Economic Foundations Research Articles

The Problem of Good Conduct among Financial Advisers

Households in the United States often rely on financial advisers for investment and savings decisions, yet there is a widespread perception that many advisers are dishonest. This distrust is not unwarranted: approximately one in fifteen advisers has a history of serious misconduct, with this rate rising to one in six in certain regions and firms. We explore the economic foundations of the financial advisory industry and demonstrate how heterogeneity in household financial sophistication and conflicts of interest allow poor financial advice to persist. Using data on the universe of financial advisers and the Survey of Consumer Finances, we document who uses financial advisers and the prevalence of misconduct in the industry. Our findings suggest that a lack of financial sophistication is a key friction, making enhanced disclosure a potentially effective policy response. Supporting this, we show through a difference-in-differences approach that “naming and shaming” firms with high misconduct rates was associated with a 10 percent reduction in misconduct.

Challenges and opportunities impacting New Zealand’s economic foundation – pastoral agriculture

Challenges and opportunities impacting New Zealand’s economic foundation – pastoral agriculture

Creating demand for unmet needs: Agile Storytelling.

The translational gap from the discovery of evidence-based solutions to their implementation in healthcare delivery organizations derives from an incorrect assumption that the need for change among executive, administrative, or clinical personnel is the same as the demand for change. For sickle cell disease (SCD), implementation of evidence-based guidelines is often delayed or obstructed due to lack of demand. This challenge allows for the persistence of resource limitations and care delivery models that do not meet the community's unique needs. Agile Storytelling is a process built on the scientific foundations of behavioral economics, complexity science, and network science to create local demand for the implementation of evidence-based solutions. Agile Storytelling includes a design phase and a testing phase. The design phase converts the evidence-based solution into a minimally viable story of a hero, a villain, struggle, drama, and a resolution. The testing phase evaluates the effectiveness of the story via a series of storytelling sprints in the target local healthcare delivery organization. The efficacy of Agile Storytelling was tested in an iterative n-of-1 case study design. Agile Storytelling was used in a large, urban, healthcare system within the United States to facilitate implementation of national SCD best-practice guidelines. After repeated failures attempting to use national and local data regarding the high societal need to hire a SCD-specific social worker, an Agile change conductor using Agile Storytelling was able to create demand for the new position within a week. This decision has ultimately improved patient outcomes and led to the adoption of a specialized collaborative care team for SCD within the health network. Agile Storytelling can lead to structured, effective, and informed storytelling to create local demand within healthcare delivery organizations.

Filsafat Materialisme Karl Marx (Epistimologi Dialectical And Historical Materiali)

With the premise that the production and distribution of products and services is vital to aid people in growing their life, this article examines Karl Marx's historical materialism and its methodology. Economic considerations serve as the foundation of human existence, while the concrete problems of human awareness in the fields of science, philosophy, ideology, and religion serve as the superstructure, according to him. According to Marx, society's superstructure is defined by its economic foundation. Marx argued that the struggle between social classes was the driving force behind all major historical shifts. Marx posits a social hierarchy in which the capitalist bourgeoisie and the working class proletariat are the two main social groups. Thus, rather than people, social class is a product of historical development that dictates how events unfold. A class revolution is inevitable given the presence of these two social strata. Religion is the opium of the masses, according to Marx; the more one devotes oneself to religion, the more lost he will become. Religion does not create man, but rather, Marx argues that humans create religion.

Conflict and Coordination: Analysis of the Rule of Law Construction in the Guangdong-Hong Kong-Macao Greater Bay Area

Under the system of "one country, two systems", the Guangdong-Hong Kong-Macao Greater Bay Area is characterized by "one country, two systems and three legal regions" and is prone to interregional legal conflicts. The so-called inter-regional legal conflict refers to the conflict in the application of law brought by the implementation of relevant social, political and economic activities due to the different legal provisions, which will hinder the high-quality development of economic and social stability. To resolve interregional legal conflicts and realize the coordinated development of the rule of law in Guangdong, Hong Kong and Macao are the key tasks of "one country, two systems" in the new era. The rule of law coordination between Guangdong, Hong Kong and Macao has its policy and economic foundation. Although many achievements have been made in the coordinated development of the rule of law in the Greater Bay Area, it cannot meet the needs of the coordinated and in-depth development of the rule of law in the Guangdong-Hong Kong-Macao Greater Bay Area in the new era. Referring to the path of building a law-based society, the coordination of the rule of law in the Guangdong-Hong Kong-Macao Greater Bay Area mainly involves three links: the construction of the rule of law coordination organization, both the carrot and the stick, the convergence of rules and the construction of the mechanism for resolving disputes.

