Economic Calculus Research Articles

Role of Livestock Insurance in Mitigating Financial Impact of Epidemic Outbreaks on Cattle Farms in India

Purpose: The aim of the study was to analyze the role of livestock insurance in mitigating financial impact of epidemic outbreaks on cattle farms in India. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: Livestock insurance plays a crucial role in mitigating the financial impact of epidemic outbreaks on cattle farms. Studies consistently show that cattle farms with livestock insurance experience lower financial losses post-epidemic compared to those without insurance, as they are able to recoup a portion of their losses through insurance claims. Moreover, insured cattle farms exhibit a higher recovery rate, enabling them to rebuild their herds more quickly and resume normal operations. Comprehensive livestock insurance policies that address various risk factors, including disease outbreaks and market price fluctuations, are particularly effective in stabilizing farm incomes and enhancing financial resilience. Unique Contribution to Theory, Practice and Policy: Risk management theory, theory of planned behavior (TPB) & prospect theory may be used to anchor future studies on analyze the role of livestock insurance in mitigating financial impact of epidemic outbreaks on cattle farms. Subsidizing premiums can change the economic calculus for farmers, making the decision to invest in insurance more attractive and financially feasible. Encouraging regional risk pools would necessitate legislative support and possibly inter-state agreements to facilitate broader risk management strategies.

The emerging discipline of public economics in postwar France

After the Second World War, optimal pricing in the public sector became an important topic internationally. The welfare enhancing properties of marginal pricing were a key concern, yet, the technical computation of marginal costs also proved difficult. It was unclear how to compute marginal costs, mainly in view of the discontinuities of the cost function. In the context of post-war reconstruction and of practically implementing a marginal pricing policy, this technical debate was closely linked in France to the “Calais traveller paradox” and the emergence of a new generation of engineer-economists contributing at the same time to the theoretical debate and to the practical implementation of marginal cost pricing. Maurice Allais and Marcel Boiteux, as well as Gabriel Dessus and Roger Hutter contributed to developing national solutions that also spread theoretical thinking internationally. This debate connects with the history of economic calculus and the rise of public economics, as well as the possibility of computing optimal welfare enhancing prices in the face of market failures.

APPLICATION OF CALCULUS IN ECONOMICS

APPLICATION OF CALCULUS IN ECONOMICS

In this Together: International Collaborations for Environmental and Human Health.

Climate change exacts a devastating toll on health that is rarely incorporated into the economic calculus of climate action. By aligning health and environmental policy and collaborating across borders, governments and industries can develop powerful initiatives to promote both environmental and human health.

The Political Philosophy of Environmental Loss and Power

The word Anthropocene, referring to a new era of humanity’s uncontrolled exercise of power over the Earth as a geophysical unit, could be translated using a cognitive metaphor as “the Age of Loss”. We have gained such power that we are unable to adjust or even fully track its manifestations. The relation between loss and power is continuous in all the basic areas of materialization of socio-political concepts: in politics, in economics, in law and the judiciary, in legislation, environmental protection, etc. The philosophy of loss and power is inseparable from economic concerns. The entirety of Western civilization is built on the economic calculus of profit and loss, whose results are directly transformed into decisions of power made by the administrative, political, ownership and power-broking elites. The environmental and climate crisis is therefore also a crisis of privilege of one group over others. The question for politics is which political means can one use to achieve a state of uncorrupted voluntary depriviligization. This level of prosperity will itself be the subject of environmental self-limitation, being presented as “loss”. It will be posed as a political problem with the intention of depoliticizing the subject and inequality of civilizations; precisely in accordance with the posed political problem of democracy, which has already uncovered the basic connection: liberalism won’t make a poor country rich.

On Visuals and Selling the Promise of Sexual Plaisir and Pleasure in Abidjan

AbstractDiabate examines images and news reports about rampant sexual permissiveness in Abidjan and its online environs. Attention to the visual dimension of this pleasure explosion highlights the presence of homines economici. Considering buyers of aphrodisiacs or butt/breast-enhancing products not as uninformed agents, but instead as rational actors who are sensitive to images leads makers and retailers to invest in branding and marketing. Thus, these images and products of pleasure have evolved in an economy of producing, promising, purchasing, and satisfying needs. Analyzing the entanglement of visuality and economic calculus enables a move beyond the moralizing tendency in discussions of pleasure.

