Journal of Economic and Social Thought
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The socio-economic and business relationships between Turkish and Nigeria
Get PDFAbstract. Nigeria is a country colonized by Britain in 19th century and got its independence in 1960 with the condition of remaining as one of the Commonwealth of Nations. Nigeria is a West African Nation with apopulation of 200 million people. Is a country endowed with many natural resources and at the same time the highest petrol exporter among African countries. Nigeria has also huge amount of Natural Gas. The country has 910.802 km2 of land mass. %49.9 of Nigerians live in urban centres while %51.1 live in village areas. As a result of the fall of petrol prices in 2014 Nigeria’s economy has decreased by -%6.3 and later appreciated a litle bit by %2.7. In 2016 the economy has decreased by -%2.2. The inflation rate in 2015 was %9 while it doubled to %18.8 in 2016. The major challenges of Nigeria’s economic growth are the lack of enough investors, energy bottleneck, bad leadership and inadequate Access to fund for private sector. Another problem faced by the economy of Nigeria is bribery and corruption. Additionally, the Boko Haram crises make foreign investors to run away from the country. The attacks on oil companies, wells and installation in the oil-rich Niger Delta region together with the abduction of foreign nationals have negatively affected Nigeria’s economy. As a result of these poverty and joblessness become the order of the day. Nigeria being rich in petrol and natural gas resources can be said to become Turkey’s strategic business partner. Turkey Nigeria relationship dated back to 1960s. Since this period to date, Turkey and Nigeria cooperated in the areas of economic development, education and defence. There are almost 3 thousand Nigerian studentsstudying in different Universities across Turkey. In 2015 25 thousand Nigerian tourists visited Turkey. In the last years due to the ability of 19 Turkish Universities to be among the best Universities in the world, Turkey has experinced great flood of foreign students. Due to this the review of the economic resources of the two countries will benefit both. In this work Turkey-Nigeria economic relationships would be examined and analysed. Keywords. Education, Health, Trade and socio-economic relationship, Nigeria, Turkey.JEL. F10, F13, F18
Legacies of rational expectations, Lucas’s contributions, and philosophy of time and existence
Get PDFAbstract. This paper explores the close affinity between the theory of rational expectations that revolutionized economics in the 1960s and 1970s and the phenomenology of consciousness and human existence in philosophy that preceded it. In so doing, we trace the evolution of the views in economics on the decision making modes and the role of the market system, from Keynes, to Friedman, to Muth, and then to Lucas, and place the theory of rational expectations in perspective in relation to the phenomenology of the inner time consciousness a la Husserl and of human existence a la Heidegger as well as to Aristotle's ethics of human life as a life of actions. It is argued that the theory of rational expectations, along with its insight and implications, has brought economics to its home ground, that is, the ethical nature of human existence. Keywords. Intertemporal optimization, Rational expectations, Phenomenology, Internal time consciousness, Human existence, Anticipation, Environment, Neutrality of money, Econometric policy evaluation, Ethical nature.JEL. A12, B10,B11, B20,B21, B22, D01, E00, E41
What defines national interest for India and Pakistan: Economy, politics or religion?
Get PDFAbstract. Recent political history of India suggests that religion has become a dominant force in country’s politics. Here lies the irony the world has put a deaf year to by still accepting India as being secular democracy instead of a country dominated by Hindu identity. This Hindu identity defines India’s security agenda as well as its relationship with the world. Country like US is comfortable with India under every President irrespective of being a Republican or a Democrat. Keywords. South Asia, Politics, Religion.JEL. A10
Revisiting economic integration in West Africa: A theoretical exposition
Get PDFAbstract. The signing of regional trade agreement between the Economic Community of West African State and Switzerland in 2017 provides a renewed and ambitious blueprint for economic integration and developmental strategies in West Africa. However, one of the remarkable features of the historic event was the relative lack of analysis of the significant issues and problem of regional aspiration and integration before the treaty was drafted. Bearing this in mind, it appears that the theoretical persuasion of economic integration may have attracted this commitment since it provides a better understanding on the economic mechanism through which a regional cooperation could enhance both static and dynamic benefits among partnering countries. For better consideration of the implication of this move, this study identifies the main trends in economic integration theories and also flashlight on how these theories were developed. The motivations that led to the need for innovative approaches to enrich economic theory of economic integration were based on its implication or impact on West African region. Although several researchers have tried to explain the phenomenon of economic integration, we cannot say there is a generally accepted theory, since some of the already suggested theories and criticisms has its consequences on the region. Hence, this study is suggesting domesticated theories that will suite the contextual analysis of African region rather than adopting theories meant for developed and more vibrant economy. Keywords. Economic integration, Regional, Theoretic, West Africa.JEL. F20, F15
Impact of cultural factors on enterprise resource planning
