Economic Theory Research Articles

Association of self-efficacy, risk attitudes, and time preferences with health-related quality of life and functioning after total hip or knee replacement – Results of the MobilE-TRA 2 cohort

BackgroundWhile total hip and knee replacement (THR/TKR) surgery are effective measures to restore functioning and reduce pain in patients with severe osteoarthritis (OA), long-term treatment effects vary among patients. Following behavioral economic theory, these differences may be partially attributed to the impact of personality traits on individual strategies to approach post-surgical challenges. This study explored the associations between self-efficacy, willingness to take risk regarding health (H-WTTR), and future orientation, and the 3-month course of health-related quality of life (HRQoL) and OA-specific health status.MethodsAs part of the prospective and observational MobilE-TRA 2 cohort study, 147 patients aged 60 years and older were assessed by self-administered questionnaires before and three months after THR/TKR at a single German hospital. As indicators for the surgical outcome, HRQoL was assessed by the EuroQol Five-Dimensional Five-Level Questionnaire (EQ-5D-5L), including the visual analogue scale (EQ-VAS), and functioning was assessed by the Western Ontario and McMaster Universities Osteoarthritis Index (WOMAC) using the global score, function score, and pain score. All WOMAC scores were transformed into scales with 0 = worst health and 100 = best health. Self-efficacy was measured using the General Self-Efficacy Short Scale. H-WTTR and future orientation were assessed by single-item questions on 11-point Likert scales. The associations between these personality traits and the 3-month change in the outcome scores were analyzed using linear regression models for THR and TKR respectively.ResultsIn THR patients a one-point-increase in self-efficacy was associated with improvements in EQ-5D-5L (β=0.0704; p=0.0099), WOMAC global (β=6.6337; p=0.0139), WOMAC function (β=8.2557; p=0.0046), and WOMAC pain (β=5.9994; p=0.0232). For TKR, only the association of self-efficacy with the EQ-VAS change-score was significant (β=5.8252; p=0.0482). Self-efficacy demonstrated weak positive, but not significant associations with all WOMAC scores and a negative association close to zero with the EQ-Index. H-WTTR and future orientation showed no significant associations to changes of the outcome scores.ConclusionsSelf-efficacy appears to be a prognostic factor for better THR/TKR outcomes after three months. If these findings can be confirmed in further research, strategies to improve self-efficacy should be considered in prehabilitation programs.Trial registrationNot applicable.

Impact of the Rise of Social Media on the Female Fitness Industry

In recent years, with national policy support, the promotion of a fitness trend, and a shift in concepts, an increasing number of women have joined the ranks of fitness enthusiasts. The rise of social media has provided women with more rights to express themselves, and it has had an impact on the development of the female fitness industry. So, how does the rise of social media affect the development of the female fitness industry? This paper will explore the mechanism by which the rise of social media affects the development of the female fitness industry both positively and negatively, based on economic theories such as the theory of externalities and market demand theory. The results show that the rise of social media will boost the demand for female fitness, force innovation in the fitness industry, reduce information asymmetry, and create a positive and uplifting fitness atmosphere, thus promoting the development of the female fitness industry. At the same time, due to the lack of platform regulation, there may be a reverse selection problem of “bad money driving out good money,” causing some women to fall into body anxiety, which in turn suppresses the development of the female fitness industry. Based on this, this paper proposes policy recommendations such as strengthening the review and supervision of social platforms, the use of a point system in the female fitness community section of social media, and increasing the connection between online and offline activities.

Comparative Analysis of Blind Box Consumption Behavior Decision-Making from the Perspective of Mental Account

In recent years, with the rise of tide play culture, the blind box economy has developed rapidly, from a personal entertainment consumer product to a new marketing method. Meanwhile, the blind box economy has injected vitality into the consumer market and the investment market. This paper basing on behavioral economics theory, through the perspective of mental account, summarizes and analyzes the research on blind box consumption behavior as investment goods and personal entertainment, and discovers mental account is not only one of the main factors of blind box economys prosperity, but also a vital reason that results in different consumers under two behavioral decisions making similar irrational behaviors. Besides, in view of the limitations of the blind box market, this paper puts forward relevant suggestions. The research results of this paper deepen the exploration of mental account in blind box economy, and play a guiding role in the application of mental account theory in blind box economy in the future.