Economic nostalgia: the salience of economic identity for the Brexit campaign

AbstractThe rise of ‘new populism’ is commonly explained by two opposing approaches known as cultural backlash and economic deprivation. Their antagonism perpetuates a dichotomous understanding of economy versus identity. This article contributes to scholarly attempts to overcome this dichotomy by introducing the concept of economic identity. It suggests to bring ‘the economic’ back into culturalist explanations as a discursive motif that can be charged with identity and tradition. I argue that shared assumptions about what economic practices, institutions and conventions appear appropriate for the nation can serve the purpose of national identification. A qualitative discourse analysis of almost 400 Brexit campaign documents shows that those in favour of withdrawal and often considered ‘populist’ did not neglect economic arguments. But instead of relying on brute economic calculus, they referred to Britain’s economic traditions and images of a glorious economic past. By linking economic critique of the EU to issues of British heritage, Leave made Brexit a question of national economic identity—a discursive strategy particularly resonating with those economically deprived.

Land, Lumber, Labor, and Excrement: A Slumlord’s View of Tokyo at the Turn of the Twentieth Century

The expansion of Tokyo’s periphery in the late nineteenth and early twentieth centuries was led by builder-managers who built simple wooden tenements on former farmland. These tenements provided no more than minimal shelter. In the early years of industrialization, migrants from the countryside joining the new urban proletariat established their foothold in the city in these dwellings. Although the tenement builders were responsible for the majority of the city’s housing, they left almost no trace in the historical record. One exception is Ōsaki Tatsugorō, an illiterate carpenter turned landlord who built thousands of houses between 1885 and 1903, when he dictated his autobiography. This essay uses Ōsaki’s autobiography, together with data on building materials and land prices, rents, and wages, to examine at the micro level the social context and the economic calculus underlying the early construction of the city’s sprawling working-class periphery. The Ōsaki case reveals a transitional moment before a land-centered real estate market governed by contracts and planning regulations redefined the economics of housing.

Education Administrators’ Perceived Political Influence On Curriculum Development in Tertiary Institutions of Bauchi State, Nigeria

The study explored Education Administrators’ Perceived Political Influence on Curriculum Development in Tertiary Institutions of Bauchi State, Nigeria. The study adopted qualitative research approach using case study design. Three specific objectives and three research questions were used to guide the study. The population consisted of senior administrators from all the state tertiary institutions in the three geo-political zones in Bauchi State. The study had sample of respondents drawn from the population using purposive sampling technique. The numbers that constituted the sample size were five and drawn from College of Education Azare, College for Legal and Islamic Studies Misau and College of Education Kangere within the three educational zones of Bauchi state. Area of the study is Bauchi state. Semi-structured interview, observation and document analysis were used for data collection. Data collected were analyzed using content and thematic analyses to answer the research questions of this study. The results of the study were discussed in details from interviews and triangulated with the findings made from observations and documents. Based on the findings, it was concluded that politics affects curriculum development positively. It was recommended among others that politics of curriculum development should be done bearing in mind rationale economic calculus for educational development of tertiary institutions. Politics of curriculum development should be intended to improved sustainable tertiary institutions development and not the other way round. In spite of these, the politics of curriculum development has made it difficult to properly plans and administer educational policies and management which has affected the enrolments, federal character policies, control of education among others.

Economic Calculus and Weak Signals: Prevention Against Foggy Bottom

Purpose: Investment decisions are taken based on an economic calculation, considering the analysis of a diverse and partially unpredictable economic environment. Each enterprise's economic calculus is treated as a decision based on rationality and serves as an instrument to support the investment measure's selection. Despite different studies, there is a research gap in the usage of weak signals in economic calculus. Meanwhile, the spectacular collapses of well-recognised firms resulted from weak identification of coming failures. Approach/Methodology/Design: The authors carried out an integrative literature review to generate new knowledge on the usage of weak signals in economic calculus insights in this paper have emerged iteratively. Findings: Based on an integrative literature review, the authors offer the potentially radical generalisation that firms must use weak signal analysis during the process of economic calculus creation. Practical Implications: The article brings several valuable information that can be the base material and reference to further research. Study results can be a starting point of discussion and analysis on each firm, both from the public and private sectors. Originality/Value: The original study aims to initiate discussion and further research weak signal analysis in economic calculus. It is the first such research.

