example, that higher levels of thermal insulation will reduce sharply energy needs for household heating and cooling. Similarly, the study notes that improvements in energy consumption per dollar of output can be made for each of the energy intensive manufacturing industries, nothing that although the savings in energy are significant, none is a consequence of pushing improvements to known technological limits. Finally, the book establishes the price elasticities that are inherent in the calculated energy requirements and checks these against elasticity estimates made by other researchers. (shrink)

Financial crises have become an all-too-common occurrence over the past twenty years, largely as a result of changes in finance brought about by increasing internationalization and integration. As domestic financial systems and economies become more interlinked, weaknesses can significantly impact not only individual economies but also markets, financial intermediaries and economies around the world. This volume addresses the twin objectives of financial development in the context of financial stability and the role of law in supporting both. Financial stability (frequently seen (...) as the avoidance of financial crisis) has become an objective of the international financial architecture as well as individual economies and central banks. At the same time, financial development is now seen to play an important role in economic growth. In both financial stability and financial development, law and related institutions have a central role. (shrink)

This article examines the means by which Malaysian governments have been relatively successful in pursuing both economic development and social equity. These advances have been remarkable, given Malaysia's history of colonial servitude and racial and ethnic tensions. The authors' examination of government economic and social policies notes the importance of strong political leadership that is committed to creating a national identity through consensus building. In pursuing these social objectives, successive governments have also played an active and transparent role (...) in fostering economic growth and development. However, a number of problems remain as Malaysia continues to follow these social and economic policies. (shrink)

_The study investigates the relationship between healthcare spending and economic growth in six selected Sub-Saharan African countries: Nigeria, Ghana, Togo, Benin, Cameroon, and Ethiopia. The study employs the Autoregressive Distributed Lag (ARDL) model as an estimation technique to analyse the panel data which spans from 2000 to 2020. The research examines both the short- and long-run impacts of healthcare spending, population growth, and life expectancy on real GDP (a proxy for economic growth). Based on the (...) ARDL panel results, it is stated that, in the short run, both healthcare spending and life expectancy exert a significant negative impact on real GDP. However, in the long run, real GDP is positively and significantly influenced by all the regressors, highlighting the crucial role of healthcare investment in driving economic development. Additionally, the Granger causality test reveals a bidirectional relationship between real GDP and per capita health spending, suggesting that enhancements in healthcare can stimulate economic growth, and economic growth, in turn, can lead to increased healthcare investments. The study strongly recommends that policymakers in these countries adhere to the Abuja Declaration by allocating 15% of their national budgets to the healthcare sector to bolster economic outcomes. These findings emphasize the critical importance of sustained healthcare investment as a catalyst for long-term economic growth in Sub-Saharan Africa._. (shrink)

Must a society aim indefinitely for continued economic growth? Proponents of economic growth advance three central challenges to the idea that a society, having attained high levels of income and wealth, may justly cease to pursue further economic growth: if environmentally sustainable and the gains fairly distributed, first, continued economic growth could make everyone within a society and globally, and especially the worst off, progressively better off; second, the pursuit of economic (...) growth spurs ongoing innovation, which enhances people’s opportunities and protects a society against future risks; and third, continued economic growth fosters attitudes of openness, tolerance, and generosity, which are essential to the functioning of a liberal democratic society. This article grants these challenges’ normative foundations, to show that, even if one accepts their underlying premises as requirements of justice, a society may still justly cease to aim for economic growth, so long as it continues to aim for and realize gains on other dimensions. I argue that, while continued economic growth might instrumentally serve valuable ends, it is not necessary for their realization, as a society can achieve these ends through other means. (shrink)

This study maintains that China's system of economic planning tends to mitigate the trade-off between economic growth and equity that has been found to prevail in the early stages of development in most less developed countries. The analysis focuses on the Chinese leadership's attempt to improve economic efficiency by decentralizing economic management without encouraging, as a consequence, increased economic inequality among different regions. By examining the budgetary and planning process, focusing in particular on the (...) fiscal relations between the centre and the far-reaching degree of resource redistribution undertaken by the central government through its control of interprovincial and intersectoral resource transfers. Professor Lardy's analysis highlights the essential features of Chinese economic growth and relates these to the experience of both developing and Soviet-type economies. (shrink)

