Economic Realms Research Articles

Fashioning the nation in the age of populism

ABSTRACT Dress and fashion are both an important site and an idiom through which political conflicts, over cultural membership, such as national and ethnic belonging, are played out. In this article, I use Hungary as a case study to map the various ways in which fashion is used today in populist regimes to delineate the symbolic boundaries of the nation by generating powerful material and visual definitions of belonging, identity, sovereignty, community, traditional craftsmanship and shared heritage. I draw on ethnographic fieldwork and interviews I conducted in Hungary between 2017 and 2022 with the owners and designers of independent fashion labels that each stress the importance of incorporating ‘traditional’ Hungarian motifs into contemporary everyday wear. I show how these cultural producers normalize radical nationalism and imagine the nation through consumer communities, highlighting the significance of symbolic economies for populist rule. My analysis develops a relational and practice-oriented approach to consumer nationalism, expanding scholarship on the everyday mechanisms through which the national extends into the economic realm.

“Built on the Money”: The Financialization of Capitalism and the Sense of History in Josie Rourke’s Stage Production of Shaw’s Saint Joan

ABSTRACT In a bold move, Josie Rourke reimagined Bernard Shaw’s Saint Joan for the 2016 audience at the Donmar Warehouse, setting it against the backdrop of today’s financial world. She transported Joan from the medieval battlefield to a modern corporate boardroom, turning historical drama into a commentary on financialization. Through this lens, Rourke’s production responds with Shaw’s paradoxical sense of history, characterized by a skepticism toward short-term trends, yet with an underlying optimism for long-term human progress driven by imagination. By examining egg futures and stock markets, this article adopts an interdisciplinary approach to position theatrical work within the realm of economics, an endeavor that may offer a literary framework of humanity when contemplating our current economic landscape.

Regions of Italy in Context of Italian-Chinese Relations in 21st Century

This study examines the development of transregional relations between the regions of Italy and those of China, including the Special Administrative Regions of Hong Kong and Macau. It highlights the interplay between centrifugal and centripetal tendencies within the framework of Italy’s ‘center — regions’ relationship system. The analysis provides insights into the normative foundations of international and foreign policy activities of Italy’s territorial communities, grounded in the national Constitution and relevant legislation. The findings demonstrate that Italian regions possess very limited capabilities for independent foreign and economic policy initiatives, a restriction stemming from the Italian Constitution, which permits regional cooperation only in the realms of economy and culture. In contrast, among the regions of China, only Hong Kong and Macau exhibit the capacity for autonomous external activities. Furthermore, it is revealed that Chinese migrants in Italy play a significant role in fostering Italian-Chinese interregional ties, maintaining connections with their homeland. The study concludes that Italian regions are notably less active internationally compared to regions in other EU countries.

PRESERVING NUTMEG : HISTORICAL SIGNIFICANCE, MEDICINAL BENEFITS, AND CLIMATE CHANGE THREATS TO INDONESIAN NUTMEG

Over the past thousand years, scholars and practitioners, drawing from diverse fields including culture, philosophy, sociology, and history, have meticulously documented the intricacies of various medicinal substances and their applications. In this continuum of knowledge, nutmeg, a quintessential spice of Indonesian heritage, has held a prominent place. This study aims to explore the historical significance of nutmeg in Indonesia, its role in medicinal practices, and the threats posed by climate change to nutmeg cultivation. The research seeks to provide valuable insights into the cultural and historical importance of nutmeg in Indonesian society, as well as its medicinal benefits. Additionally, the study aims to analyze the potential impact of climate change on nutmeg production in Indonesia. The study uncovered nutmeg's diverse significance in Indonesia across historical, cultural, medicinal, and economic realms. It emphasized nutmeg's medicinal potential and the climate change challenges to its production. Findings stressed the necessity of robust climate policies and proactive adaptation strategies to ensure nutmeg farming sustainability. In conclusion, this study highlights nutmeg's historical, medicinal, and climate change-related challenges in Indonesia. It stresses the necessity of comprehensive measures to address climate change impacts and integrate resilience strategies into nutmeg farming practices and policymaking. These findings offer valuable guidance for policymakers and stakeholders to ensure the sustainable growth of Indonesian nutmeg exports amidst environmental changes.