Economic Calculus Qua an Instrument to Support Sustainable Development under Increasing Risk

Investment decisions in the field of sustainable development should be taken based on an economic calculation, taking into account the analysis of a diverse economic environment. The economic calculus of an enterprise is treated as a kind of way of thinking about the rationality of decisions made by an entrepreneur. In the case of sustainable development, the economic calculus serves as an instrument to support the selection of the investment measure. The result of the economic calculus is based on various types of economic parameters, which are subject to frequent changes and high risk. A risk-based financial account may be of little use in the context of the unpredictability of the forecasted situations. In the article, I attempted to determine the importance of a variable interest rate in the economic calculus of a company as an instrument to support sustainable development. For this purpose, I modified the Net Present Value (NPV) meter, which contains actual (variable) discount rates.

A behavioral analysis of whistleblowing at Japanese firms

This paper analyzes the background to whistleblowing—one of the key means by which a spate of corporate misdeeds have been revealed at established Japanese firms—by applying a framework of psychology and organizational behavior to people’s decisions and judgments. The paper first analyzes the organizational aspects of whistleblowing, such as fear of retaliation within firms, and the psychological aspects, such as conflicts of interest that unconsciously favor sponsors. Despite such internal restraints, observed phenomena of whistleblowing paint a more nuanced picture of human psychology. Along with moral concerns, people have the desire to exhibit an appreciation of social trust and fairness, even when their actions are inconsistent with an economic calculus. Traditional Japanese firms are characterized by a collectivist culture featuring a meticulously crafted, closely knit internal order and lifetime employment. Information technology, however, has led to a more liquid flow of information on corporate misconduct, making it hard to conceal misdeeds that blur organizational boundaries and relativizing internal norms. These changes tip the psychological balance of people within firms and prompt firms to adapt. Changes in the corporate governance code, and a law requiring firms to introduce internal control systems, give whistleblowers the organizational protection which is key to according them psychological safety and encouraging constructive dissent. Advances in research from the behavioral perspective promise to deepen our understanding of Japanese corporate phenomena and behaviors.

A Qualitative Evaluation of Tobacco Consumption in the Rural Context

Objectives: Understanding what rural adult tobacco users think about tobacco use, tobacco control policies and health may help create acceptable policies and interventions. Methods: We completed 8 focus groups in rural Michigan from winter 2016 through summer 2018. Interviews were transcribed and an iterative thematic analysis was completed during fall 2018. Results: Although our primary themes of Independence, Respect, Social Context, Economic Calculus, and Policy with an underlying theme of health were similar to themes that typically arise in tobacco control research, their application and social context appear to be unique in rural communities. Issues of respect for tobacco users, and well as third-party individuals affected by tobacco use, were paramount for participants. They viewed tobacco use as an individual choice and not a structural or policy-relevant issue, although they accepted restrictions on tobacco use in most settings where non-smokers are present. Conclusions: Participants understood that smoking is problematic and seem to be open to anti-smoking messaging and policies when correctly framed. Participants blame themselves for their smoking (ignoring industry responsibility) and used language that can be found in tobacco marketing. Framing tobacco control as a way to protect children while respecting smokers as people may be successful.