The development of the endogenous growth model rekindled interest in growth theory. In contrast to the neo-classical model, long-run endogenous growth emerged as an equilibrium outcome, reflecting the behaviour of optimizing agents in the economy. This book brings together a number of contributions in growth theory and macroeconomic dynamics, reflecting these developments and the ongoing debate over the relative merits of neo-classical and endogenous growth models. It focuses on the emergence of three important aspects: First, (...) it develops growth models that extend the underlying theory in different directions. Second, it addresses one of the concerns of the literature on growth and dynamics: the statistical properties of underlying data and the effort to ensure that growth models are consistent with empirical evidence. Third, it discusses the increasingly international focus of macrodynamics and growth theory, an inevitable consequence of the integration of the world economy. (shrink)

Abstract Twenty years ago, Tibor Scitovsky questioned the assumption, embedded in neoclassical economics, that human happiness will be augmented if the level of consumption either rises or becomes more uniform over time. Evidence from the 1990?1993 World Values Survey suggests that his doubts were well?founded: although economic gains apparently make a major contribution to subjective well?being as one moves from societies at the subsistence level to those with moderate levels of economic development, further economic growth seems (...) to have little or no impact on subjective well?being. This transition seems to reflect a basic cultural change that results in the diminishing marginal utility of economic growth. (shrink)

This article explores how the liberal tradition of political thought has dealt with the prospect of limits to economic growth and how it should approach this issue in the future. Using Andrew Moravcsik's explanatory liberal theory, it finds that the commitment of governments to growth stems primarily from the aggregation of societal preferences for the social goods that growth produces. The arguments of liberal thinkers who have grappled with the issue of growth are then examined (...) to gain a deeper theoretical understanding of the relationship between liberal democracy and growth. These include John Stuart Mill, for whom a non-growing economy was essential for overcoming the tension between liberty and equality; Ronald Dworkin, who argues that growth is a derivative means to further more fundamental ends; and Marcel Wissenburg, who suggests that it is legitimate for liberal democracies to limit the preference for growth if it risks undermining liberal norms and institutions. Using these theoretical insights, it is argued that environmental degradation, which is partly driven by growth, now threatens the fundamental liberal commitments of many liberals, including some forms of state neutralism, utilitarianism, inalienable individual rights and above all human autonomy. Therefore, liberal democratic states not only can, but must move towards a post-growth economy to secure these objectives into the future. (shrink)

Are societies required to pursue continual economic growth as a matter of justice? In “The Value of Economic Growth”, Julie Rose considers three arguments in favor of the need for continual economic growth, each of which revolves around the instrumental value of economic growth for promoting an important good that is needed for a just society. In each case, Rose argues that there are mechanisms other than economic growth that could (...) allow a society to deliver the relevant goods, and thus meet the demands of justice with respect to those goods. I raise a set of issues for Rose’s argument that put pressure on the normative significance of her discussion. At the heart of these issues are ones about which possibilities Rose considers and which idealizations she makes. These issues tie into more general questions about the aims and methodology of normative work in social/political philosophy. Thus, in addition to being a contribution to the debate over the politics of economic growth, this paper can be understood partly as a case study in how reflection on these kinds of issues – ones about modality, idealization, and methodology – can matter to how we evaluate specific arguments in social/political philosophy. (shrink)

This paper investigates the relationship between technological finance, high-quality economic growth, and financial stability. Based on data of 30 provinces collected between 2004 and 2017, this paper adopts the method of factor analysis to construct comprehensive indexes of technological finance and financial stability before calculating green total factor productivity as the index of high-quality development, using the CRS Multiplicative Model. Then it constructs the spatial SAC model and PVAR model for analyses of the just-mentioned relationship based on the (...) total sample of the nation and regional samples in eastern, middle, and western China, respectively. The results reveal that All samples, whether the total national samples or regional samples of eastern, middle, and western China demonstrate the positive influence of technological finance on high-quality economic development, with an obvious spatial spillover effect. The impact factor is the highest in the eastern region, while the western region holds the lowest factor among the three. Judging by the general national sample, technological finance has an obvious negative shock effect on financial stability within a short period, but the effect gradually dwindles as time goes by. This rule applies to the sample of the eastern region, as its technological finance poses a short-time negative shock effect on financial stability, before gradually diminishing to 0. Neither western nor middle regions have displayed an obvious shock impact on financial stability. (shrink)