Competition, experiments and price theory. On a controversial return to the classical economists

The paper discusses the call by Sabiou Inoua and Nobel laureate Vernon Smith for a return to Adam Smith based on what “experimental economics” would have in common with the approach of the classical economists. The aim of the two authors is to provide an alternative to the neoclassical approach, both as a general theory of prices and, more specifically, as an account of the working of competition. Such an authoritative call for a theoretical breakthrough is undoubtedly welcome news to all advocates of a comparative approach among alternative research programmes in economic theory. We argue, however, that Inoua and Smith fail in their aim, showing in particular that the major shortcomings of their approach ultimately derive from the rejection of Adam Smith’s distinction between “market prices” and “natural prices.”

Baudrillard's Theory of Simulacra and Its Implications for Communication Studies

This paper systematically explores Jean Baudrillard's theory of simulacra and its profound influence on communication. In the context of postmodern society and consumer society, Baudrillard, through the inheritance and development of Marx's critique of political economy, puts forward a unique theory of media, which reveals the dominant role of symbols and media in modern society and their profound impact on people's lives. The article first introduces the characteristics of postmodern and consumer societies, pointing out the dominance of symbols, codes and simulacra in modern society and the role of consumption in social stratification and compartmentalization. The article analyzes Baudrillard's critical theory of symbolic political economy and mimetic theory in detail, exploring the mechanisms of production and exchange of symbolic value, as well as the manifestations of simulacra in contemporary society and the critical vision of hyperreal theory. The article also explores Baudrillard's breakthrough on women and gender difference, the relationship between fashion and the female body, and the mechanisms by which object strategies operate on the female body. Finally, the article summarizes the core ideas of Baudrillard's theory, points out its critical and transformative significance to modern society, emphasizes the important role of the concept of seduction in subverting the traditional subject-object relationship, and makes suggestions for future research directions.

Governance, Education, and Sustainable Development: A Comparative Analysis in Central and Eastern Europe

This study assessed the interplay between economic development, rule of law, social inequalities in education, and sustainable development in Central and Eastern European countries. Grounded in the theoretical background of sustainable development, this study examines how governmental efficiency, transparency, economic development, and social capital function as key drivers of SDG goals in CEE countries. The analysis draws on three theoretical models: the economic theory of sustainable development, institutional frameworks emphasizing good governance and sustainable development, and the role of social capital in shaping SDG dynamics. Therefore, this study aims to evaluate the following research directions: i. the impact of economic development on the sustainable development index; ii. the relationship between the rule of law and the achievement of SDG goals; and iii. the relevance of social factors in sustainable development. Using a quantitative research design based on both linear and nonlinear regression models, we estimate that the interplay between governance and education is strongly related to an increased SDG index. These findings contribute to the growing body of literature on sustainable development, offering insights into the particularities of Central and Eastern European social and economic development. This study provides evidence for scholars and policy-makers interested in sustainable development, highlighting the importance of institutional transparency and education in enhancing social and economic development.

Intertemporal coordination mechanism: Austrian insights on market coordination through time

This paper explores temporal coordination mechanisms in market economies through the lens of Austrian Capital Theory, emphasizing how interest rates facilitate the alignment of complex intertemporal production plans across dispersed market participants. The study addresses the challenge of coordinating heterogeneous capital goods over time, a critical issue in dynamic economic systems where production spans multiple stages and horizons. Through a rigorous theoretical analysis and an extensive literature review, the research investigates the role of market processes in achieving this coordination, with a particular focus on how monetary policy influences these mechanisms. The analysis reveals that interest rates act as vital signals, aggregating dispersed knowledge and guiding entrepreneurial decisions to align production structures with consumers’ time-preferences. However, monetary interventions, such as interest rate manipulations, are shown to distort these signals systematically, contributing to malinvestment—where resources are misallocated to unsustainable projects—and overconsumption during business cycles. Empirical evidence from the 2002–2009 period, including the U.S. Federal Reserve’s monetary expansion, illustrates these effects, highlighting how negative real interest rates (2003–2005) falsified economic calculations, inflating household net worth by $21.7 trillion while reducing savings rates to below 1% by 2005, only to collapse by $13 trillion in 2008. This research synthesizes Austrian insights with emerging technological developments, particularly Web 3.0 technologies and decentralized systems like smart contracts and decentralized finance (DeFi), which may enhance market coordination by reducing reliance on central intermediaries and improving knowledge transmission. The originality lies in bridging classical economic theory with modern technological paradigms, offering a framework to assess how decentralized innovations can preserve Austrian principles of entrepreneurial discovery and spontaneous order. This theoretical analysis contributes to understanding the interplay between monetary policy, technology, and market dynamics, providing a foundation for future empirical studies on decentralized economic coordination.

