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A Unified Axiomatic Theory of Microeconomics: Market Structure and Equilibrium
Get PDFWe propose a unified axiomatic theory of microeconomics, aiming to establish a new benchmark model that supersedes the traditional Walrasian perfect competition baseline. This framework bridges the theoretical divide between General Equilibrium theory and modern Industrial Organization (IO), offering a more accurate representation of complex economic realities.
This theory takes the behavioral rules of firms in real markets as the endogenous mechanism through which market structures are generated, replacing the standard practice of imposing perfect competition, monopoly, and other market forms as exogenous assumptions. Under a set of minimal axioms (consumer utility maximization, firm profit maximization, firm entry/exit mechanisms, and market clearing) and by introducing realistic cost and demand structures (firm-level cost heterogeneity, fixed costs, and demand elasticity, among others), pricing behavior and market structures long treated as exogenous (such as perfect competition and monopoly) are derived endogenously as equilibrium outcomes of firms' profit-maximizing behavior. Within a single framework, the theory nests traditional cost and marginal analysis, game-theoretic approaches to imperfect competition, and the Walrasian general equilibrium model; different regions of the parameter space naturally yield equilibrium outcomes corresponding to perfect competition, monopoly, monopolistic competition, and competitive-fringe structures. Our analysis shows that perfect competition is only a highly symmetric and intrinsically unstable equilibrium point: even small cost differences suffice to push the system toward more common monopoly or oligopoly configurations, while positive feedback mechanisms render these structures stable, helping to explain why market power is not easily competed away. Under empirically observable premises, the theory coherently derives the principal market forms and, in doing so, clarifies the domains of applicability of various classic models. It can also be used to predict which market structures industries will evolve toward under given conditions, providing a unified and operational theoretical foundation for empirical research, industrial policy, and firms' business and competitive strategy decision-making
The role and importance of EU Institutions in advancing the circular economy
Get PDFThe European Union (EU) needs to embrace more circular economy (CE) principles in order to achieve a complete transition from the Fordic (linear economy) archetype to a sustainable paradigm. The central challenge is to deploy sustainable waste management (SWM) as the policy lever for the achievement of sustainable development goals (SDGs), especially SDG11 and SDG12. This report aims to: (i) map the EU’s institutional architecture alongside global waste conventions (Basel, Rotterdam, Stockholm, OECD); (ii) promote a coherent common waste framework (e.g., Waste Framework Directive); and (iii) address hazardous and special streams (e.g., ELVs, etc.). The report concludes that there are rising material footprints, hazardous-waste burdens, health externalities, and financing and cultural barriers; therefore, there is a need to further extend the waste hierarchy. The report presents relevant policy implications and guidance for CE implementation toward the Agendas 2030 and 2050, the European Green Deal and other related frameworks such as the Circular Economy Action Plan
Seasonal ARIMA models with a random period
Get PDFA general class of seasonal autoregressive integrated moving average models (SARIMA), whose period is an independent and identically distributed random process valued in a finite set, is proposed. This class of models is named random period seasonal ARIMA (SARIMAR). Attention is focused on three subsets of them: the random period seasonal autoregressive (SARR) models, the random period seasonal moving average (SMAR) models and the random period seasonal autoregressive moving average (SARMAR) models. First, the causality, invertibility, and autocovariance shape of these models are revealed. Then, the estimation of the model components (coefficients, innovation variance, probability distribution of the period, (unobserved) sample-path of the random period) is carried out using the Expectation-Maximization algorithm. In addition, a procedure for random elimination of seasonality is developed. A simulation study is conducted to assess the estimation accuracy of the proposed algorithmic scheme. Finally, the usefulness of the proposed methodology is illustrated with two applications about the annual Wolf sunspot numbers and the Canadian lynx data
Insurance, Pensions, and Mutual Funds on Economic Growth
No full textEarlier studies examining the impact of insurance sector activity on economic growth have produced mixed and often inconclusive results. This study re-examines the growth effects of financial development by jointly analyzing life insurance premium volume, non-life insurance premium volume, insurance company assets, pension fund assets, and mutual fund assets. Using annual panel data for 33 developed and developing countries over the period 2000--2016, we apply a panel Autoregressive Distributed Lag (ARDL) framework employing the Pooled Mean Group (PMG) and Mean Group (MG) estimators. The results provide robust evidence of cointegration among the variables and indicate that insurance sector development and mutual fund assets have a positive, statistically significant impact on economic growth in both the short- and long-run. These findings highlight the importance of contractual savings institutions as key channels through which financial development supports long-term economic performance
Export Performance of Vietnamese Manufacturing SMEs: A PLS-SEM Test of Resource-Based Determinants, Absorptive Capacity, and International Competition
No full textExport performance has become increasingly important for Vietnamese manufacturing SMEs as they face digital transformation and stronger global competition. This study investigates how resource-based determinants affect the export performance of Vietnamese manufacturing SMEs, with absorptive capacity (mediation) and international competition (moderation). Cross-sectional survey data from 420 manufacturing SMEs in Vietnam, collected during February–August 2025 and completed by authorized firm representatives (owners/ directors/ senior managers). Partial Least Squares Structural Equation Modeling (SmartPLS 4.1) with 5,000 bootstraps was employed. Digital transformation (β = 0.304, p < 0.01), logistics infrastructure (β = 0.289, p < 0.01), and human capital (β=0.284, p<0.001) are the strongest predictors; marketing capability (β = 0.124, p < 0.01) and access to finance (β = 0.108, p < 0.01) are positive. Absorptive capacity positively affects exports (β = 0.161, p < 0.01) and mediates four determinants (largest for human capital, indirect β = 0.046, p < 0.01). International competition strengthens the effect of human capital (β = 0.115, p < 0.01) but weakens marketing capability (β = -0.102, p < 0.01). The model explains 57.3% of export performance variance. These findings highlight the need for policies promoting digital adoption, logistics upgrades, and human-capital development, while firms should enhance learning capabilities and recalibrate marketing strategies under increasing competitive pressure