First published in 1981 this book presents an original theoretical treatment of the problems of maintaining full employment in a multisector economic system with a growing population and different rates of technical progress in different sectors. The conditions for full employment and full capacity utilisation are examined when prices are stable and when there is inflation. This approach is carried out, not in terms of input-output relations, as has become customary in multisector models, but rather in terms of vertically (...) integrated sectors. This makes it possible to analyse the economic growth process in terms of the structural dynamics of production, of prices and of employment. Remarkable implications are drawn for a surprisingly large number of theoretical problems, which have been under discussion since Adam Smith: from price theory to the theory of rates of profit and the rates of interest; from production theory to the theories of fluctuating growth, ever-changing composition of output, choice of technique and international trade. (shrink)

This history of theories and theorists of economic growth elucidates the economic theory, economic history, and public policy observations of the renowned scholar W. W. Rostow. Looking at the economic growth theories of the classic economists up to 1870, Rostow compares Hume and Adam Smith, Malthus and Ricardo, and J.S. Mill and Karl Marx. He then examines the period 1870-1939 and its economic theorists, including Schumpeter, Colin Clark, Kuznets, and Harrod, and surveys the (...) three forms of growth analysis in the postwar era: formal models, statistical morphology, and development theories. This authoritative overview also includes an agenda of unresolved problems in growth analysis and a description of the five major tasks statesmen will confront over the next several generations. (shrink)

This paper identifies the fundamental principles and ethical norms presented in the first draft of the U.S. Bishops' Pastoral Letter on Catholic Social Teaching and the U.S. Economy which apply to the issue of economic productivity. These principles are compared with accepted managerial principles for improving productivity and the similarities noted. Finally, the new challenge of the Economic Pastoral is identified as extending the scope of application of these principles beyond those persons who are working in an enterprise (...) to those persons who are affected by the enterprise. (shrink)

Neo-liberal economics is built upon the claim that the freedom to pursue one's self-interest and rational choice leads to economic growth and development. Against this background neo-liberal economists and policymakers endeavoured to universalise this claim, and insistently argue that appropriate economic policies produce the same results regardless of cultural values. Accordingly, developing countries are often advised to embrace the neo-liberal economic credo for them to escape from the trap of underdevelopment. However, the economic success of (...) South East Asia on the one hand and the failure of economic development in sub-Saharan Africa on the other, are increasingly proving that the 'economic' argument cannot be taken dogmatically: self-interest and rationality do not seem to be the sufficient explanations for economic development. One other avenue to be taken seriously is the link between cultural values and economic development. After viewing the principle of self-interest against its historico-cultural background, I consider this link in the African context, and argue that, although they cannot be taken as the sole factor, people's cultural beliefs and values are crucial for economic development. Economic growth and development need to be a substantiation of a people's beliefs and values. In African value system, this substantiation could lead to what one would call 'ubuntu economy' in which the state, the markets and the people are all agents, and not patients, in the process of economic growth and development. (shrink)

Population ageing is a fact of all advanced economies. Fewer people are born all the while current members live longer. The support which old people have come to depend on, for example through elderly care and pensions, thus becomes increasingly expensive. This accentuates an assurance problem. Although it has been and still is the case that the young are willing to support the currently old, this support is not unconditional. In return they trust that coming generations will support them one (...) day. Historically pro-old welfare state institutions (e.g., pension systems) have offered individuals this assurance: their claim on future generation to support them has been credible simply by positive economic and demographic development. Economic growth has been a blessing for the cooperation between generations necessary to realise old age support. This paper describes this assurance problem in simple game theoretical terms, argues that it has been neglected in historically prominent justifications of pro-old welfare state institutions, and discusses what can be done to preserve trust in times of population ageing and weak economic growth. (shrink)

The COVID-19 pandemic is still a major global health problem that had substantial consequences on people’s daily lives. This paper evaluates the impact of education and institutional management on Vocational Education and Training schools in Oman during the COVID-19 period. The purpose of this study is to understand the impact of the COVID-19 pandemic and identify possible challenges that may affect its impact on economic growth. This qualitative research is used as the main methodology of the study. Qualitative (...) data are collected through convenience sampling of 108 VET college students and staff using interviews and questionnaires. The study revealed that the administration plays an important role in economic growth. The students suggested that the national educational administration of the government of Oman plays an important role in their education and that this in turn churns out industry-ready individuals who will impact the economic growth. The government’s role, especially financially post-pandemic lockdown, will be a critical determinant of VET’s impact on economic growth. This study introduces a new perspective on education administration from the perspective of students and staff of VET colleges. (shrink)

