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How Does the Middle-Class Share Affect Growth and Distribution in a Three-Class Economy?
Full text linkThis study presents a three-class economy model (workers, middle class, and capitalists) and investigates how the middle-class share evolves over time. It also examines the relationship between the middle-class share and economic growth. Depending on the parameters and initial conditions, three different long-run situations arise: (i) an Anti-Dual equilibrium, in which workers and capitalists coexist while the middle class vanishes; (ii) a Pasinetti equilibrium, in which all three classes coexist; and (iii) a Dual equilibrium, in which workers and the middle class coexist while capitalists vanish. An expanding middle-class share either increases or decreases economic growth depending on the conditions
Global Digitalization of Tax Administration: Lessons for Cameroon
Full text linkDigitalization is an essential tool for the delivery of public services. The emergence of such services has taken the form of electronically
mediated services such as e-taxation or e-filing. The process of digitization has equally seen the emergence of better information, better systems, and better policies, which will improve transparency, accountability, and governance whilst boosting tax revenues in Cameroon. Additionally, fiscal policy can be more targeted, achieving specific objectives such as supporting domestic demand, boosting
fixed business investment, not least introducing and expanding a social safety net. The paper concludes with recommendations that enhance transparent revenue collection, streamline administrative procedures, and bolster governance. The ultimate findings are that Digitization will facilitate access to the tax base, broaden it, and enable more agile fiscal policies designed to bolster incomes, consumption, and investment
Manufacturing Innovation and the Role of Entrepreneurship
Full text linkThis review examines the pivotal role of entrepreneurship in fostering innovation within manufacturing industries. This article synthesises theoretical, empirical, and policy-oriented insights. I explore how entrepreneurial activities, whether through independent start-ups, SMEs, or intrapreneurship within established firms, act as critical catalysts for technological upgrading in manufacturing sectors. The analysis integrates innovation theory, the knowledge spillover perspective, and entrepreneurial ecosystem frameworks, while also emphasising the embedding of entrepreneurship within institutional contexts. Our findings reveal that the effectiveness of entrepreneurial-led manufacturing innovation is highly contingent on factors such as ecosystem health, networks, policy design, and cultural milieu. The review identifies key debates regarding the quality versus quantity of entrepreneurship, the optimal role of the state in ecosystem development, and contextual nuances influencing entrepreneurial outcomes. Emerging research frontiers including digital manufacturing entrepreneurship, comparative ecosystem studies, and multi-level dynamic analyses are proposed as promising avenues for future inquiry. In conclusion, the article asserts that entrepreneurship remains a linchpin of manufacturing innovation, but realising its full potential requires a nuanced orchestration of formal institutions, social capital, firm-level capabilities, and policy interventions aligned with sustainable development goals
Comparative Asymptotic Analysis of Economic Modeling Techniques Under Tariff Perturbations: Demonstrating the Superiority of Delayed Differential Equations (DDEs)
Full text linkEconomic modeling plays a crucial role in understanding the dynamics of policy shifts, such as tariff perturbations, on national and global economies. This paper provides a comparative analysis of four prevalent modeling techniques—Laplace Transform, Ordinary Differential Equations (ODEs), Partial Differential Equations (PDEs), and Delayed Differential Equations (DDEs). The paper demonstrates that while traditional models like ODEs and PDEs are useful in certain contexts, DDEs are superior for modeling economic systems with time delays and feedback mechanisms, which are inherent in many real-world scenarios, particularly when assessing the effects of tariff changes
The relationships between political stability, arms imports, oil exports, and GHG emissions: a CS-DL approach for eight Gulf countries
Full text linkWe study the relationships between arms imports, political stability, oil exports, gross domestic product, and greenhouse gas emissions by considering a panel of eight oil-exporting countries of the Gulf region and yearly data between 2000 and 2023. Since there is cross-sectional dependence between our considered variables, second-generation panel unit root and cointegration tests are used. In addition, we use the cross-sectional distributed lag (CS-DL) methodology to estimate our long-run coefficients. Several new and interesting results are deduced. Arms imports increase political stability and economic growth. Political stability increases oil exports and reduces greenhouse gas emissions. Oil exports reduce arms imports. Oil-exporting Gulf countries are advised to continue importing and plan the production of high-tech weapons to strengthen their political stability. This latter enables them to elaborate and realize energy efficiency and renewable energy strategies, transforming them into producing and exporting renewable energy countries
Evaluation of Export Sector of Pakistan; Policies, Regulations and Practices
Full text linkThe export sector plays a crucial role in Pakistan’s economy, driving GDP, industrial growth, and foreign exchange revenues. However, Pakistan’s export performance faces significant challenges, including over-reliance on textiles, insufficient diversification, and structural inefficiencies. This paper explores the factors limiting growth, such as regulatory bottlenecks, poor infrastructure, and limited value addition. It identifies promising sectors like IT, pharmaceuticals, and agriculture-based products, which could boost export revenues if developed effectively. To overcome these challenges, a comprehensive policy framework focused on export diversification, infrastructure improvement, and market expansion is necessary. The paper offers actionable recommendations, drawing on international best practices, to modernize Pakistan’s export sector, enhance competitiveness, and foster sustainable economic growth. The findings highlight the importance of strategic interventions to transform the sector into a key driver of economic development
