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Lanny Ebenstein, Chicagonomics: The Evolution of Chicago Free Market Economics
Get PDFAbstract. Few 20th century economics departments influenced the discipline as much as the University of Chicago. Among the oldest economics departments, its most distinguished characteristics are its high profile emphasis on market solutions, the colorful figures it attracted and developed, and those it retained. None have attracted the prolific and novel research that went on to win The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.Keywords. Chicagonomics, Alfred Nobel, Free Market Economics.JEL. A10
On the academic making of Dr. Narmadeshwar Jha
Get PDFAbstract. Narmadeshwar Jha was an economist in India who specialized on the economics of Alfred Marshall. Jha passed his MA from Patna University and did his Ph.D. in the University of Leeds, UK. He wrote his well-known book titled “The Age of Marshall: Aspects of British Economic Thought, 1890-1915”. This paper makes an attempt to investigate the academic influences on Jha making him what he was. Keywords. Narmadeshwar Jha, Bhagalpur University, Alfred Marshall, University of Leeds, A.J. Brown.JEL. A23, B13, B31, B41
The impact of macroeconomic variables on stock prices in Tanzania
Get PDFAbstract. This paper examines the relationship between stock prices and macroeconomic variables namely, inflation rate, Treasury bill rate, exchange rate and money supply in Tanzania. The paper uses monthly time series data spanning from January 2012 to December 2016 across 10 companies listed on the Dar es Salaam Stock Exchange. Johansen’s co-integration and vector error correction models have been applied to investigate the long-run relationship between stock prices and macroeconomic variables while considering average stock price on one hand and individual companies stock prices on the other hand. We specify 11 models, whereas model 1 examines the effects of macroeconomic variables on overall stock price, models 2-11 explore the effects of the same macroeconomic variables on individual firm’s stock price across 10 firms. This is important because some firms tend to behave differently as far as changes in macroeconomic variables are concerned. The empirical analysis reveals that macroeconomic variables and the stock prices are co-integrated across all models and, hence, a long-run equilibrium relationship exists between them. Equally important, all regression models pass the specification tests of heteroscedasticity, serial correlation, Ramsey RESET test of specification and Jacque-Bera Normality test. The overall model regression results show that money supply and exchange rate have a positive effect on stock prices. By contrast, Treasury bill rate tends to have a negative effect on stock prices. Inconsistent with the a priori expectation, inflation rate seems to exert no impact on overall stock prices. However, individual firms’ regressions show that the coefficient on inflation is negative and statistically significant in 6 models but weakly significant in 2 models, and positive and statistically significant in 1 model. Similar controversial results across firms are revealed on the other macroeconomic variables while considering individual firms regressions. Nevertheless, money supply is found to be the main determinant of stock and hence, it should be targeted as the main monetary policy aimed at directing the stock market in Tanzania.Keywords. Stock prices, Macroeconomic variables, Error correction models.JEL. D51, H54, O24
Analysis of factors make Turkish economy fragile by LOGIT and PROBIT models (1990.01-2018:05)
Get PDFAbstract. The globalization movements that started towards the end of the 20th century influenced many areas of the economy. As a result of the globalization, despite the persistence of the political borders, countries have established borderless relationships in the economic arena. On the other hand, along with globalization, financial crises have become more frequent in the world economy. In particular, the fact that the 2008 Global Crisis reached serious dimensions made it necessary to take measures to stabilize the markets and to evaluate the factors that would shake the market and make the market fragile. Financial fragility is a concept that is often concurrently used with the concepts of financial instability and financial crisis. Financial fragility is a hypothesis which was developed by Hyman Minsky and is different from both concepts and also is interactively affected by instability and crises. In this study, unlike other studies with reference to Minsky's financial fragility hypothesis, we aimed to identify the factors that make fragile the financial markets in Turkey. Logit and probit models were studied with the data of 1990:01-2018:05 period. With reference to the study results, the increase in ratios of the volume of bank loans and M2 occur reserves increases the possibility of future crises. Besides, it is found at the end of the study that a decrease in the composite leading indicators index and in M2 in the BIST 100 index will strengthen the probability of a crisis.Keywords. Financial fragility, Minsky hypothesis, Logit model, Probit model.JEL. G00, C12, B23
