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Information Theory and Thermodynamics
Get PDF Abstract. A communication theory for a transmitter broadcasting to many receivers presented. In this case, energetic considerations cannot neglected as in Shannon theory. It is shown that, when energy is assigned to the information bit, information theory complies with classical thermodynamic and is part of it. To provide a thermodynamic theory of communication it is necessary to define equilibrium for informatics systems that are not in thermal equilibrium and to calculate temperature, heat, and entropy with accordance to Clausius inequality. It shown that for a binary file, the temperature is proportional to the bit energy and that information is thermodynamic entropy. Equilibrium exists in random files that cannot compressed. Thermodynamic bounds on the computing power of a physical device, and the maximum information that an antenna can broadcast are calculated.Keywords. Information theory, Thermodynamics, Entropy.JEL. C62
Economics and how Obama could have lost the 2016 election too
Get PDFAbstract. During the 2016 U.S. election, many voters from democratic (‘blue wall’)states, which have voted consistently in the past elections for the democrats, suddenly moved back into the Republican fold. During this election, the primary economic issue was supposed to be NAFTA, both Bernie Sanders and Donald Trump claimed it has been responsible for U.S. manufacturing job losses. So, what is the effect of trade on personal income and in particular manufacturing income and employment? Still, manufacturing losses are unlikely to explain democratic losses in rural areas, such as Wisconsin, where farm voters switched parties. What is the relationship between farm income and election result? Finally, are farmers Republican, Democrat or Independent? Or just pragmatic?Keywords. Consumption, Martingale, Savings, Growth, Income, Election, Trade.JEL. E12, E21, J30, F41, B00
Does Clower’s Dual-Decision Hypothesis lead to the change in saving conclusion in Keynes’s General Theory?
Get PDFAbstract. Keynes’ General Theory (1936) is probably the most challenging economics book ever written, with an abundance of hypotheses, concepts and theories. Twenty five years after its publication, Clower proposed an insightful explanation on Keynes, the Dual-Decision Hypothesis (DDH). Hall (1978) and Flavin (1981) seemingly reached the conclusion that, under certain conditions, consumption was independent of income. In contrast, Wu (2016) has shown that, change in saving has to be a function of income growth. In fact, applying Wu’s corrected consumption for period t+1, it is possible to show DDH equations leading to Keynes’ change in saving (and disequilibrium) conclusion.Keywords. Keynes, Clower, Keynesian, Disequilibrium, Dual decision hypothesis, Consumption, Martingale.JEL. A10, B2, B22, C20, E20, E60, F00
Philip Mirowski & Dieter Plehwe (Eds.), The Road from Mont Pelerin: the Making of the Neoliberal Thought Collective
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Nomination Commitee Attributes and Firm Performance: Evidence from Finance Companies in Malaysia
Get PDFAbstract. The paper examines the impact of nomination committee attributes on the performance of finance companies in Malaysia. Our panel data is composed of annual data for finance companies listed on the main market of Bursa Malaysia over the period 2004 to 2011. The result indicates that finance expertise of directors’ on nomination committee influences accounting returns positively while membership of executive on nomination committee affects accounting returns negatively. This indicates that the requirement of Bank Negara that nomination committee should be composed of non-executive directors is appropriate and suggests that the regulators should recommend companies to include directors with finance expertise in the nomination committee in future policy formulation.Keywords. Nomination committee, independent directors, finance companies, firm performance.JEL. E62, H54, O40
Waqf for Poverty Alleviation: Challenges and Opportunities
Get PDFAbstract. This Study seeks to adapt the framework practiced by various MDBs particularly international Development Association (IDA) to the potential establishment of GobalWaqf fund as this framework is proven to be effective. The framework revolves around the IDA operations with replenishments, allocation of funds by implementing specific formulas and the determination approach which is mainly to monitor effectiveness of the earlier processes. Apart from this framework, it is suggested that a good governance system also plays a vital role in the raising and managing of the global waqf funds. This research is purely qualitative in nature by studying the mechanisms used in IDA and other MDBs and drawing their examples and experiences. The lessons learnt are meant to complement further the fundamentals of Waqf. This study finally proposes indicators that integrate with the targets of an Islamic vision of development, which could facilitate the allocation of funds. The steps to raise funds for global waqf fund are also proposed with the objective of creating more effective approach for raising of funds for a global Waqf fund.Keywords: Waqf and Zakah, Islamic microfinance, Regulatory systems.JEL. A13, D64, G21, G23, I38, O10
Pancasila Economic and The Challenges of Globalization and Free Market In Indonesia
Get PDFAbstract. The crisis of economy in Indonesia forces the government to reform its economic development paradigm. The new paradigm development refers to great attention of economic-societies such as cooperation. Those involve in the planning of national economic development as well as the planning of society development. This article aims to define the combination between Islamic economic and economic of Pancasila to pressure the identity of Indonesian state in globalization era.Keywords. Pancasila economic, Islamic economic, Globalization, Free market.JEL. A11, F6, G18, H1, N2, O57, P5, Z21