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A proven solution for Lebanon’s economic crisis: A currency board
Full text linkAbstract. Lebanon is currently facing a financial crisis marked by rising inflation rates and a black-market exchange rate that is significantly diverging day-by-day from the official exchange rate. In this paper, the author dives into Lebanon’s financial history and what actions undertaken by the government since the civil war have led to this crisis. After a thorough examination of the current economy, the author compares Lebanon’s present day financial crisis to the one faced by Bulgaria in the 1990s and concludes that the implementation of a currency board is a viable solution for restoring the strength of the Lebanese pound and ushering in financial stability.Keywords. Currency board, Lebanon, Bulgaria.JEL. E58; G01; L25
Ashish Gupta & Amir Ullah Khan, India’s Infrastructural Challenges
Full text linkAbstract. India's congested road transport system, inordinate delays in railway passenger and freight movements, inefficient and lengthy turnaround time at ports, and fast-growing but overstretched airport sector all add to significant capacity constraints. According to experts, it also hurts the country’s potential growth trajectory by as much as 4 per cent to 5 per cent. Thus, infrastructure development can help remove some of these inefficiencies and contribute immediately to economic expansion through its multiplier effect and support more robust long-term growth.Keywords. Transport system; Infrastructural challenges; India.JEL. A13, C70, D11
Classicals versus Keynesians: A comprehensive table to teach 50 distinctions between two major schools of economic thought
Full text linkAbstract. Macroeconomics essentially discusses macroeconomic phenomena from the perspectives of various schools of economic thought, each of which takes different views on how macroeconomic agents make decisions and how the corresponding markets operate. Therefore, developing a clear, comprehensive understanding of how and in what ways these schools of economic thought differ is a key and a prerequisite for economics students to prosper academically and professionally in the discipline. This becomes even more crucial as economics students pursue their studies toward higher levels of education and graduate school, during which students are expected to attain higher levels of Bloom’s taxonomy, including analysis, synthesis, evaluation, and creation. Teaching the distinctions and similarities of the two major schools of economic thought has never been an easy task to undertake in the classroom. Although the reason for such a hardship can be multi-fold, one reason has undoubtedly been students’ lack of a holistic view on how the two mainstream economic schools of thought differ. There is strong evidence that students make smoother transition to higher levels of education after building up such groundwork, on which they can build further later on (e.g. Didia and Hasnat, 1998; Marcal and Roberts, 2001; Islam, et al., 2008; Green, et al., 2009; White, 2016). The paper starts with a visual spectrum of various schools of economic thought, and then narrows down the scope to the classical and Keynesian schools, i.e. the backbone of modern macroeconomics. Afterwards, a holistic table contrasts the two schools in terms of 50 aspects. Not only does this table help economics students enhance their comprehension, retention, and critical-thinking capability, it also benefits macroeconomic instructors to gain a holistic view and deliver such a view more easily in their classrooms. The pedagogical aspects of this approach are discussed throughout the paper with reference to the economics education literature.Keywords. Classicals; Keynesians; Economic schools of thought; Teaching of economics; Macroeconomics, and pedagogy.JEL. A10; A22; A23; B10; E10
Meaning of a political system
Full text linkWitnessing the actual Trump presidency, one searches for conceptual tools to document US decline. The World Justice Project (WJP) comes to mind, attempting to measure rule of law (RL) comparatively. The WJP presents interesting findings for 2017-2020. Canada ranks higher than USA. Venezuela is bottom 128 country. Rationale of rule of law?Keywords. Limited government; Countervailing competences; Natural regularity; Moral law of nature; Locke.JEL. D72; P16; P26; P48
Influencers on economic issues in Latin America, Spain and the United States II
Full text linkAbstract. The technological progress in our modern societies has witnessed the emergence of persons who deploy different means of communication across social networks, seeking to generate an impact among their audiences. These efforts in social media communications attempt to alter consumption preferences and patterns, political choices, as well as reinforce or modify opinions of all sorts and stripes. Individuals who attain greater relevance due to effects they trigger on third parties are characterized as influencers, and one of their preferred means of communication are online platforms or social media. Among them, Twitter stands out as the most conducive space for debates on ideas, political parties, or public policies. This social media platform is a microblogging service that allows a person to send short messages (up to 280 characters) that are displayed on a user’s individual page, and that are replicated on their followers’ pages. In this paper, we aim to identify the most important influencers in Latin America, the United States and Spain, who use this social media network to debate issues primarily related to economics and economic policy. On this subject, there is a very strong discussion about the role that the government should play in economic life, the pros and cons of greater regulation, the problem of income distribution, the impact of inflation, and the nature of free markets and capitalism. We will first describe the methodology we employed, in order to then proceed to illustrate a ranking of the ten most relevant influencers, in terms of number of followers, from Argentina, Brazil, Colombia, Chile, Mexico, Spain, and the United States. We then explore their profiles and present an analysis of the economic issues debated on the relevant Twitter accounts on a per country basis. Based on this analysis, we present a hypothesis on the positioning of influencers in economic matters. Finally, the global reach of the universe of influencers that are considered in this essay is described and measured.Keywords. Technological progress; Social media communications; Influencers; Economists.JEL. A10