The Feasibility of Egypt's Photovoltaic Industry Drawing on China's Successful Experience

This study aims to evaluate the feasibility of Egypt's photovoltaic industry drawing on China's successful experience. Firstly, based on Egypt's national conditions and actual situation, the current situation, development potential, and challenges faced by the Egyptian photovoltaic market were analyzed.Egypts economic foundation remains less competitive, with outdated electricity infrastructure and long-term dependence on natural gas, posing challenges to its transformation. Egypt is one of the regions with the most concentrated solar energy resources in the world, which gives it the possibility and new opportunities to overtake in the photovoltaic field. Secondly, by analyzing the development process of China's photovoltaic industry, this paper explores China's successful experiences in policy support, market demand, technological level, financial support, and talent cultivation.Compared with China, Egypt's photovoltaic industry is still in an underdeveloped and developing stage, and requires sustained efforts in multiple aspects. This article compares the significant differences in the development of photovoltaic industries between China and Egypt, and analyzes the opportunities and challenges faced by Egypt's photovoltaic industry, as well as the corresponding strategies from three aspects: policy stability, demand activation, and desert photovoltaics. Finally, based on the research results, policy recommendations and development paths are proposed to promote the development of Egypt's photovoltaic industry, to provide reference and inspiration for the sustainable development of Egypt's photovoltaic industry.

Big data policy and urban tourism development: a catalyst or a hindrance?

ABSTRACT The advent of the digital era has prompted leading nations to devise strategic digital plans, seeking an edge in the escalating international rivalry. China’s Big Data policy has garnered significant attention as an exemplar of transitional economies. This research uses urban panel data from China to examine the impact of Big Data policy on urban tourism development. The results indicate that in its initial stages of implementation, Big Data policy appears to stifle urban tourism development. This can primarily be attributed to the biased interventions of the policy, which incited competition and resource predation from the ICT sector upon the tourism-related industries, engendering a crowding-out effect. However, this inhibitory influence is attenuated in cities with a stronger economic foundation, higher innovation capabilities, and more advanced service sectors. Our analysis offers pivotal insights and references for nations and regions fervently pursuing digital transformation via policy interventions.

From petrodollars to green power: Fiscal stability and green transition in GCC economies

This study examines the influence of fiscal stability, characterized by fiscal buffers, on the green transition in the Gulf Cooperation Council (GCC) economies from 2005 to 2023. We apply two-way fixed effects, system generalized method of moments (GMM), method of moments quantile regression (MMQR), and panel causality analysis to explore these dynamics. Our findings underscore that a positive fiscal buffer resulting from a significant spread between oil prices and fiscal breakeven levels exerts a substantial positive impact on green transition efforts in GCC countries. The results reveal that countries with higher levels of renewable energy production capacity and urbanization demonstrate more pronounced advancements in green transition initiatives. Conversely, countries grappling with unstable macroeconomic conditions, such as high inflation and external debt, face considerable challenges in achieving significant improvements in green transition outcomes. Additionally, our analysis shows that fossil fuel energy fiscal subsidies negatively influence green transition efforts in the GCC region. Our study emphasizes that policymakers in GCC countries should pursue a dual-pronged strategy: leveraging positive fiscal buffers to diversify their economies in light of potential benefits from high oil prices, and channelling oil and fiscal revenues towards enhancing renewable energy production capacities. This approach aims not only to diversify economic foundations but also to strategically strengthen the infrastructure necessary for sustainable renewable energy transitions in the region over the long term.

Explaining Political Violence In South Asia: Theories And Concepts

Political violence in South Asia has escalated significantly since the region’s independence, primarily driven by the erosion of social cohesion. This paper investigates the socio-political and economic foundations that underlie violent political actions. By examining key movements across South Asia, including the Bengali liberation struggle, Kashmir and tribal conflicts in Northeast India, the MQM problem in Pakistan, the JVP and Tamil insurgency in Sri Lanka, the study identifies internal colonisation, state repression, and resource mobilisation as central catalysts of violence. The analysis highlights the role of relative deprivation, land disputes, and marginalisation as pivotal motivators for insurgencies. Additionally, state incapacity and external support further exacerbate and sustain violent movements. The paper concludes that the exclusion of marginalised groups from political power and economic opportunities, compounded by uneven development, continues to fuel cycles of violence in the region

Institutional approach for ecotourism collaboration between South Korea and Japan: exploration of criteria for ecotourism joint-certification