Social effects of sustainable development-poverty

Purpose of the study: The objective of this paper is to examine the impact of sustainable economic development on the elimination of global poverty. A key assumption is the recognition of humans as the central element of sustainable development, whose right to live in harmony with nature and pursue well-being are fundamental principles of this concept. Methodology: The study is based on an analysis of both domestic and international literature concerning sustainable development and its influence on poverty reduction. The literature review has allowed for the consideration of a wide range of theoretical and empirical perspectives on the subject. Main findings: Sustainable development involves goals that are closely interconnected and must be pursued simultaneously in the realms of economy, society, and the environment. Key actions should not only address current needs but also ensure the durability of changes over several decades. The focus is placed on improving the quality of human life in harmony with both the natural and economic environment, while maintaining the sustainability of the chosen development path. Application of the study: The conclusions presented in this paper can serve as support in the development of sustainable development strategies that integrate economic, ecological, and social aspects. They can provide a foundation for creating policies and programs aimed at eliminating poverty in a long-term and sustainable manner. Originality/Novelty of the study: The paper offers a new perspective on the interconnections between sustainable development goals and the fight against poverty, highlighting a long-term and integrated approach to economic development that takes into account both environmental needs and social well-being.

The Trump effect: the perpetuation of populism in US–China trade

Abstract Our article analyses the enduring influence of Donald Trump's populist narrative on United States–China trade policies under Joe Biden's administration. We extend the literature on the effect of populism and populist leaders by examining what happens after a populist leader leaves office, and to what extent an expectation of populism perpetuates a populist narrative despite a change in leadership. In the case of US–China trade, the Biden administration that followed Trump's has carried on with a populist trade narrative and protectionist policies towards China, despite predictions that the US would return to ‘normal’ economic relations after Trump left office. Through textual analysis of speeches by both administrations, we identify a narrative coherence between Trump's nationalist–populist discourse and the trade rhetoric of the Biden administration, revealing a legacy of narrative expectation that constrains policy choices. Our findings demonstrate how Trump's populist framework persists, shaping White House discourse and policy decisions in the economic realm even after he has left office, and we showcase the enduring effect of populist language in political spheres.

Identifying Network Ties from Panel Data: Theory and an Application to Tax Competition

Abstract Social interactions determine many economic behaviors, but information on social ties does not exist in most publicly available and widely used datasets. We present results on the identification of social networks from observational panel data that contains no information on social ties between agents. In the context of a canonical social interactions model, we provide sufficient conditions under which the social interactions matrix, endogenous and exogenous social effect parameters are globally identified if networks are constant over time. We also provide an extension of the method for time-varying networks. We then describe how high-dimensional estimation techniques can be used to estimate the interactions model based on the Adaptive Elastic Net Generalized Method of Moments. We employ the method to study tax competition across US states. The identified social interactions matrix implies that tax competition differs markedly from the common assumption of competition between geographically neighboring states, providing further insights into the long-standing debate on the relative roles of factor mobility and yardstick competition in driving tax setting behavior across states. Most broadly, our identification and application show that the analysis of social interactions can be extended to economic realms where no network data exists.

In Defense of Central Bank Independence against its Enthusiasts

The problem of time inconsistency provides the basic economic rationale behind the independence of central banks, understood as the most suitable institutional mechanism for ensuring price stability. According to the consensus that emerged in the 1990s and the 2000s, endowing the central bank with independent decision-making authority over the use of monetary policy instruments, with a mandate for price stability, enhances the effectiveness of monetary policy and reduces the inflation volatility. It may be surprising that criticisms of the once almost sacrosanct independence arise after the Great Financial Crisis, when it is widely recognized that central banks “saved the world” from repeating the Great Depression of the 1930s. The paper is an attempt to explain the rationale why these cracks in the consensus have arisen and offers suggestions what to do about it. Independence has an economic basis that is as solid as its political foundation is fragile, because central banks are unelected power. And in the realm of economics and politics, the political economy of central banking may help us understand the evolution of the degree and the specific form of independence because of both internal and external political and economic constraints. The paper examines these issues in some detail, to contextualize the economic and non-economic threats to independence and discusses possible mitigants. Properly assessing the challenges is a prerequisite for preserving the value of this institution, which is perhaps the most important and effective institutional innovation of our time in macroeconomic policy.

Power of economics without power in economics?