Due to G-7 countries' commitment to sustaining United Nations Sustainable Development Goal 8, which focuses on sustainable economic growth, there is a need to investigate the impact of tax revenue and institutional quality on economic growth, considering the role of artificial intelligence (AI) in the G-7 countries from 2012 to 2022. Cross-Sectional Augmented Autoregressive Distributed Lag (CS-ARDL) technique is used to analyze the data. The study's findings indicate a long-run equilibrium relationship among the variables under examination. (...) The causality results can be categorized as bidirectional, unidirectional, or indicating no causality. Based on the CS-ARDL results, the study recommends that G-7 governments and policymakers prioritize and strengthen the integration of AI into their institutions to stimulate growth in both the short- and long-term. However, the study cautions against overlooking the interaction between AI and tax revenue, as it did not demonstrate support for economic growth. While the interaction between AI and institutional quality shows potential for contributing to growth, it is crucial to implement robust measures to mitigate any potential negative effects that may arise from AI's interaction with tax systems. Therefore, the study suggests the development of AI-friendly tax policies within the G-7 countries, considering the nascent nature of the AI sector/industry. (shrink)

A simple exogenous growth model gives conservative estimates of the economic implications of machine intelligence. Machines complement human labor when they become more productive at the jobs they perform, but machines also substitute for human labor by taking over human jobs. At first, expensive hardware and software does only the few jobs where computers have the strongest advantage over humans. Eventually, computers do most jobs. At first, complementary effects dominate, and human wages rise with computer productivity. But eventually (...) substitution can dominate, making wages fall as fast as computer prices now do. An intelligence population explosion makes per-intelligence consumption fall this fast, while economic growth rates rise by an order of magnitude or more. These results are robust to automating incrementally, and to distinguishing hardware, software, and human capital from other forms of capital. (shrink)

As the answer to sustainability concerns, green economic growth has gradually attracted considerable attention. Notably, the optimization of the institutional environment contributes to green economic growth from the perspective of new institutional economics. However, few studies have systematically explained the connection between the institutional environment and green growth. In this study, the institutional environment was divided into three dimensions: governmental, legal, and cultural subenvironments. We adopted econometric models with the effect of every dimension on green (...) growth and empirically analyzed with the generalized method of moments, based on Chinese provincial panel data from the years 2000–2016. The results indicated that there was an inverted U-shaped relationship between China’s institutional environment and its green growth. That is, the institutional environment can initially promote China’s green growth but, if it is not changed, will eventually inhibit it. In addition, the analysis on the three dimensions of the institutional environment highlighted that the role of the cultural subenvironment in green growth is greater than those of the governmental and legal subenvironments. (shrink)

It might be conjectured that new models of regional economic development, combined with the emerging understanding of multifunctional agriculture, would suggest a new and perhaps more optimistic perspective on the potential of agriculture as an engine of regional economic growth. My purpose here is begin the process of surveying the relevant literature, unraveling the arguments and gleaning evidence from the published empirical record, and drawing-out some implications that may help focus our deliberations over the next few days.

Technology's contribution to economic growth and competitiveness has been the subject of vigorous debate in recent years. This book demonstrates the importance of a historical perspective in understanding the role of technological innovation in the economy. The authors examine key episodes and institutions in the development of the U.S. research system and in the development of the research systems of other industrial economies. They argue that the large potential contributions of economics to the understanding of technology and (...) class='Hi'>economic growth have been constrained by the narrow theoretical framework employed within neoclassical economies. A richer framework, they believe, will support a more fruitful dialogue among economists, policymakers, and managers on the organization of public and private institutions for innovation. David Mowery is Associate Professor of Business and Public Policy at the School of Business Administration, University of California, Berkeley. Nathan S. Rosenberg is Fairleigh Dickinson Professor of Economics at Stanford University. He is the author of Inside the Black Box: Technology and Economics. (shrink)

The COVID-19 pandemic, which was first reported at the end of 2019, has had a massive impact on the Chinese economy and society. The pandemic has seriously tested the emergency management capabilities of the Chinese government regarding public health. Based on the panel data of 31 provinces in China for the period of 2006–2019, this paper examines the impacts of government public health spending on regional economic growth. Furthermore, the possibility of spatial spillover effects of government public health (...) spending is investigated through spatial econometric analysis. Government public health spending and regional economic growth have significant positive spatial correlation and spatial agglomeration effects. The indicator of government public health spending significantly promotes regional economic growth. In addition, it significantly promotes the economic growth of neighboring areas through certain spatial spillovers. (shrink)