Beyond mining: transitioning indigenous communities to sustainable tourism in Australia’s Northern Territory

Mining is a significant contributor to the Australian economy and the largest sector in remote areas and neighbouring Indigenous communities. Many mines will close within the next decade due to economic, geological, and/or social pressures, leaving these communities without viable or sustainable economic alternatives. Indigenous tourism is viewed by some Indigenous communities and landowners as an opportunity for financial, social, and environmental development, and when developed appropriately, could support Indigenous communities to leverage traditional lands and natural assets. Through a case study of East Arnhem Land, Northern Territory, Australia, this research explores opportunities and barriers for Indigenous communities transitioning from mining to tourism and the viability of tourism as an economic alternative. The study addresses the challenges of breaking institutional “lock-in” and path dependence by applying evolutionary economic geography theory to explore this transition. It was found that while stakeholders strongly support tourism development in the region, mining transitions are more complex and require two-way, long-term planning to develop growth strategies and promote community-led initiatives. This paper explores tourism’s future post-mining, the reuse of mining infrastructure, and land access issues to support sustainable economic development.

Understanding backwardness as a structural problem: historical time in the analysis of the Russian Narodniks and Lenin, Gerschenkron, and Furtado

The paper explores the concept of backwardness as a structural problem. The starting point is to situate Luigi Pasinetti’s contribution to the question of structural change, in order to unfold from there some tentative links in the history of economic thought for thinking about the question of backwardness from the periphery. Pasinetti plays a central role in linking the Cambridge School’s extension of Keynesian analysis to long-run perspectives and the theorization of structural change. Pasinetti’s work, together with Joan Robinson’s distinction between logical and historical time, forms an important basis for understanding the persistence of heterogeneity in the world economic structure, especially in the context of international economic relations. Traditional economic theory focusing on “logical time” tends to overlook this heterogeneity in favor of the forces of free trade, while an analysis based on “historical time” recognizes and emphasizes its persistence. An important point, however, is that this has long been a problem, especially in analyses of the periphery of capitalism. The article explores some non-obvious links in the history of economic thought, examining the contributions of various authors such as the Russian Narodnik authors, Vladimir Lenin, Alexander Gerschenkron, and Celso Furtado. Special emphasis is placed on Furtado’s analysis, which emphasizes the crucial role of historical time in understanding the combination of accumulation and backwardness in underdevelopment processes, especially in peripheral regions. The article emphasizes the importance of historical analysis in economic theory as a way to expand the explanatory power of theoretical models and to understand economic dynamics in a broader context.

Determinants of smart locker adoption in last mile construction retail

PurposeSmart lockers have emerged as an innovative technology to address the challenges of last mile delivery. The increasing difficulty in accessing construction sites, exacerbated by denser traffic and limited space in urban centres, could be alleviated through centralized collection hubs. However, consumer willingness to adopt this solution remains crucial. This study aims to identify the critical success factors influencing the adoption of smart lockers for last-mile deliveries, focusing on the construction materials retail sector.Design/methodology/approachCritical success factors of the adoption of smart lockers were identified based on the theories of Resource Matching Theory, the Theory of Transaction Cost Economics and the Theory of Perceived Value. Subsequently, by using DEMATEL, the relative relevance of each factor was observed, as well as the cause-and-effect relationships between pairs of factors.FindingsThe results indicate that perceived value is the most influential factor from the respondents’ perspective. In the decision-making process, convenience, reliability and relative advantage were identified as priorities. Transaction costs were found to be the least significant among effect factors, while privacy assurance was ranked as the lowest in importance compared to other factors.Originality/valueGrounded in Resource Matching Theory, Transaction Cost Economics and the Theory of Perceived Value, this study explores the interconnections among factors affecting consumer adoption of smart lockers in the retail. It offers practical insights for construction material companies to effectively implement smart lockers in their last-mile delivery systems.