ABSTRACT Domestic and international tourism, which was limited due to the pandemic, has exploded since 2023, with neighboring South Korea and Japan experiencing a high rate of mutual tourism exchanges. Ecotourism, which is differentiated from mass tourism, is receiving renewed attention. This study proposes a joint-certification standard that ensures high satisfaction and a desirable ecotourism foundation. Through stakeholder engagement and field research in representative areas, 19 certification criteria across 7 categories were developed, emphasizing resource conservation, tourist management, and community involvement. During this process, both nations proposed joint support measures for promotion and explanation and the creation of platforms for sharing expertise between regions. Importantly, the introduction of ecotourism joint-certification is expected to enhance international exchanges, increase tourist satisfaction, secure economic foundations for regions, and improve trust between countries.

Modelling what matters: How do current models handle environmental limits and social outcomes?

Models that represent the economy, society, and environment are critical macroeconomic policy tools. However, economic output as measured by Gross Domestic Product (GDP) is increasingly being seen as an unreliable and undesirable economic indicator and policy goal. Instead, multiple indicators of environmental impacts and social outcomes are needed to make decisions about sustainable development.Drawing on the Doughnut of social and planetary boundaries, and the Sustainable Development Goals, we analyse 50 models to assess the state of the art in modelling the environment, society, and economy. We categorise models according to their economic foundation and modelling approach, assess their coverage of 15 environmental and 21 social indicators, and identify feedbacks between different model parts. We further construct a targeted sample of 15 models that represents the diversity in modelling approaches and indicator coverage, and use this sample to investigate how environmental and social indicators are linked to macroeconomic drivers.For the environment, indicator coverage is best for climate change, energy use, and land conversion. Within current models, environmental impact is largely driven by GDP and agricultural production. For society, coverage is best for jobs, income (wages and inequality), and productivity. Within current models, social outcomes are largely driven by income per capita, government spending, and governance. Models rarely contain feedbacks from the environment and society to the economy, and few include any biophysical limits.The current focus on monetary flows limits understanding of the interconnections between environmental, social, and economic systems. We argue that modellers should rely less on economic variables as determinants of social and environmental outcomes. Specific provisioning systems could be modelled in more detail to allow models to explore growth-agnostic ways of achieving a good life for all within environmental limits.

Membuka Akses Generasi Zenial Dengan Meningkatkan Literasi dan Keterampilan Investasi Melalui Pembentukan Galeri Edukasi

Generation Z has great potential to change the economy, but low literacy and investment skills can hinder their ability to achieve financial independence and manage their finances effectively. Therefore, the aim of this service is to provide literacy related to finance and investment to help them manage their finances wisely, fundamentally change their views on finances, and enable them to make smarter investment decisions and build a more stable and financial future. sustainable. The methods used in this service include the establishment of an Education Gallery which is designed to provide information, training and resources related to financial literacy and investment. This gallery will hold various activities such as seminars, Focus Group Discussions, as well as provide educational material that is easily accessible and understood by generation Z. The targeted output of this service is increasing the level of literacy and investment skills among generation Z. With the hope that after participating in this program, generation Z will be able to understand the concept of financial management, the basic concepts of investment, understand the risks and opportunities in investing, and be able to make better financial plans for their future. Thus, through innovative and sustainable approaches such as the establishment of the Education Gallery, this community service aims to make a significant contribution in improving the welfare and financial sustainability of generation Z, as well as strengthening the economic foundation of society as a whole, This can be seen from the results of the post-test of participants after taking part in the training, their understanding of investment has increased.

Promoting Well-being through History Teaching

Abstract This article explores the potential for the greater infusion of well-being concerns into the teaching of history in UK HEIs. Drawing upon results from a survey of over 100 current undergraduates in one UK History department, alongside a scoping study of well-being provision provided by history departments or their equivalent in about ninety UK HEIs, this article considers ways in which well-being can be promoted through the teaching and learning strategies of historians. The article discusses the meaning of the term ‘well-being’ and asks why historians have sometimes been reluctant participants in the ‘eudaemonic turn’. The negativity bias of history as an endeavour, and the potential for understanding the past to enhance or diminish an individual's sense of well-being is discussed, as is the value of historicising the concept of well-being itself. The case for integrating well-being as a key element in the degree-level study of history is made, and the article concludes by urging all HEI history practitioners to consider the value of curricular infusion and mapping the design and delivery of their modules onto the New Economics Foundation's ‘five ways to well-being’.