Governance over economics: Making globalisation good for the poor
Get PDFAbstract. The paper employs different definitions of inequality/ equality and investigates how globalisation is associated with these welfare measures. The nations’ proximity to post modernism development culture through international cooperation may enable countries to strengthen their social, economic, legal and political institutions. We find that adopting well developed institutional governance practices as matter of greater integration with modern 21st century governance culture creates thriving middle classes in developing countries enabling a downward pressure on inequality of incomes and wages. In contrast, integration of goods and services with world markets puts upward pressure on the wages of skilled in contrast with the unskilled causing industrial wage inequalities in both developed and developing countries. The paper recommends in line with the recent literature on pre mature de industrialisation phenomenon that countries may protect their local industries to provide jobs to locals and thus enable the gains of trade to be more equally distributed among the populations. This can be done by choosing the second best option towards global integration and that is to promote regionalism within geographical clusters.Keywords. Globalisation, Governance, Middle Class, Inequality.JEL. F60, G30, G38
Clower’s Dual-Decision Hypothesis is economics
Get PDFAbstract. Though Wu (2017) has shown Clower’s Dual Decision Hypothesis leading to Keynes’ change in saving (and disequilibrium) conclusion, it is important to compare Clower’s budget constraint approach with other models, including those found in Hall’s consumption theorem and similar approach. In Clower, by assuming that, consumers may not satisfy the budget constraint, one cannot automatically assume Hall’s consumption theorem to hold. And, by showing how households need to optimize contingent on the satisfaction of their budget constraint, Clower was, in effect, creating a feedback mechanism.Keywords. Keynes, Clower, Keynesian, Disequilibrium, Dual Decision Hypothesis, Consumption, Martingale, Saving, Growth, Income, Trade, Feedback.JEL. A10, B2,B22, C20, E20, E60, F00, J00, N10
The case for a market for livers
Get PDFAbstract. Liver transplantation is a necessary procedure to save the lives of thousands of people suffering from a multitude of diseases. Unfortunately, there are currently 14,301 individuals in the United States in dire need of a liver currently on the wait list, with more people added each year than removed as a result of successful transplantation. This is largely due to the National Organ Transplant Act of 1984’s outlawing the compensation of donors for their organs, which, in concurrence with basic economic theory, has resulted in a vast supply shortage. This paper aims to assess the state of the organ transplantation system in the United States and make the case that compensation for organ donors will not only remedy the vast shortage, but would prove to be a more economical alternative than the status quo. Keywords. Market for livers, National organ transplant.JEL. I11, I18
Case study of cognitive expressionism in Pakistani politics: The secret of Mian Muhammad Nawaz Sharif’s wealth
Get PDFAbstract. The case study explains the role of cognitive expressionism in Pakistani politics by discussing the example of one of the most popular and persistent political personality of the country.Keywords. Religion, Politics, Cognitive Synchronization.JEL. A10
Is 2018 the year of the restoration of the Greek economy?
Get PDFAbstract. The exit of Greece from the eight-year programs is a landmark for the emergence of the country from the depths of austerity. But the country still has a lot of challenges to face. And we are referring to the country's commitments to primary long-term surpluses and the completion of reforms. Aristos Doxiadis summarizes the challenges on the following: “We are coming from a place where local demand is dead. The biggest challenge now is to create an environment where investments can be made”.Keywords. Economic crisis, Memorandums, Greece.JEL. A10, A11, A12
Did early mathematics know about God: Harvard's Project 0
Get PDFAbstract. A long history of conflict as is in detail covered by Huntington (2007) between religious thought among different cultures have created disenfranchisement to the concept of divinity and it is seen to be in contrast to modernism and science. The paper rectifies this conflict by suggesting early reference to God was the very outcome of a scientific mind not restricted to any one culture.Keywords. Divinity, Cultural Exchange.JEL. L24, N70, N75