Circular Economy in Chinese Heritage Conservation: Upcycling Waste Materials for Sustainable Restoration and Cultural Narrative Revitalization

Material depletion, environmental degradation, and cultural revitalization pose significant challenges to heritage conservation in China. Within the context of heritage restoration, the principles of the circular economy (CE)—including R1 (Reduce), R2 (Reuse), and R3 (Recycle)—can provide a structured framework for sustainable interventions. By prioritizing resource efficiency, minimizing waste generation, and repurposing materials, CE strategies support the preservation of cultural heritage while mitigating environmental impact. This study explores the role of waste material upcycling in sustainable heritage conservation (SHC) in tandem with the revitalization of cultural narratives. This study examines the core factors affecting sustainable restoration practice through the lens of the circular economy theory and sustainable heritage conservation theory. The research design adopts mixed methods whereby quantitative web surveys are conducted among practitioners of conservation and complemented with qualitative case studies from CE-based intervention restoration projects in China. The study identifies five independent variables—upcycling of waste materials, resource efficiency, stakeholder engagement, economic viability, and cultural narrative revitalization—with sustainability-driven innovation acting as a mediating factor. Preliminary findings indicate that upcycling enhances material longevity and minimizes restoration expenses while promoting social acceptance of circular practices through stakeholder engagement. Revitalizing cultural narratives enhances historical continuity while preserving intangible heritage. The results indicate that CE-based interventions positively influenced SHC, with sustainability-driven innovation as a mediator. With this, it was concluded that introducing circular economy principles in heritage conservation would promote environmental sustainability, economic viability, and culture-building resilience. Policy recommendations include incentivizing upcycling technologies, promoting interdisciplinary collaboration, and embedding CE principles in national heritage policies.

Technology transfer in Italy: a quantitative analysis

Literature review discusses the evolution of economic growth theories, particularly the transition from the neoclassical model to endogenous growth theories that emphasize the role of knowledge, ideas, and human capital in increasing productivity and output. Empirical research supports the positive relationship between R&D and productivity growth, with university R&D showing long-term benefits and corporate R&D yielding quicker returns. Moreover, innovation is historically considered the main driver of economic and social development and, above all, investments in R&D are considered essential for enhancing national competitiveness and productivity. This study investigates the impact of patent and research and development (R&D) expenditures by universities and firms on economic growth in Italy, highlighting the mechanisms of innovation propagation and diffusion and contributing to the debate on the differential role of universities versus firms in growth processes. Utilizing a panel data technique, the analysis demonstrates a positive correlation between value added per worker and R&D expenditures per capita. The empirical findings indicate that university R&D expenditures have a higher impact on value added per worker compared to firm R&D expenditures. Gross fixed investments show an immediate but lower impact, while patents significantly influence economic growth after a five-year lag. Notably, the results reveal a time lag in the impact: university R&D investments generally exhibit an immediate effect on economic growth, whereas firms experience positive spillovers on regional growth after some years. The findings suggest that policies supporting technology transfer should strengthen the role of universities in areas with low industrial intensity by enhancing intermediation tools (such as Technology Transfer Offices, incubators, and contamination labs).

Exploring the transformation of wine tourism through metaverse technology

<p>This study explores how Metaverse technologies can be applied to wine tourism. First, the background section reviews sensory mapping and experience economy theories and introduces the definition of Metaverse, technologies related to wine tourism, and differences from traditional tourism. Second, the research analyzes the application scenarios of immersive vineyard tours, simulated wine-tasting environments, online cultural activities, remote wine knowledge learning, experiential shopping, visitor interaction, and post-tour experience sharing. This study adopts a qualitative approach based on a literature review to explore these themes. Then, the changes of Metaverse technology on tourism organization are proposed, including benefit sharers, co-creation of tourism product value, personalized product customization, virtual digital communication, virtual product promotion, technology bridging, and non-fungible token (NFT) wine investment. Meanwhile, possible problems and coping strategies for Metaverse wine tourism are discussed. Finally, suggestions and practical guidance for future research are presented to promote the further development of the field.<strong></strong></p>

Libertarian Economic Perspectives in Education: Pathways to Integrating the Austrian School