Energy transition policy and Chinese rural revitalization: The roles of industrial upgrading and digital economy

This study investigates the impact of China's energy transition policy on rural revitalization, emphasizing the mediating role of industrial upgrading and the moderating influence of the digital economy. The research examines how new energy pilot city policies contribute to rural economic development, social welfare, and environmental sustainability. The results show that industrial upgrading plays a significant mediating role in linking energy policies to rural revitalization, while the digital economy strengthens this effect, highlighting the importance of digital infrastructure and literacy. The heterogeneity analysis reveals that these impacts vary across regions, with developed areas benefiting more significantly due to stronger economic foundations and digital readiness, while less developed regions face greater challenges. The findings provide actionable insights for policymakers and stakeholders, advocating for tailored and integrated strategies that combine energy transition, industrial upgrading, and digital technologies to promote sustainable rural development across diverse regional contexts.

An economic foundation for assessing the credibility of corporate net zero transition pathways

AbstractThe G20 has highlighted the urgency and importance of financing net zero transition. Investors, however, lack a systematic framework to assess the credibility (incentive‐compatibility) of corporate transition claims. As such, negative screening based on current GHG emissions or even sectors remains a dominant climate investment strategy. In response, this paper develops an economic foundation for credible corporate net zero transition. Our model shows that, besides its current emissions, both a firm's transition capacity and urgency should be considered when assessing its likelihood of attaining net zero; interestingly, it shows how the concavity of its transition pathway may serve as a litmus test. Finally, we discuss how the Task Force on Climate‐Related Financial Disclosures (TCFD) framework can be utilized for credibility assessment of corporate transition pathways. Our findings and recommendations are one of the first attempts to address the market call for systematic approaches to evaluate forward‐looking climate mitigation claims.

Can Industrial Digitalization Boost a Consumption-Driven Economy? An Empirical Study Based on Provincial Data in China

A consumption-driven economy refers to an economic growth model primarily driven by domestic consumption and is a common goal for the economic growth of various countries. To explore the impact of industrial digitalization on a consumption-driven economy, this paper conducts an empirical study based on data from 31 provinces in China from 2013 to 2021. The empirical test results indicate: first, industrial digitalization significantly promotes the development of a consumption-driven economy, mainly reflected in the improvement of economic foundation and consumption levels, but shows no significant effect on improving the consumption structure. Second, mechanism analysis results show that industrial digitalization can promote the development of a consumption-driven economy by fostering innovation and advancing the industrial structure. Third, heterogeneity analysis results reveal that the promotion effect of industrial digitalization on the consumption-driven economy exists only in eastern and central China but not in western China, indicating that industrial digitalization in underdeveloped areas cannot exert a positive effect on the consumption-driven economy.

EVALUATION OF DEFORMATION PARAMETERS OF SILO FOUNDATIONS REINFORCED WITH SOIL-CEMENT ELEMENTS

The mandatory controlled criterion for steel silos is the limitation of foundation settlement and tilting, which is regulated by DBN V.2.6-221:2021. The threshold value of silo settlement is Smax,u = 150 mm. The most economical foundation solution is a large-sized slab on a natural base or a soil cushion. It is possible to stabilise the weak base by reinforcing it with vertical soil-cement elements (SCE). In Ukraine, most foundations have an underground gallery or silo floor. When the silos are first loaded, there is geodetic monitoring of the vertical settlement of the silo base and comparison of its data with the threshold values of settlement and tilting. The objective is to investigate the effect of limited-depth soil reinforcement on the stabilisation of the soil base and the average total foundation settlement. The task of the study is to create a methodology for predicting the impact of reinforcement with soil-cement elements on the parameters of the soil base general stiffness for a silo foundation. The research methods are geodetic monitoring of settlements around the perimeter of silo foundations during initial loading at four different elevators with different geological conditions. Thus, the predicting method of the impact while reinforcing with soil-cement elements on the general stiffness parameters of the soil base for the silo foundation was tested on the bases of silos for four elevators. These elevators represent different engineering and geological conditions. The proof of the methodology’s validity is the coincidence with the results of geodetic subsidence monitoring along the perimeter of silo foundations. According to the research results, it is possible to state that the reinforcement of the foundation base with vertical soil-cement elements allows for the effective stabilisation of soil parameters. We propose an evaluation method of the reinforcement effect with soil-cement elements in the form of the stabilisation coefficient for the soil base, kEi. We further prove the primary role of the soil-cement reinforcing elements operation and their length while stabilising the base. The base stiffness is stabilised at the compressible stratum depth and beyond the foundation boundaries. It is possible to use the method of reinforcement influence evaluation to determine the actual parameters of the stabilised soil base, n, according to geodetic monitoring data. The authors have studied the effect of limited depth reinforcement for stabilising the foundation. The research obtained the empirical dependence of the reinforcement required depth at given depth values for the base compressible layer. The authors proposed using the linearly deformed layer method, considering the operation of soil-cement elements as discrete soil reinforcement. The numerous experiments with the Finite Element Method confirm the high convergence of the calculated results with those obtained analytically. Keywords: foundation settlement, soil-cement element, geodetic monitoring, steel silo, foundation stiffness.