Get PDFAbstract. Organizational culture can also be evaluated as an application stage for the processes and fixations that occur with communication. The lack of cooperation at the desired level may lead to a decrease in effectiveness, especially at the points where teamwork is required, and to a slower implementation. This is one of the most important factors especially for the common purpose and goal setting and for the generations of the application schedules to be generic. The expected cultural change with the ERP system in the company is that the communication and monitoring needs between the units can be met depending on the integration between the processes. During the installation, inter-departmental communication is one of the processes that must be carried out in different dimensions. However, it may be possible to provide mutual optimization between the processes and share the inconveniences. Thus, problems and methods of solution is collected in a common pool will provide opportunity to access the desired point on the same technical jargon and also potential problems the same communication language means in the other unit able to resolve this quickly and both costs and expected benefits. We can summarize the purpose of the research under the heading below: Determine the positive or negative relationships of the cultural factors required for more effective and successful ERP establishment. It can help to ensure that found relationships are taken into consideration in project planning for establishing business and consulting entities. Identifying Cultural Factors for ERP implementations as a guide to management and setting out the performance measurement system for ERP. Keywords. Organizational culture, ERP system, Cultural factors.JEL. M11, M14, M15
Almost equi-marginal principle based composite index of globalization: China, India and Pakistan
Get PDFAbstract. The present study proposes an alternative method to construct an index of globalization which is based on the principle of almost equi-marginal contributions (AEMC) or Shapley values of the constituent variables to the overall index rather than the correlation coefficients among the constituent variables and the overall index (the KOF index based on the principal component scores). This has been done by minimization of the Euclidean norm of the Shapley values of the constituent variables. As an exercise, secondary time series data (1970-2013) on the measures of globalization in three different dimensions (economic, social and political) of three economies (China, India and Pakistan) have been used. A comparison of the AEMC index with the KOF index reveals that while the former is more inclusive, the latter is more elitist in matters of inclusion of the weakly correlated constituent variables in the overall (composite) index. As a consequence, the AEMC index is more sensitive than the KOF index of globalization. Both indices capture the trends in globalization in the countries under study and are highly correlated between themselves. Thus, AEMC is an alternative or perhaps a better method to construct composite indices. Keywords. Globalization, KOF index, Equi-marginal, Shapley value, Global optimization, China, India, Pakistan.JEL. C43, C61, C71, F60, P52
A report of Mongolia’s renewal capital
Get PDFAbstract. In a dynamically changing world, a major part of a nation’s competitiveness comes from its capacity of renewing itself to fit the global environment. Those resources that constitute the foundation of such capacity is called renewal capital of a nation. Multiple indicators and measures of renewal capital of Mongolia were analyzed and reported here in this present paper. We found that: first, Mongolia needs more regular, large-scale data collection in regard to its national renewal capital, in order to know the directions of improvement and investment; second, while R&D spending and patent usage of businesses need to be stimulated more, scientific publication has potential to grow and contribute to renewal. These results shed lights on the policy making and business practices. Keywords. Renewal capital, National wealth, Intangible assets, Mongolia.JEL. M10, M11, M14
Disruptive firms and industrial change
Get PDFAbstract. This study proposes the concept of disruptive firms: they are firms with market leadership that deliberate introduce new and improved generations of durable goods that destroy, directly or indirectly, similar products present in markets in order to support their competitive advantage and/or market leadership. These disruptive firms support technological and industrial change and induce consumers to buy new products to adapt to new socioeconomic environment. In particular, disruptive firms generate and spread path-breaking innovations in order to achieve and sustain the goal of a (temporary) profit monopoly. This organizational behaviour and strategy of disruptive firms support technological change. This study can be useful for bringing a new perspective to explain and generalize one of the determinants that generates technological and industrial change. Overall, then this study suggests that one of the general sources of technological change is due to disruptive firms (subjects), rather than disruptive technologies (objects), that generate market shifts in a Schumpeterian world of innovation-based competition. Keywords. Disruptive technologies, Disruptive firms, Radical innovations, R&D management, Competitive advantage, Industrial change.JEL. L20, O32, O33
On demand-side sources of service innovation ideas
Get PDFAbstract. Increasing degree of consensus has been made among academics and practitioners, that firms should pay special attention to the demand-side factors just to design and produce products/services that gain most loyalty. This article discusses further the specific demand-side sources of service innovation ideas in a multi-layer direct marketing context. Experience marketing, value perception, and re-purchasing process are proposed and articulated. Implications for research and practices are offered. Keywords. Demand-side drivers, Service innovation, Multi-layer direct marketing.JEL. M10, M11, M14