Power relations dominate most social and economic processes. Despite its significance, however, the concept of structural power relations is often neglected in standard economics. Standard economics often confines itself to dissecting an idealised, abstract world, wherein power dynamics are abstracted from and seen as somewhat outside the economic realm. But, can economics be powerful in understanding, explaining and, ideally, tackling the multiple crises of our time without embedding the concept of power in its analysis? We suggest that the lack of consideration or insufficient engagement with power-related aspects in mostly standard approaches has far-reaching implications, as policies that neglect underlying power relations are not fit to address the crisis. This collection reopens the discussion of power in economics. Building on the talks and discussions at the 2023 EAEPE Pre-Conference that was held in Leeds, UK, this collection provides scholars an outlet to shed light on power structures within their field of research to highlight the complexity and interrelation of power and economics. We also conduct a literature analysis to identify different forms and categories of power used in the mainstream and heterodox economics literature with a particular focus on the different definitions and interpretations of the concept. We get our sample from the Web of Science (WoS) category ‘Economics’ in the WoS SSCI database, from 2010 to 2024. This approach provides a roadmap to better understand the different interpretations, definitions and conceptualisations of power within current literature.

Dynamic control of low-carbon efforts and process innovation considering knowledge accumulation under dual-carbon policies

Governments frequently implement carbon trading (CT) and carbon subsidy (CS) policies for encouraging enterprises to engage in low-carbon efforts (LCE) and reduce emissions, ultimately aiming for sustainable development in environmental and economic realms. In response, enterprises increase their investments in process innovation (PI) to balance revenue generation and cost reduction while simultaneously accumulating knowledge. Exploring the relation between LCE and PI is crucial to guide enterprises in effectively balancing these inputs, as well as to examine the role of government regulations on carbon emissions in motivating enterprises to enhance their efforts. This study proposes a dynamic optimal control model integrating PI and LCE within the dual-carbon policy framework, considering the effect of knowledge accumulation (KA). Moreover, it evaluates changes in inputs and benefits under profit-optimal and social welfare-optimal conditions. Finally, a comparative analysis is conducted using numerical simulation and emulation. The findings indicate complementary and substitution effects between the two inputs: the KA effect enhances input stability, and the impact of social incentives consistently outweighs that of monopoly incentives. Furthermore, CT and CS policies exhibit cross-impacts on enterprise returns and the two inputs.

Women's Political and Economic Role in The Empire of Achaemenid

Women played a significant role in the political and economic realms of the Achaemenid Empire. This role is due to the rights given to women by Zoroastrianism and later institutionalized into law within the empire's constitution. This allowed women to actively participate in political decision-making and engage in economic activities of their society. Within the royal palace, women wielded considerable power and influence, often serving as key figures in the ascension of kings to the throne. Therefore, when someone became king with the support of his mother or sister or queen, he could not disobey the queen or mother or sister during his reign. Moreover, women in the palace and among the Persian dynasties formed their own groups, safeguarding their economic interests and political positions. The groups have often been used to spy, kill and oppose those who have acted against the interests and orders of senior women Thus, any discussion of the political and economic field of the Achaemenid state would be incomplete without acknowledging the pivotal role and influence of women within these spheres.

Exploring How Sustainability Development Goals (SDGs) Influence Market Returns for Malaysian Listed Firms

The significance of SDGs lies in their ability to offer a comprehensive structure for tackling worldwide issues and advancing sustainable development in the realms of economy, society, and the environment. This study aims to investigate the relationship between SDGs and market returns. The final data sample of 74 firms was collected from the firm website and Eikon database from 2021-2022. The research reveals that although SDGs and market returns have no statistically significant relationship, a positive impact indicates potential appeal to investors. Moreover, adhering to SDGs demonstrates social responsibility and can yield regulatory advantages, potentially shaping frameworks and offering investors a sense of assurance in the face of environmental apprehensions. Conducting comparative studies in various geographical and market contexts, as well as longitudinal studies that monitor SDG initiatives and market returns, has the potential to deepen our comprehension of how regional disparities and economic cycles impact the connection between SDGs and market performance. Additionally, examining sector-specific intricacies may reveal industry-specific obstacles and prospects in aligning with SDGs to enhance financial performance.

The Big Tradeoff averted: five avenues to promote efficiency and equality simultaneously

Society as a whole faces a host of economic tradeoffs, many of which emerge around economic policies. An example of tradeoffs that any society faces in many economic realms is the tradeoff between economic efficiency and income equality (aka the efficiency-equality tradeoff). This tradeoff has been called “the Big Tradeoff” by the esteemed economist Arthur Okun, who also termed it “the Double Standard of a Capitalist Democracy.” Although the efficiency-equality tradeoff is more or less an inevitable tradeoff in most societal settings and economic contexts, there are still some special circumstances in which this tradeoff can be avoided. This paper identifies five such avenues and elaborates on why and how the tradeoff between these two somewhat contradictory societal goals—efficiency and equality—can be deftly averted under the mentioned circumstances. These avenues with their transformative potential can and should be used so that a capitalist society as an integrated whole can promote both efficiency and equality at the same time under these scenarios and avoid facing the Big Tradeoff in cases where it is evitable. Static and dynamic economic models are developed, solved, and applied to facilitate the articulation and exposition of the main points of each solution with formal rigor and logical coherence. Finally, policy implications are discussed.