Review of Making Marvels exhibit at The Metropolitan Museum of Art

The ‘Making Marvels: Science & Splendor at the Courts of Europe’ exhibit at the Metropolitan Museum of Art in New York showcased almost 200 luxury highlights. Between 1550 and 1750, royal dynasties in Europe assembled vast collections of valuable and entertaining objects representing truly spectacular inventions. Innovative tools, scientific instruments, stylized automata and luxury clocks expressed wealth and mastery of the world in a predominance over nature. Concentrated public funds went into lavish luxury display as an expression of ultimate power and status. From the Renaissance to the Enlightenment, these marvels inspired extraordinary advances in science, technology and the arts with an impetus that echoed in political strategies, economic calculus but also the ethics of innovation. Over the centuries, luxury insignia have been conserved and admired by the masses. To this day, arts, fashion and lifestyle is driven by luxury, a form of excellence only reachable by the elite. Although today’s luxury may not be created in European courts on public spending, we can still – to this day – learn from these historic grand luxury creations exhibited at the Metropolitan Museum of Art eternal values. The beauty and fascination of luxury survived throughout different times and contrary regimes. Up to today, these gems continue to mesmerize as unique experiences that are too beautiful to fail, too commonly-shared to be destroyed and too much of a Gestalt to be apart imbuing excellence displayed in luxury an eternal life. The exhibit itself appears as most advanced showcase of the deeper meaning of luxury in society than its pure visible joyful merits: As the amalgamation of artistic creation in light of European royal competition would break technological innovations that set the ground for modernism and engage crowds to contribute and stand in for the ennobling common wealth. In this ‘Making Marvels’ holds invaluable insights for the business of luxury but also ethical imperatives for the importance of excellence in society with a social component. When wandering through the well-composed luxury arcade highlightening the many domains of royal wealth and predominance it becomes clear that even though the luxury belongs to a few, these beautiful objects contribute to this day to the cultural heritage and economic well-being of the many. Art, science and entertainment was perfected at European royal courts that revolutionized our thinking in the artistic, scientific and societal worlds. Innovation and common endeavors found in luxury moments influence society and the economy to this day and today’s attention to excellence may be more important than ever. In light of our contemporary turbulent times of technological revolutions, the pleasure of luxury can entertain and the hidden value of knowledge generation and scientific advancement grant the hope of humankind to continuously excel in science and flourish in luxury.

Negation and Imagination in Economic Calculus

The article presents considerations on a recursive calculus of the economy. Economic decisions gain their self-reference from the fact that they contradict each other with regard to their decreasing marginal utility, opportunity costs, the postponement of satisfaction of needs and their own costs. This contradiction becomes the negation of the decision by themselves. However, it is not a binary and antinomic negation, but a generalizing and reflexive negation. With its help, a space of imagination is gained that can be unfolded in the medium of meaning in favor of factual, social and temporal references. The contribution constructs a calculus of the economy in which money, markets, prices and risks provide the recursive symbols that allow economic decisions to be counted and ordered.

Analysis of Differential Calculus in Economics

The differential is one of the mathematical material in calculus which is loaded with counts. Differential counts can be applied in economics for profit optimization. This study aims to analyze differential calculus in economics. This research is a descriptive qualitative study. This research analyzes the profit optimization in the entrepreneurial world with the second differential formula in calculus. Data analysis is to describe the results of the analysis of the second differential formula with economics in optimizing profits. Calculation of calculus uses the second differential of the mathematical model with the provision that the second differential result is negative which is smaller zero. The results of the analysis show that the second differential calculus smaller than zero, so it can be concluded that to obtain profit optimization in the economy it can be applied using the second differential calculus.

The marriage gap: Optimal aging and death in partnerships

In this paper we explore how marriage affects longevity of men and women through income pooling and public-goods sharing as well as joint utility maximization of partners with different preferences and biology. We integrate joint decision making of couples into a biologically founded life-cycle model of health deficit accumulation and endogenous longevity, calibrate the model with U.S. data, and perform the counterfactual experiment of preventing the partnership. We elaborate four economic channels and find that, as singles, men live 8.5 months shorter and women 6 months longer. We conclude that about 25% of the marriage gain in longevity of men can be motivated by economic calculus while the marriage gain for women observed in the data is attributed to selection or other (non-standard economic) motives.

Solidarity (Solidarność) at Forty: Memories and Influences on Contemporary Poland - Does Solidarity Still Matter?