Whether financial inclusion and economic growth can sustainably release poverty alleviation effects in long term has been the focus of academia and government sector. This article uses provincial panel data from 2004 to 2019 to examine the dynamic nonlinear connectedness between the financial inclusion, economic growth, income inequality, and poverty alleviation; the main objective is to reveal the direction and intensity of the long-term and short-term impact of each factor on poverty alleviation. By building a panel (...) vector autoregression model, the comparison analyses of national, eastern, central, and western sample groups verify the existence of dynamic nonlinear connectedness among the four variables. The study found that there is complex bidirectional causality between these variables, financial inclusion has the long-term impact on promoting poverty alleviation in China, the impact of economic growth is relatively weak, and income inequality has weakened the positive impact of financial inclusion on poverty alleviation. Through the analysis of impulse response function, variance decomposition, and time-varying nonparametric estimates in different economic regions, we find that the impact of financial inclusion on poverty alleviation presents a U-shaped characteristic, and the contribution of financial inclusion to poverty alleviation in western regions is significant, but poverty reduction in eastern and central region mainly depends on economic growth. For policymakers, financial inclusion can be an effective way to alleviate relative poverty, but the poverty governance should focus more on reducing income inequality in China. (shrink)

Why pursue economic growth? For poor countries this is an easy question to answer, but it is more difficult for rich ones. Some of the world's greatest philosophers and economists – such as John Stuart Mill, John Maynard Keynes, and John Rawls – thought that, once a certain material standard of well-being has been achieved, economic growth should stop. I argue the opposite in this article. We always have reason to pursue economic growth. My (...) argument is indirect. I shall not argue that economic growthitselfis always better. Rather, I shall argue thatstoppinggrowth requires morally objectionable actions. Economic growth tends to occur naturally if certain underlying conditions are in place. We have moral reasons to insist on these conditions independent their effect on growth, however. Halting growth requires that we alter these conditions, but we ought not do this. (shrink)

The spillovers in knowledge among largely college-educated workers were among the key reasons for the impressive degree of economic growth and spread of entrepreneurship in the United States during the 1990s. Prior 'industrial policies' in the 1970s and 1980s did not advance growth because these were based on outmoded large manufacturing models. Zoltan Acs and Catherine Armington use a knowledge spillover theory of entrepreneurship to explain new firm formation rates in regional economies during the 1990s period and (...) beyond. The fastest-growing regions are those that have the highest rates of new firm formation, and which are not dominated by large businesses. The authors of this text also find support for the thesis that knowledge spillovers move across industries and are not confined within a single industry. As a result, they suggest, regional policies to encourage and sustain growth should focus on entrepreneurship among other factors. (shrink)

Economic growth is determined by the supply and demand of investment capital; technology determines the demand for capital; while human nature determines the supply. The supply curve has two distinct parts; giving the world economy two distinct modes. In the familiar slow growth mode; rates of return are limited by human discount rates. In the fast growth mode; investment is limited by the world's wealth. Historical trends suggest that we may transition to the fast mode in (...) roughly another century and a half. Can some new technology switch us to the fast mode more quickly than this? Perhaps; but such a technology must greatly raise the rate of return for the world's expected worst investment project. It must thus be very broadly applicable; improving almost all forms of capital and investment. Furthermore; investment externalities must remain within certain limits. (shrink)

The emergence of COVID-19 places the economy at risk of recession or worst, depression. A sharp decline in the country’s economic growth is primarily caused by the weak consumption of locals and non-existence of foreign tourists in the country. On the other hand, disruptions of the supply chain in the manufacturing and retails sectors make the situation much worse. With clear uncertainties in mind, government agencies must lay down economic policies, monetary and fiscal, that would boost the (...) confidence of the consumers and producers. Lastly, a clear and coordinated efforts of the national and local government together with economic agencies of the country must be present at this time of the pandemic. (shrink)

The question that motivates this article has been a matter of dispute: Is it possible to combine perpetual economic growth and longterm environmental sustainability based on the premise that economic growth can be fully decoupled from negative environmental impacts? The article addresses this question from the position of critical realism. An empirical study focusing on the housing sector is conducted, indicating that housing stock growth and economic growth have been, at best, weakly decoupled (...) from environmental impacts. In the long run, it seems implausible that the degree of decoupling can be increased at a rate sufficient to compensate for continual growth in the volume of housing stock. A further elaboration of the topic at an ontological level leads to the conclusion that continual economic growth and long-term environmental sustainability can hardly be combined. Content Type Journal Article Category Article Pages 438-461 DOI 10.1558/jcr.v11i4.438 Authors Jin Xue, Department of Development and Planning, Aalborg University Journal Journal of Critical Realism Online ISSN 1572-5138 Print ISSN 1476-7430 Journal Volume Volume 11 Journal Issue Volume 11, Number 4 / 2012. (shrink)