A Monetary and Fiscal History of the United States, 1961–2021 – Alan S. Blinder’s reviewed by James L. Caton

In the realm of economics, fostering debates and embracing diverse opinions is paramount for driving innovation and achieving optimal outcomes. Alan S. Blinder’s seminal work, “A Monetary and Fiscal History of the United States, 1961-2021,” published in October 2022, exemplifies this ethos. Blinder, a renowned economist and Professor at Princeton University, draws from his extensive experience, including roles as Vice Chairman of the Federal Reserve Board and a member of President Clinton’s Council of Economic Advisers, to offer a unique perspective rooted in Keynesian economics. Through his book, Blinder not only enhances our comprehension of various economic concepts but also underscores the significance of critical thinking and vigorous debate in shaping public research.

Immunization: How Vaccines Became Controversial. Prestige Publishing House, Bucharest, 2023. Stuart Blume

In Immunization: How Vaccines Became Controversial, Stuart Blume provides an in-depth analysis of vaccines, emphasizing their role beyond medicine into social, political, and economic realms. The book traces the history of vaccine hesitancy, linking it to socio-political changes, such as neoliberalism and commercialization processes. Blume highlights the dual nature of vaccines as public health instruments and commercial products, and how this duality contributes to vaccine hesitancy. He challenges common views on vaccine disparities between developed and developing nations, and examines the evolution of public attitudes towards vaccination. The transition from public to private vaccine production and the focus on profitable vaccines, often at the expense of less developed countries' needs, are some of the key themes in this book. Blume also discusses the redefinition of health risks and diseases, influencing vaccination policies and public perceptions. The book delves into the historical and evolving nature of resistance to vaccination, ultimately arguing that vaccine hesitancy is deeply rooted in both the commercial and public health significance of vaccines.

KEBIJAKAN FISKAL ZAMAN ABU BAKAR AS-SIDDIQ DAN UMAR BIN KHATTAB

The objective of this article is to elucidate the fiscal policy system and its obstacles during the caliphates of Abu Bakr as-Siddiq and Umar Bin Khattab. In the realm of economics, fiscal policy is a tool for regulating a country's economic system by managing state revenues and expenditures to ensure economic stability and prosperity. This article employs a literature study method. The results indicate that under Abu Bakr, fiscal policy prioritized zakat as the main source of state revenue and included tax collection from non-Muslims. Challenges during his reign included rebellions that disrupted economic activities and groups unwilling to pay zakat, leading to reduced state revenues. Under Umar Bin Khattab's leadership, fiscal policy focused on the development of the Baitul Mal institution, regulation of land ownership, and enforcement of zakat, ushr, khums, non-Muslim alms, kharaj, Fai', and jizyah. All state revenues were allocated for the welfare of Muslims and development projects. A significant economic challenge during Umar's reign was the Ramadah year crisis, caused by a prolonged drought.

Comparative analysis of ARIMA and LSTM for predicting fluctuating time series data

The investigation of time series data forecasting is a critical topic within the realms of economics and business. The autoregressive integrated moving average (ARIMA) model has been prevalently utilized, notwithstanding its limitations, which include the necessity for a substantial quantity of data points and the presumption of data linearity. However, with recent developments, the long short-term memory (LSTM) network has emerged as a promising alternative, potentially overcoming these limitations. The objective of this study is to determine an effective approach for managing time series data characterized by volatility and missing values. Evaluation was conducted using RMSE for accuracy assessment, and the execution time measured using the Python Timeit library. The findings indicates that in a dataset comprising 60 data points, the LSTM model (RMSE 0.037618) surpasses the ARIMA model (RMSE 0.062667) in terms of accuracy. However, this trend reverses in a larger dataset of 228 data points, where the ARIMA model demonstrates superior accuracy (RMSE 0.006949) compared to the LSTM model (RMSE 0.036025). In scenarios with missing data, the LSTM model consistently outperforms the ARIMA model, although the accuracy of both models diminishes with an increase in the number of missing values. The ARIMA model significantly outpaces the LSTM model.