This paper is dedicated to the memory of Brother Leo V. Ryan, C.S.V., who passed away in 2016. Abstract Part I of the paper is a retrospective on the origins of the Solidarity Movement in Poland and the economic program it introduced after its assumption of power in 1989. Part II outlines various challenges faced by Polish society in light of current political configurations and discusses Solidarity’s contemporary relevance on the political and economic calculus of Poland. This retrospective is based on more than thirty-five years of research and analysis on the Polish economic and political scenes. Keywords: Poland, Polish Economy, Solidarity Movement, JUST REMEMBER: STALIN HIMSELF WAS REPORTED TO HAVE STATED THAT “SOCIALISM WOULD FIT POLAND LIKE A SADDLE WOULD FIT A COW.” DOI : 10.7176/EJBM/11-23-12 Publication date : August 31 st 2019

On History of Mathematical Economics: Application of Fractional Calculus

Modern economics was born in the Marginal revolution and the Keynesian revolution. These revolutions led to the emergence of fundamental concepts and methods in economic theory, which allow the use of differential and integral calculus to describe economic phenomena, effects, and processes. At the present moment the new revolution, which can be called “Memory revolution”, is actually taking place in modern economics. This revolution is intended to “cure amnesia” of modern economic theory, which is caused by the use of differential and integral operators of integer orders. In economics, the description of economic processes should take into account that the behavior of economic agents may depend on the history of previous changes in economy. The main mathematical tool designed to “cure amnesia” in economics is fractional calculus that is a theory of integrals, derivatives, sums, and differences of non-integer orders. This paper contains a brief review of the history of applications of fractional calculus in modern mathematical economics and economic theory. The first stage of the Memory Revolution in economics is associated with the works published in 1966 and 1980 by Clive W. J. Granger, who received the Nobel Memorial Prize in Economic Sciences in 2003. We divide the history of the application of fractional calculus in economics into the following five stages of development (approaches): ARFIMA; fractional Brownian motion; econophysics; deterministic chaos; mathematical economics. The modern stage (mathematical economics) of the Memory revolution is intended to include in the modern economic theory new economic concepts and notions that allow us to take into account the presence of memory in economic processes. The current stage actually absorbs the Granger approach based on ARFIMA models that used only the Granger–Joyeux–Hosking fractional differencing and integrating, which really are the well-known Grunwald–Letnikov fractional differences. The modern stage can also absorb other approaches by formulation of new economic notions, concepts, effects, phenomena, and principles. Some comments on possible future directions for development of the fractional mathematical economics are proposed.

Новые тенденции в развитии мировой экономики

After the crisis of 2008–2009, dynamics and structural characteristics of the global economy experienced profound changes. Instead of shifting to a ‘New Normal’ of any kind, it presented both developed and developing economies with a set of strategic options involving technological, institutional, and economic policy trade-offs. Most resourceand technology-related ‘forks in the road’ are relatively growth-friendly, as the choice among the available strategic alternatives can rely on efficiency-maximizing economic calculus (although in some cases, as with the labor-saving technological change, social costs can be rather sensitive). This applies also to the dynamics of institutional change, with different economic and social institutions having proved their compatibility with positive GDP growth. On the contrary, economic policy trade-offs are much more challenging, as efficiency-improving policy reforms often bring opposition by vested interests and/or electoral risks. As for global economic governance, these risks are complemented with nationalist temptations inviting political decision makers to sacrifice global norms for country-specific benefits. In this sense, recent trends in global trade are especially warning, as proliferation of trade barriers can further reduce growth in global trade and downgrade the role of export demand as the engine of global development. Thus far, both markets and most experts considered new US protectionist initiatives as elements of the bargaining strategy used by the Trump administration, which will more likely result in concessions by the affected country partners rather than in retaliatory measures. However, the scenario of full-fledged trade wars should not be ruled out. The history of the global economy presents numerous cases when political ambitions and conflicting trading interests generate outcomes leaving all the parties worse off. Preventing the collapse of the existing regimes and institutions of global economic governance appears one of the key factors responsible for keeping growth rates of global GDP above 3 per cent in short- and medium-run perspective.&nbsp