Microcredit has emerged as an effective instrument for achieving financial inclusion, stimulating productive activities, and with this support, reinforcing economic growth. This study aims to examine the characteristics of microcredit financing in Ecuador and to quantify its impact on economic growth. The study employs quarterly data from 2013 to 2023. An Error Correction (VEC) model was utilized to ascertain the short- and long-term effects of microcredit and investment on GDP. The findings indicate that microcredit and investment (...) do not exert a significant short-term influence on GDP. However, in the long term, a 1% change in investment is associated with a 0.11% positive impact on GDP. Similarly, a 1% shift in microcredit is linked to a 1.17% favorable effect on GDP. Ultimately, there is a unidirectional causal relationship between GDP and microcredit. (shrink)

Military and defense-related procurement has been an important source of technology development across a broad spectrum of industries that account for an important share of United States industrial production. In this book, the author focuses on six general-purpose technologies: interchangeable parts and mass production; military and commercial aircraft; nuclear energy and electric power; computers and semiconductors; the INTERNET; and the space industries. In each of these industries, technology development would have occurred more slowly, and in some case much more slowly (...) or not at all, in the absence of military and defense-related procurement. The book addresses three questions that have significant implications for the future growth of the United States economy. One is whether changes in the structure of the United States economy and of the defense-industrial base preclude military and defense-related procurement from playing the role in the development of advanced technology in the future, comparable to the role it has played in the past. A second question is whether public support for commercially oriented research and development will become an important source of new general-purpose technologies. A third and more disturbing question is whether a major war, or the threat of major war, will be necessary to mobilize the scientific, technical, and financial resources necessary to induce the development of new general-purpose technologies. When the history of United States technology development in the next half century is written, it will focus on incremental rather than revolutionary changes in both military and commercial technology. It will also be written within the context of slower productivity growth than of the relatively high rates that prevailed in the United States in the 1950s and 1960s or during the information technology bubble that began in the early 1990s. These will impose severe constraints on the capacity of the United States to sustain a global-class military posture and a position of leadership in the global economy. (shrink)

China's domestic labor market has limited demand for tertiary graduates due to an unbalanced industrial structure, with a weak contribution to economic performance over the past decade. This study estimates the asymmetric effects of higher education progress (highly educated employed workforce), higher education utilization (highly educated unemployed workforce), and the separate effects of higher education utilization interactions with high-tech industries on economic growth in China from 1980 to 2020. Using a Nonlinear Autoregressive Distributed Lag (NARDL) model, this (...) study finds that the expansion of higher education progress (the employed workforce with higher education) promotes economic growth, while contraction of higher education progress (employed workforce with higher education) reduces economic growth. Likewise, an increase in higher education utilization (the unemployed labor force with higher education) suppresses economic growth, while a decline in the higher education utilization (the unemployed labor force with higher education) promotes economic growth. The study also found that the expansion of high-tech industries and government spending on education significantly stimulate economic growth. The moderating role of higher education utilization (unemployed labor force with higher education) in the impact of high-tech industries on economic growth is significantly positive. This study strategically proposes that China's higher-educated unemployed labor force can be adjusted to high-tech industries, which need to be developed equally in all regions. Moreover, the country is required to invest more in higher education and the development of high technological industries across all regions, thus may lead to higher economic growth. (shrink)

Must we always pursue economic growth? Kogelmann answers yes. Not only should poor countries pursue growth, but rich countries should as well. Kogelmann aims to provide awealth-insensitive argument– one demonstrating all countries should pursue growth regardless of their wealth. His central argument – the no halting growth (NHG) argument – says no country experiencing growth should stop it, because doing so requires undermining the conditions causing it and those conditions are independently morally desirable, so (...) they should not be undermined. For countries not growing, he may argue that they have an obligation to implement the conditions that cause growth because they are independently morally desirable. Call this the implementation argument. I contend that neither argument is wealth-insensitive as each fails to establish an obligation to pursue growth. I attempt to diagnose how this could be and propose that it is a product of attempting to answer three questions about growth simultaneously. (shrink)