Experimental Evaluation of Most Sustainable Companies: Impact on Economic Growth, Return on Equity (ROE) and Methodological Comparison

Abstract Research purpose. The study aims to analyse, how the sustainable performance of the company impacts the economy and businesses' economic performance, and to build a model, using environmental, social, and financial indicators. Design / Methodology / Approach. To achieve this goal such methods as the Pearson correlation, Multiple Linear Regression, Cook's distance method, K-nearest neighbour and COPRAS technique were implemented. Findings. The results indicate no significant correlation between the sustainability activities of companies and the GDP of their respective countries, nor between companies' ROE and their sustainability performance. These findings suggest that conventional methods of evaluating corporate sustainability may not accurately reflect its economic impacts. Furthermore, discrepancies observed between the Corporate Knights rankings and those calculated using the COPRAS method highlight the critical need for a deeper examination of assessment methodologies. This outcome calls for a reassessment of sustainability practices and methodologies to better understand and leverage their benefits in the corporate and economic realms. While the study provides initial insights into the current sustainability assessments, further research should explore alternative evaluative models and their implications across different industries. Originality / Value / Practical implications. Companies have a significant impact on the environment and society, and sustainability is important not only for ethical concerns but also for financial and economic reasons.

Exploring Entrepreneurial Intention for Sustainable Development: a Study of University Students in Kolea, Algeria

Abstract Research purpose Entrepreneurship's evolving role now extends beyond economic realms to encompass broader societal and environmental imperatives. Sustainable entrepreneurship emerges as a linchpin in addressing contemporary challenges, offering innovative solutions that harmonize economic resilience with environmental and social objectives. Yet, the determinants underpinning individuals' intentions towards sustainable entrepreneurship, particularly within the Algerian context, remain underexplored. Keeping this into consideration, our research endeavours to identify the motivational factors influencing the decision to engage in sustainable entrepreneurial activities among students at the Kolea University Pole. Design / Methodology / Approach Drawing on a quantitative approach, data from 370 student responses were analysed using linear regression analysis. Findings The findings reveal the significant influence of both internal and external determinants on entrepreneurial intention for sustainable development among students. Internally, factors such as perceived entrepreneurial feasibility, perceived behavioural control, and attitudes towards sustainability emerged as key drivers of entrepreneurial intention towards sustainability. Students with a strong inclination towards sustainability exhibited a heightened intention to engage in entrepreneurial activities aligned with sustainable development goals. Externally, sociological factors and social networks were found to exert a significant positive influence on sustainable entrepreneurship intention. This underscores the importance of familial, educational, and societal support structures in fostering an entrepreneurial mindset among students, shedding light on the role of information and communication technologies in shaping this intention. Yet, the study also highlights a concerning lack of awareness among students regarding the role of entrepreneurship in addressing environmental challenges underscoring the need for educational interventions aimed at cultivating an environmental ethos among students. Originality/Value/Practical Implications This study contributes to the discourse on sustainable entrepreneurship in developing countries, particularly in Algeria, by elucidating the factors influencing entrepreneurial intention among students. The findings underscore the importance of both internal and external determinants in shaping students' entrepreneurial aspirations, with implications for educational policy and practice.

Проблема типологизации игры в игротехнической деятельности: социально-философский анализ

The article addresses the game typologization issue in modern society, particularly the lack thereof despite the significant interest in the phenomenon itself, which manifests in a plethora of diverse forms. Based on the typological analysis, a review of philosophical and scientific literature is provided. Two primary philosophical approaches to understanding game are delineated: as a distinct reality (R.R. Ilyasov) and as a complement to existing ones (L.T. Retyunskikh). Specific scientific definitions in the realms of psychology, sociology, and economics are provided. The analysis reveals that definitions of game given by various scientists are largely congruent, yet the typology of the phenomenon itself remains underdeveloped by representatives of the scientific community. However, this is essential for the theoretical foundation of research on the application of gaming in social activities. Thus, existing scientific approaches and theories do not provide exhaustive systemic disclosure of the game specificity, indicating the need for developing a typology of this phenomenon in the context of its application for the needs of modern society. In conclusion, the absence of a developed typology of gaming poses a significant challenge for understanding its multifaceted nature within modern society. Despite the alignment of definitions across various disciplines, the lack of a comprehensive typology impedes theoretical advancements and practical applications in utilizing games for social activities. Addressing this issue is crucial for harnessing the potential of game to address the needs of modern society effectively.