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Pierre-AndréChiappori. Matching with Transfers: The Economics of Love and Marriage
Get PDFFamily economics is the sub-discipline in labor economics that applies household decision-making processes, household production, and fertility decisionsto understanding the family. Gary Becker’s 1981 seminal Treatise on the Family renewed interest in the study of the economics of the household, and matching has become a foundational topic in family formation. Since Becker’s renewed interest revitalized fertility studies and the New Home Economics, various scholars have extended this work into matching and household formation, and few have advanced the research as much as Pierre-André Chiappori.Chiappori has now summarized his and other scholars’ work into his book Matching with Transfers: The Economics of Love and Marriage(2017)
2008 Global economic crisis: A commentary
Get PDFAbstract. The most common narrative about the causes of the 2008 crisis is centered on the housing market in the United States and the inability of many lenders to repay their loans. The so-called “deregulation” of the financial system that began in the 1980s in Great Britain and continued in the 1990s (Mankiw & Taylor, 2010) could be, however, considered as the starting point. By “deregulation” we mean a change in the institutional framework so that the rules and regulations concerning the operation of banks and other financial institutions are either abolished or become more flexible. In the era of the Thatcher government in the Great Britain, the banking system changed radically, as a series of restrictions on bank financing were abolished. Throughout the decade of 1990s, the restrictions became more flexible, allowing financial institutions to operate more freely, while the law Gramm-Leach-Blilay of 1999 (also known as “The Financial Services Modernization Act of 1999”) abolished the differences between commercial and estate banks, insurance and stock exchange companies.Keywords. 2008 Global Economic Crisis. JEL. A10
Theorem of not independence of any technological innovation
Get PDFAbstract. The theorem of not independence of any technological innovation states that in the long run, the behavior and evolution of any technological innovation is not independent from the behavior and evolution of the other technological innovations. In particular, any technological innovation does not function as an independent system per se, but each innovation depends on the other technological innovations to form a complex system of parts that interact and coevolve in a non-simple way. The theorem of not independence of any technological innovation can explain and generalize, whenever possible, one of the characteristics of the evolution of technology that generates technological and economic change in human society.Keywords. Evolution of technology, Technological innovation, Technological evolution, Radical innovations, Technological systems, Technological dependence, Fundamental interaction, Complex systems, Technological change. JEL. C00, O30, O33
Criticizing the critiques of green accounting research
Get PDFAbstract. Green accounting plays a vital role in current sustainability goals. It aims at accounting for the environment and its maintenance and sustainable practices. Implementation of the GA's policies requires an organizational commitment to an environmental impact. Therefore, considering ecological could affect the economy since the gross domestic products are influenced by the country's climate changes. GA has been faced with several challenges and controversial views. The program has, however, not been adopted in the current accounting systems. Besides, environmental accounting continues to be regarded as an alternative issue to states. Consequently, the involvement of accountants in GA is faced with considerable criticism.Keywords. Green accounting.JEL. L24, N70, N75
A journey to entrepreneurship: Converting a dream into reality - A case study
Get PDFAbstract. Owning one’s own business is the realization of the dreams of many ambitious young men and women. However, business ownership has its rewards and challenges. The rewards are often financial and non-financial. It is one of the best means of wealth creation, but it can be a big disappointment and could have disastrous consequences if the entrepreneur chooses the wrong product/service, does not prepare a complete and realistic business plan, or is not adequately prepared to react to unanticipated difficulties and challenges. The subject in this case, Uchechi Tatsa, is contemplating starting an import business, and trying to prepare the necessary plans that would be appealing enough to a venture capital firm to provide needed seed money. Thus, this case focuses on the planning phase in entrepreneurships, and the ability of a young entrepreneur, with no prior business experience, to create and run a new venture. It is written for potential entrepreneurs and students in Entrepreneurship and introductory business classes.Keywords. Entrepreneurship, The business plan, The business concept, Venture capital, Profit margin, Return on investment (ROI).JEL. F23, G18, G38
The origins of the economics of Innovation
Get PDFAbstract. This study suggests that the origins of the economics of technical change go back to many years before Schumpeter’s contributions. The Scottish philosopher John Rae with his book Statement of Some New Principles on the Subject of Political Economy, issued in 1834, put forward the basis of the Economics of innovation individuating the nature, causes of technological innovations (e.g., steam engine) and effects of technological progress on economic growth of nations. Rae also discusses the evolution and role of vital technologies for the wealth and employment in Europe and North America. Overall, then, Rae’s work is basic for the origin of the Economics of innovation, for defining the domain of this discipline and for explaining the effects of vital technologies in society. However, the conclusions of this study are tentative. There is need for much more detailed research into this research topic. Keywords. Invention, History of technology, Economic growth, New technology, Technological change, Economics of innovation, Economics of technical change.JEL. B11, B12, B31, B40, O30
Symposium about the vocational education and employment of women
Get PDFAbstract. On the 13th of December 2017 the symposium about „The Vocational Education And Employment of Women“ took place, hosted by the Higher Education Board, with the involvement of Julide Sarieroglu, Minister of Labor and Social Security under the leadership of the Women’s Labor Unit in the Academy, and Fatma Betül Sayan Kaya, Minister of Family and Social Policy.Keywords. Education, Women employment.JEL. A10
Did Harvard barometers allow for the prediction of the 1929 Stock market crash?
Get PDFAbstract. The Harvard barometers were an attempt to analyse and predict the business cycles, which took place in the 1920s. An initiative from the Harvard Economic Service (HES), it was one of the first and more important instrument used to try to understand the sequence in the economic fluctuations. This paper reconsiders the accepted position about the Harvard barometers, that using them it was impossible to predict the 1929 Depression. I arrive at a different conclusion. Based on the data from the ABC curves in August 1929, and with an available econometric methodology at that time, it would have been possible to forecast the fall in speculation, as defined in the curve A, whereas the fall in business (B), and in monetary and credit conditions (C) were unpredictable. The stock market crash could have been anticipated. The HES stated that curve A precedes B, and then C. This is not detected. This paper makes use of the harmonic analysis by breaking down series in sinusoidal curves. Taking into account this prediction, this work analyses if aggregation was the factor producing the perceived regularities. The conclusion is negative: aggregation did not produce those cycles, they were in the original data.Keywords. Business cycles, 1929 crash, Forecasting, Periodogram, Economic history.JEL. B23, C43, E32, N12
Supply-side economics and the 2017 Tax Act
Get PDFAbstract. Abstract. Several of the designers of the 2017 Tax Act were prominent as ‘supply side‛ advocates at the time of Reagan tax cuts during the 1980s. The economic argument for supply side tax rate reductions drew on a policy mix framework developed by Robert Mundell as early as 1962. Within that framework, the easy fiscal/ tight monetary policy solution was intended for circumstances of either pressure on reserves or the exchange rate (as during the Kennedy Administration) or of serious domestic inflation (as under the Carter and Reagan Administrations). Tax cuts in the US since the 1980s have not had the intended stimulus effects because neither the currency weakness nor inflationary preconditions have existed. Absent such conditions, tax rate reductions will generate either domestic over-heating or a redistribution of income to those in higher brackets. Any argument in favor of the 2017 Tax Act should not fall back on Mundell’s policy mix advocacy. In contrast, the case for an easy fiscal/ tight money policy may have unexpected force in situations of fixed exchange rates, or where domestic monetary policy options are otherwise constrained or absent – as in Eurozone periphery countries.Keywords. Supply side economics, Robert Mundell, Policy Mix classifications, 2017 Tax Act, Eurozone macroeconomics.JEL. B30, E30, E50, E60, F20