Journal of Economics Bibliography
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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
In investigation on the implementation of Blue Ocean strategy in participation bank located in Turkey
Get PDFAbstract. Competition is one of the most important issues in terms of the market which meets the needs and demands of the current economic system. In the market where customer demands and needs change very rapidly, the growth in terms of businesses is getting harder every day. It is even more difficult for businesses to get a share of the market and thus to make higher profits in competition-intensive environments. Participation banks, like any business, continue to exist in a highly competitive environment in the market they serve. For this reason, participation banks need to sail from the red oceans where competition is intense, to the blue oceans where competition is meaningless. This study conducted research on the strategies they use as blue ocean strategy of participation banks in Turkey. In the first part of the research, information about blue ocean strategy is given. In the second part, data collected through open-ended question examples and face to face interview technique with branch managers of Kuweit Turk Participation Bank, Turkey Finance Participation Bank and Albaraka Turk Participation Bank, operating in Turkey over these past years, is given. In the last part of the research, it is emphasized that the participation banks, which are the rising value of today, need blue ocean and how to reach the new blue oceans that will make the competition meaningless.Keywords. Blue ocean strategy, Red ocean, Competition, Participation bank, Strategy.JEL. E50, G21, G23, G24, G28
Feasibility study on the implementation of a Unified Currency in the Gulf Cooperation Council
Get PDFAbstract. The paper discusses the feasibility of a unified currency among the Gulf Cooperation Council (GCC) countries and suggests policies to be used should it be implemented. Several other currency unions are examined as inspiration for policies and strategies to apply to the GCC’s prospective currency union.Keywords. Gulf Cooperation Council, Central bank, Currency board, Currency union, Monetary union.JEL. E52, E58
Estimating the Threshold Level of Inflation for Thailand
No full textAbstract. This paper analyzes the relationship between inflation and economic growth in Thailand using annual dataset during 1990 and 2015. The threshold model is estimated for different levels of threshold inflation rate. The results suggest that the threshold level of inflation above which inflation significantly slow growth is estimated at 3 percent. The negative relationship between inflation and growth is apparent above this threshold level of inflation. In other words, the inflation rate that is higher than this threshold level can jeopardize the growth rate of the country.Keywords. Inflation, Growth, Threshold model.JEL. C13, E31
Application of differential equations in projecting growth trajectories
No full textAbstract. Mathematical method based on a direct or indirect analysis of growth rates is described. It is shown how simple assumptions and a relatively easy analysis can be used to describe mathematically complicated trends and to predict growth. Only rudimentary knowledge of calculus is required. Projected trajectories based on such simple initial assumptions are easier to accept and to understand than alternative complicated projections based on more complicated assumptions and on more intricate computational procedures. Examples of the growth of population and of the growth of the Gross Domestic Product are used to illustrate the application of this method of forecasting.Keywords. Forecasting, Differential equations, Analysis of growth rates, Growth trends.JEL. C02, C20, C50, C53, C65, Y80
How Borda voting rule can respect Arrow IIA and avoid cloning manipulation
No full textAbstract. This paper proposes a new formulation of the Borda rule in order to deal with the problem of cloning manipulation. This new Borda voting specification will be named: Dynamic Borda Voting (DBV) and it satisfies Arrow's IIA condition. The calculations, propositions with proof and explanations are made to show the effectiveness of this method. From DBV, the paper presents a method to measure and quantify the magnitude of the shock due to change in irrelevant alternatives over a scale moving from 0 to 100.Keywords. Voting rules, Arrow IIA, Cloning manipulation.JEL. C60, D70, D80
Measuring degree of globalization of African Countries on almost equimarginal contribution principle
Get PDFAbstract. This paper is an exercise in construction of an alternative globalization index for 43 countries in Africa. It has used a new method for measurement of the degree of globalization (or construction of a globalization index) based on minimization of the Euclidean norm of the Shapley values, the concept borrowed from the cooperative game theory. It assigns weights to constituent variables such that their mean expected marginal contribution to the synthetic index is as equitable as possible. Since this index is based on combinatorial logic, it is also less likely to be affected by outlier data points. Globalization index for 43 African countries (for a time series of 45 years, 1970-2014) has been constructed. The new index has been compared with the KOF index of globalization for the countries under study. As its validation, it has been found that the index has stronger correlation (vis-à-vis the KOF index) with Human Development index, Corruption Perception index, Freedom index and the indicators of abject poverty in the African countries. Viewed as such the new index represents globalization closely in connection with other relevant socio-economic measures than its rival (KOF index of globalization) as well as it is based on more plausible theoretical premises based on marginal contribution rather than correlation.Keywords. Globalization, Synthetic index, African Countries, Shapley values, Equi-marginal contribution. JEL. C43, C71, F02, F60, O55
The Second Law as a Cause of the Evolution
No full textAbstract. It is a common belief that in any environment where life is possible, life will generated. Here it suggested that the cause for a spontaneous generation of complex systems is probability driven processes. Based on equilibrium thermodynamics, it argued that in low occupation number statistical systems, the second law of thermodynamics yields an increase of thermal entropy and a canonic energy distribution. However, in high occupation number statistical systems, the same law for the same reasons yields an increase of information and a Benford's law/power-law energy distribution. It is therefore, plausible, that eventually the heat death is not necessarily the end of the universe.Keywords. Information theory, Thermodynamics, Entropy, Evolution.JEL. C62
Responding to the will of the machine: Leadership in the age of artificial intelligence
No full textAbstract. The advent of artificial intelligence in the modern economy will revolutionize the workplace of tomorrow. It will alsocreate never-seen-before challenges for leadership. The current leadership theory is extensive but it does not address on how to lead in a workplace composed of intelligent machines. However, it can be observed that leadership theory tends to develop in tandem with the developments in technology - metaphorically termed as will of the machine in this article. Specifically, two phases of leadership require analysis. First, the leadership needed to lead firms through the great transformation from industrial/information to a cognitive economy. Second, leadership needed to manage and lead firms once a relative degree of stability and maturity is reached where intelligent machines occupy the central positon in the workforce. While extensive work exists in leadership theory, this article fills the gap that bridges thefield of applied artificial intelligence with the leadership theory.Keywords. Innovation capital, National wealth, Intangible assets, Economic growth.JEL. M10, M11, M14