Assessment of quality and efficiency in higher education system. Empirical study for the EU countries
Full text linkHigh quality and efficient education are fundamental to a country's development. As a result, the continuous assessment of the quality and efficiency of education remains a subject of constant debate. This has led to an increased interest in developing evaluation methods that are as reliable as possible. In this paper, we assess the quality and efficiency of higher education by constructing composite quality and efficiency indices, using various statistical methods for European Union's countries for the year 2022. For the construction of the composite quality index, we considered nine variables, then we used principal component analysis (PCA) to determine the importance of each variable, whereas the weighting method was applied in order to extract the factor loading coefficients of the score matrix. To construct the composite efficiency index, eight variables were analysed and we applied stochastic frontier analysis (SFA), which estimated a production frontier and measured the random inefficiency of production units. Inefficiency scores were obtained for each country and were combined with the outputs considered in the analysis to provide an overview of the efficiency of decision-making units (DMUs). These results were then correlated with the number of universities included in the international top rankings using the Spearman coefficient. Our findings reveal a positive correlation between the two composite indices and the number of universities featured in these rankings for each country analysed. This confirms that the analysed variables provide insight into the quality and efficiency of higher education system in these countries, which could increase the number of universities included in the international rankings
What are asset price bubbles? A survey on definitions of financial bubbles
Full text linkFinancial bubbles and crashes have repeatedly caused economic turmoil notably but not only during the 2008 financial crisis. However, both in the popular press as well as scientific publications, the meaning of bubble is sometimes unspecified. Due to the multitude of bubble definitions, we conduct a systematic review with the following questions: What definitions of asset price bubbles exist in the literature? Which definitions are used in which disciplines and how frequently? We develop a system of definition categories and categorize a total of 122 papers from eleven research areas. Our results show that although one definition is indeed prevalent in the literature, the overall definition landscape is not uniform. Next to the mostly used definition as deviation from a present value of expected future cash flows, we identify several other definitions, which rely on price properties or other specifications of a fundamental value. This research contributes by shedding light on the possible variations in which bubbles are defined and operationalized
Asymmetric Effects of Oil Price Shocks on Economic Growth and Inflation in Asia: What do We Learn from Empirical Studies?
Full text linkAsymmetric impacts of oil price shocks on key macroeconomic variables are caused by some important effects, such as income effect, uncertainty effect, precautionary saving effect, irreversible investment and reallocation effects. Due to these effects, output and prices respond diferently to oil price increases and decreases. This asymmetry hypothesis has been empirically tested by many economists. This paper surveys recent empirical studies on the asymmetric impacts of oil price shocks on economic activity and inflation in Asia. The empirical findings in Asian economies shows that the responses of output growth to oil price shocks in Japan and South Korea tend to be asymmetric while the responses of inflation seem to be symmetric. For China, the largest oil-importing in Asia, the empirical results show that asymmetry is increasingly discovered. The results of the responses of inflation to oil price shocks in China do not favor the asymmetry hypothesis. The findings in the ASEAN5 economies are likely to support the symmetry hypothesis. In South Asian economies, only few studies favor the asymmetry hypothesis. Because empirical results for other Asian countries are not widely investigated, it is too early to draw some conclusions. One important finding is that Asian oil-exporting countries, Indonesia, Malaysia, and Vietnam, might not escape the adverse impacts of oil price shocks on output growth. Since output and inflation can be unfavorably affected by oil price shocks, some researchers will recommend accommodative monetary policy along with exchange rate policy to stabilize the responses of output and prices when oil price tends to increase in a high oil price regime
Bangladesh’s Development Journey: Economic Transformation, Social Progress and Future Challenges
Full text linkThis paper conducts an in-depth examination of the diverse economic and social factors that have influenced Bangladesh’s development, charting its progress from pre-independence stagnation and post-war reconstruction to its rise as a resilient and increasingly prosperous nation in South Asia. The country’s transition from a conflict-ridden, least-developed economy to an upper-middle-income status serves as a compelling case within development. The study explores crucial aspects such as macroeconomic policies, trade and investment environment, agricultural technological progress, and remittance inflows. On the social side, it assesses demographic changes, education, healthcare, gender dynamics, and the effects of rapid urbanization. Furthermore, the paper discusses ongoing challenges, including poverty, inequality, environmental issues, and governance, while emphasizing the importance of technological innovation. By analyzing these fundamental factors, the study sheds light on the policies that have driven Bangladesh’s economic progress and outlines key strategies to ensure its continued and sustainable development