Long dominated by Keynesian theory, which emphasizes government intervention and aggregate demand management, economic education has Critics counter that this intellectual homogeneity limits exposure to other economic theories as the Austrian School, which stresses free markets, spontaneous order, and methodological individualism. This paper investigates the viability and consequences of including Austrian economic ideas into modern education therefore promoting a diverse pedagogical approach. The historical and modern integration of economic models in educational curriculum was evaluated by means of an extensive literature survey. Important areas of concentration included course structures, textbooks, and policy implications in secondary and higher education. In order to underline methodological and pedagogical variations among Austrian economics, Keynesianism, monetarism, and post-Keynesian theory, the study also used a comparative analysis. Results show that influencing policy debates and curriculum construction, Keynesian economics still rules as the predominant paradigm in economic education. The study reveals major obstacles to the integration of Austrian economic theory include institutional preferences, a lack of committed resources, and academic ideological resistance together with institutional preferences. Still, the increased interest in alternative economic theories during times of financial crisis and the emergence of digital learning environments offer reform chances. The paper comes to the conclusion that encouraging a more balanced economic education framework can improve students' critical thinking, intellectual variety, and economic literacy. Among the recommendations are curriculum revisions, the addition of specialist electives, using digital tools, and support of institutional transformation. Incorporating Austrian economic ideas will help students to have a comprehensive awareness of policy consequences and market dynamics

Urban-rural economic inequality: is social entrepreneurship the solution?

Purpose“Reduce inequality” is a prominent goal in the 2030 Agenda for Sustainable Development of the United Nations and holds significant importance in the global policy discourse. Combined with the dual economy theory, this study aims to examine whether social entrepreneurship is the solution to urban-rural economic inequality.Design/methodology/approachThis paper uses panel data from 31 provinces in China between 2011 and 2021 and employs a mediation effect model, instrumental variable model and a spatial Durbin model to explore the impact of social entrepreneurship on urban-rural economic inequality.FindingsWe find that the growth of social entrepreneurship activities correlates with a reduction in economic inequality. Moreover, our results suggest that social entrepreneurship reduces economic inequality by accelerating the process of population urbanization, enhancing non-farm employment and increasing rural income. However, our results reveal that social entrepreneurship has a limited spatial spillover effect.Originality/valueOur research extends the existing literature on the reduction of urban-rural economic inequality by introducing the role of social entrepreneurship. The empirical results provide implications to enrich the discussion of urban-rural integration and sustainable development.

The Applications of Anchoring Effect in Business Activities

The anchoring effect is an important theory in behavioral economics, which has aroused much attention and been widely utilized in the economic market. By far, much research and experiments have been done to show the mechanism, types and applications of the anchoring effect. In this essay, the meaning, mechanisms and especially the applications of anchoring are discussed and analyzed by a case study method. The following discussion mainly focuses on the applications of the anchoring effect in business activities, including the aspects of financial investment, marketing and business negotiation. Based on the analysis, it turns out that the anchoring effect plays an important role in business activities. It is so ubiquitous that many people fail to even notice it. In essence, anchoring taps into cognitive biases, allowing businesses to steer decisions, maximize profits, and create compelling narratives around their products or services. Ignoring this effect risks losing strategic advantages or making incorrect decisions in competitive markets.

كفاءة النظام الاقتصادي الإسلامي: دراسة للأداء الاقتصادي في عهد الخليفة عمر بن الخطاب رضي الله عنه وفقًا لمعايير قياس الأداء الاقتصادي المعاصرة

This study aims to reveal the efficiency of the Islamic economic system by studying the economic performance in the Period of Omar bin Al-Khattab according to the contemporary economic performance measurement criteria, which are six criteria: economic growth, economic efficiency, economic stability, social justice, development priorities, and social cohesion of the state. This is done by relying on the inductive approach and the historical approach (recalling and analyzing evidence and real events during the reign of Caliph Omar bin Al-Khattab). The study reached the efficiency of the Islamic economic system; as evidence and events proved that the economic opinions and policies of Caliph Omar bin Al-Khattab preceded the application of the six criteria for measuring contemporary economic performance with the advantage of adding an Islamic dimension to those criteria; which confirms that the Islamic economic system exceeded theoretical and normative limits - as some describe it - and thus the possibility of replacing it as an economic system. Accordingly, the study recommends that researchers pay attention to the Islamic cognitive heritage and induct and build Islamic economic theory in light of it, and work hard to implement the Islamic economic system in Islamic countries similar to the successful experiences of establishing Islamic banks.