The impact of social responsibility on the competitive advantage of small and medium-sized enterprises in Hanoi, Vietnam
No full textSmall and medium-sized enterprises account for more than 98.2% of total enterprises in Hanoi and contribute significantly to the city’s employment, innovation, and GDP. This study aims to analyze and evaluate the influence of corporate social responsibility and green marketing on the competitive advantage of small and medium-sized enterprises in Hanoi, Vietnam. With 292 valid survey responses, data analysis was conducted through PLS-SEM. The study results show that corporate social responsibility and green marketing are critical to the competitiveness of small and medium-sized firms in Hanoi. Corporate social responsibility positively influences green marketing (β = 0.812, p < 0.01) and corporate reputation (β = 0.458, p < 0.01). Similarly, green marketing strongly impacts corporate reputation (β = 0.440, p < 0.01), while corporate reputation contributes substantially to competitive advantage (β = 0.794, p < 0.01). Indirect effects were also observed. Accordingly, corporate social responsibility and green marketing enhance competitive advantage through corporate reputation, with indirect path coefficients of 0.364 and 0.350, respectively. Additionally, corporate social responsibility indirectly affects corporate reputation via green marketing (β =
0.358, p < 0.01). The findings show that integrating corporate social responsibility and green marketing strategies improves enterprises’ reputation, which in turn improves competitive advantages
Balancing Compliance and Transparency: A Comparative Analysis of Takaful and Conventional Insurance in Pakistan
Get PDFThis research undertakes a comparative analysis of governance practices, transparency, ethical compliance, and consumer protection in both conventional insurance and Islamic insurance (Takaful) within the context of Pakistan from 2016 to 2022 both theoretical frameworks and empirical data for comparative evaluation. Employing a mixed-methods approach, the study evaluates 20 insurance companies, comprising 10 conventional insurers and 10 Takaful operators by analyzing dimensions such as board governance, disclosure transparency, consumer protection mechanisms, and ethical investment practices, through qualitative thematic analysis and quantitative disclosure scoring. The findings indicate that Takaful firms demonstrate stronger performance in governance (e.g., board independence), Shariah compliance (e.g., investment screening), and ethical consumer practices (e.g., dispute resolution and product disclosure), whereas conventional insurers excel in financial transparency, particularly in areas such as profit reporting and financial statement standardization. Despite these strengths, ethical disclosure remains limited within conventional insurance models, while Takaful operators face challenges related to inconsistent surplus distribution reporting. The study recommends policy-level reforms, organizational strategies, and further academic inquiry to promote ethical and inclusive insurance practices in Pakistan. It also underscores the need for standardized regulatory frameworks and enhanced stakeholder stewardship to ensure a balanced and accountable insurance sector
The Structural Current Account Deficits of Emerging Market Economies: Trade, Income and Transfers
Get PDFThe current accounts of most emerging economies include primary income deficits, which in turn largely consist of investment income payments on foreign direct investment earnings. For these countries, the persistent deficits have become a structural component of the current account. In addition, for some countries secondary income, which includes personal transfers from workers who are abroad, is also crucial. These surpluses partly offset the deficits in trade and primary income. We examine the response of the trade balance, primary income and secondary income balances to macroeconomic factors in a sample of 24 emerging markets economics over the period of 1990 – 2022. We use seemingly unrelated regressions models with random effects to account for correlated errors across the three equations and compare these results with the results of an estimate of the current account. The responses of the three sub-balances to policy and control variables varies widely, which can complicate efforts to lower a current account deficit. We examine the response of the three sub-balances to financial crises, which increase the current and trade accounts. We also discuss the use of retained earnings to finance new FDI
The Joule Standard: A Thermodynamic Theory of Monetary Evolution and Civilizational Collapse
No full textStandard economic models often treat money as a social construct independent of physical laws. This paper proposes a unified thermodynamic theory of value, positing that monetary systems are information protocols evolved to maximize entropy production in dissipative structures (civilizations).
By analyzing 10,000 years of economic history—from the Neolithic
era to the Digital Age—we demonstrate a strict linear relationship (R2 = 0:9934) between the Real Cost of Energy (E) and the Granularity of Money (G). We derive the Equation of Value, G / E, where the value of the accounting unit scales directly with the energy cost of labor. This framework resolves historical anomalies such as the collapse of the Roman Denarius and the failure of the 20th-century Gold Standard, interpreting them not as policy errors, but as thermodynamic phase transitions. The theory predicts that the current decline in the marginal cost of energy (via AI and renewables) necessitates a transition to a monetary substrate with near-infinite divisibility and zero friction
Les facteurs explicatifs de l’achat de vêtements et d’accessoires de seconde main sur les plateformes en ligne
No full textThis study analyzes the determinants of purchasing second-hand clothing and accessories on online platforms. A qualitative analysis was conducted with 33 participants through semi-structured interviews to understand their behaviors and shopping experiences. The data were processed using a triangulation method, combining a manual thematic analysis of the interviews and a lexical analysis assisted by the Sphinx iQ3 software, in order to strengthen the reliability of the results. The findings show that these purchases are associated with economic, ecological, hedonic, and uniqueness values, and highlight the role of informative and descriptive visual content on the platforms, which facilitates the evaluation of items and enhances the shopping experience through detailed content that allows consumers to better understand the condition and specific features of the products. This practice promotes resource reuse and fits fully within a circular economy and responsible consumption approach