Finiq rebirth through digital transformation and “digital nomads”

The topic of shrinking cities is multifaceted and affects cities, regions of cities, or entire metropolitan areas that have seen a rapid decline in their economic and social foundations. Therefore, urban shrinking is frequently a problem for metropolitan regions on a large scale and necessitates that policymakers rethink conventional regional government models. Also, Albania's population overall decreased yearly. This problem is very known in the case of Finiq municipality, which is part of Vlora city. Most of the settlements that are part of the municipality of Finiq present a social framework consisting of a shrinking and always aging population. For various reasons, mainly economic, unemployment and lack of services, the young population of these areas has mostly migrated to Greece. In order to restructure rural areas in response to shrinkage, information and communication technology (ICT), digitaliza- tion, and knowledge intensive activities are essential. It is important to understand the differ- ent aspects of the digital revolution, since the situation is evolving into a new normal where "digital" is not only a response to an emergency but also an ongoing investment against risk. Studies has shown that digital nomads often prefer settlements outside urban areas so they can be a significant contributor to the recovery of the economy in Finiq, which largely depends on ICT infrastructure level of municipality. A lot of researches for digital nomads concluded that digital nomads could be crucial in promoting entrepreneurship and the development of technology clusters all over the world. So, the research question is: how can digital nomads be developed as a new market segment in Finiq and how can digital nomads be utilized in the local digital ecosystem? This study focuses on digital nomads as an emerging market group and the possible knowledge transfer function they might play in the local digital environment.

Assessment of green development level performance in G20 countries: A dynamic evaluation framework

To achieve sustainable development goals and foster future prosperity globally, the promotion of green development is essential. Nevertheless, persistent regional disparities in green development among the G20 nations stem from differing economic and environmental conditions in dynamic contexts. In light of these conditions, it is essential for governments to evaluate their country's current green development performance in comparison with higher-performing nations and to learn from their experiences. This study introduces a new dynamic evaluation framework that integrates the importance of evaluation indicators using the dynamic entropy weighting method, a Dynamic Technique for Order Preference by Similarity to Ideal Solution method, and principal component analysis. This framework serves as a tool for G20 countries to assess their green development levels between 2015 and 2021. A key contribution of this study is the facilitation of the G20's ability to implement relevant reform measures and monitor green development progress in a dynamic environment. This framework can serve as a model for similar evaluations in other regions globally. The study's main findings indicate that G20 countries with high levels of green development possess strong economic foundations and prioritise the balanced development of their economies, societies, environments, and innovation.

Ibn Khaldun and Auguste Comte: A Comparative Analysis of the Founding Figures of Sociology

This paper presents a comparative analysis of the contributions of Ibn Khaldun, a 14th-century Arab scholar, and Auguste Comte, a 19th-century French philosopher, to the development of sociology. While Auguste Comte is widely acknowledged in the Western tradition as the “father of sociology,” Ibn Khaldun’s seminal work, “Muqaddimah”, place the Preliminary work for a systematic approach to social and historical analysis several centuries before Comte. Ibn Khaldun’s pioneering ideas on social cohesion, economic foundations, and the cyclical nature of civilizations challenge the conventional Eurocentric narrative that places the origins of sociological thought exclusively within Western intellectual history. This paper examines the methodologies, theories, and socio-historical contexts that shaped the works of both thinkers. Ibn Khaldun’s empirical observations and his concept of “asabiyyah” (social cohesion) are compared with Comte’s positivist approach and his “Law of Three Stages,” which posits the evolution of human thought from theological to metaphysical to positive. Despite the differences in their approaches, both scholars were deeply engaged with the fundamental processes governing social life and the forces driving social change. This study argues for a broader recognition of Ibn Khaldun’s role in the evolution of sociological thought, positioning him not merely as a precursor but as a co-founder of sociology alongside Comte. By doing so, it contributes to a more inclusive understanding of the global intellectual traditions that have shaped the discipline of sociology.