Effective Employee Selection Choosing the Right Talent for Success

Theories of economics, management control, and organizational behavior suggest that when it is difficult to align incentives through output-based contracts, selecting employees with preferences that are consistent with organizational goals can be a useful alternative. This study empirically examines this idea using employee and loan data from a financial services firm operating under a highly decentralized business model. The analysis uses differences in the firm's hiring practices to assess the extent to which employees are selected based on their alignment with the firm's objectives. In the midst of the “war for talent” and fierce global competition, organizations and managers must carefully evaluate their recruitment and selection processes. Employee selection methods should not only enhance the organization’s reputation, but also accurately predict future job performance. Therefore, the selected methods should exhibit both high predictive validity and face validity. Assessing candidate fit is a critical step in the selection process, helping organizations identify the best fit for specific roles. Research significance: The importance of research on employee selection lies in its impact on organizational success, productivity, and employee quality. Effective selection methods improve work performance, reduce turnover, and align employees with organizational goals. Understanding selection processes helps organizations improve hiring strategies and ensure long-term growth, performance, and competitive advantage. Method: Interviews - Conducting structured or unstructured interviews to assess skills and cultural fit Aptitude and Skills Tests - Assessing candidates' abilities through assessments Assessment Centers - Using simulations, role-playing, and group exercises. Evaluation Parameters taken as Job Fit - Alignment with job requirements and organizational culture Skills & Competence - Relevant knowledge, skills, and expertise Experience - Past work experience and industry exposure Cognitive Ability - Problem-solving and critical thinking skills Personality Traits - Behavioral traits and workplace adaptability Predictive Accuracy in predicting job performance Fairness & Bias - Ensuring an unbiased and equitable Selection process. Effective employee selection creates a skilled, motivated, and high-performing workforce. It increases job satisfaction, reduces turnover, and improves organizational productivity. A well-structured selection process ensures that the right candidate is selected, who is aligned with the organization’s goals and culture. Ultimately, this contributes to long-term business success and competitive advantage. The employee selection process plays a key role in determining the success of an organization. Implementing effective selection methods and evaluation criteria allows businesses to identify the best talent, resulting in increased productivity, lower turnover rates, and a positive workplace culture. A well-designed selection process supports long-term growth and enhances the competitiveness of the organization.

Legal and economic analysis of the changes enacted by Law n. 13,871/2019 on Maria da Penha Law

This article aims to analyze the legislative innovations and the changes that occur in the individuals’ incentives, which results from Law no. 13,871/2019. We investigate, through legal analysis, the goals of the policymakers on including new paragraphs in Maria da Penha Law and, through the Economic Theory of Crime, we elaborate a hypothetico-deductive analysis over the individuals’ incentives. We conclude that Law no. 13,871/2019 follows the initial principles that underlie Maria da Penha Law, which does not only restrict itself to the criminal sphere, but also expands the punishments to the civil sphere. In economic terms, we understand that simply raising the severity of the punishments will have little effect on combating violence against women, besides creating opposite incentives to victims that seek medical help. At last, a few considerations about future research on this theme are made.

The Concept of Spending in The General Economy of Georges Bataille: Social Crisis Between Espenditure and Abundance

This paper actualizes the conceptual pair scarcity-abundance through the phenomenon of spending surpluses as the accursed share (la part maudite) in the field of ethnology, sociology and philosophy of Georges Bataille. Within his unfinished project of general economy, and in dialogue with the same conceptual pair in the field of economic theory, particularly in the political economy of Lionel Robbins and J. M. Keynes, this study opens a space for both assessing the relevance of Bataille's insights in the contemporary moment of neoliberal capitalism and for reconsidering the status of scarcity and abundance within the polycrisis of late capitalism. The fluctuation of these concepts and categories serves as a template for understanding shifts in the discourse of economic theory as well as social theory in a broader sense, from classical political economy to economic neoclassical theory and neoliberalism during the twentieth century and up to the present day. Bataille's complex and controversial body of work, marked by a transgressive synthesis of sociology, anthropology, philosophy and literature continues to inspire critical reflections on the neoliberal phase of modernity.