Economic Ideas Research Articles

The Existence Paradigm and the Antinomy of the Liar in Mathematical Economics

Early contributions in Walrasian general equilibrium analysis led to logical problems that are remnants of the foundations debate in mathematics. The problem of existence of equilibrium in a competitive economy was at the core of this research program. This was however a loaded question since it admits different methodological approaches and interpretations. By tracing back the problem to the foundations of mathematics this paper aims to identify logical implications of the existence paradigm in Walrasian theory. Grounded on a bird’s eye overview of the history of ideas in early mathematical economics, the distinction is made between different interpretations of the question in relation with axiomatics and models of competitive economies. This leads to the conclusion that in general equilibrium theory, the problem set to provide consistency or existence proofs entails logical implications about the antinomy of liar and the rationale of doctrines in economics.

Legal Policy of Implementation Green Economy In the Tourism Sector To Realize Sustainable Tourism And Environment

Tourism is an alternative livelihood for people to earn income by utilizing the natural wealth around them. Natural ecosystems need to be conserved so that they remain balanced and can be utilized. These problems are what prompted the emergence of the idea of a green economy. The idea of a green economy aims to encourage the economic development of tourism while still preserving the environmental ecosystem. Therefore, the focus of the problem in this article is to examine the policy direction of green economy ideas in the regulation of tourism in Indonesia. The purpose of this study is to analyze the implementation of the idea of a green economy in the regulation of the tourism sector in Indonesia. Normative research methods are used with statutory and conceptual approaches to analyzing the regulations of the tourism sector in Indonesia. This research resulted in a novelty of draft regulations in the tourism sector that accommodate the idea of a green economy to become a reference for tourism actors to maintain environmental sustainability to realize sustainable tourism and update previous regulations that have not accommodated the idea of a green economy.

Economic ideas and policy outcomes: applications to climate and energy

This paper presents a revised version of the FH Gruen lecture by Professor Ross Garnaut at the Australian National University on 29 June 2022.

Implementation of Solid Waste Management Program (SWMP) in Public Schools: A Convergent Parallel Mixed Methods Research Design

The concepts of Circular Economy (CE) and Solid Waste Management Program (SWMP) implementation are related to various qualities that may influence school stakeholders' participation in this program. This study investigated school stakeholders' awareness of Circular Economy (CE) concepts and the implementation of the Solid Waste Management Program (SWMP) in public schools. In order to uncover the relationship between these factors and relate stakeholders' experiences to their quantitative findings, convergent parallel mixed-methods research was used. The sample contained 370 respondents. The Awareness of Circular Economy Concepts Scaled Questionnaire (ACCESQ) and the Implementation of Solid Waste Management Program Scaled Questionnaire (ISWMPSQ) were modified for use as quantitative instruments, furthermore, for qualitative research, a validated interview guide was employed. For the quantitative analysis of the two factors, the weighted mean was utilized, and to identify the shape, direction, and strength of the relationship between the two variables, Pearson Product Moment Correlation, or Pearson “r” Coefficient was calculated. Moreover, the qualitative data was also analyzed using thematic analysis. Stakeholders' familiarity with Circular Economy (CE) ideas and the progress made on the Solid Waste Management Program were strongly correlated in every measure. Positive correlations were discovered between their encounters and the adoption of Circular Economy (CE) ideas and SWMPs. The results showed that climate change, biodiversity loss, waste, and pollution were all integral parts of sustainable waste management plans (SWMPs) for reusing, reducing, recycling, collecting, treating, and disposing of garbage. The more people understand CE principles, the more likely it is that the SWMP will be put into action, and the more closely the experiences of stakeholders will match the quantitative findings.

Why <em>Monopoly</em> Monopolises Popular Culture Board Games

Why <em>Monopoly</em> Monopolises Popular Culture Board Games

Welcome to Country: Geographical valuations and devaluations of First Nations’ presence on Country in Australia

First Nations’ custodianship of Country has provided incalculable benefits to Australia. Geographical devaluation of this custodianship has been central to settler colonial and later governmental economic and development policy that worked/s to remove First Nations from Country. Indeed, the negation of First Nations sovereignties to extract value from the environment for non-Indigenous dividends underpins the development and operation of state-directed economic activity in Australia. As a result, how First Nations are valued, or not, is tied to cultural, political and economic ideas about First Nations’ presence on Country. Welcome to Country ceremonies exemplify the complexities associated with geographical valuations of First Nations’ presence. Such ceremonies incentivise labour demands for Elder and older First Nations to enact language and culturally specific custodianship even as broader non-Indigenous institutions are hostile to self-determined development and Indigenous sovereignties. The article provides a theoretical account of the geographical valuations and modelling tendencies with respect to First Nations economic development that focus on the state as the key interlocutor. Where scholarship draws attention to the role of the state as recognising the cultural rather than economic dimension of First Nations activities, Welcome to Country ceremonies demonstrate the importance of regional and local scales of First Nations sovereign practices. First Nations and Elder capacities to perform these ceremonies are both a normalised and under-considered element of regional development activities. Welcome to Country constitutes an important case site for understanding the complex interactions between First Nations axiologies and non-Indigenous geographical valuations.

Adding ‘origination’ to diffusion theory: contrasting the roles of China and the EU in green finance

The diffusion of liberal economic ideas has been challenged by three global shifts: a bipolar tilt, nationalism, and climate change. One consequence is that policy norms are originating from new places and carry new content. To date, diffusion theory in International Political Economy (IPE) explains how liberal policy norms spread through ‘adaptation’ to local circumstances, but less why they diffuse from particular origins. The three global shifts make a focus on origins critical. I propose integrating Comparative Political Economy (CPE) into diffusion theory to capture the forces and conditions shaping policy norm ‘origination’. Analyzing the global proliferation of green finance policies, I show how China’s closed capital account and state-controlled financial system combined with a state-led and experimentation-prone governance system creates a top-down market-steering approach that makes China a pioneer of policy instruments. Second, I show how the EU’s global economic position, its independent central bank, and a negotiated and consultative governance system create a bottom-up market-facilitating approach that makes the EU a standard-setter of policy content. Adding origination creates a path forward for diffusion theory, exploring how certain political economy traits create roles in the diffusion process and how this impacts the diffusion mechanisms and adaptation processes emphasized today.

Creating Space: Capitalism, Mining, and the Evolution of Central European Economic Thought

Abstract There were a number of economists in early modern Germany who, as their works indicate, faced regular criticism and personal attacks. Again and again, they had to defend and legitimize their work. Such apologetic formulas appear for the first time in the work of the Saxon councilor and writer Melchior von Osse (1506–57). This was no coincidence. Starting from the large and dynamic mining districts of the region, a new variant of economic thinking emerged at the end of the fifteenth century, characterized in particular by the fact that it extended the princely household over the entire territory. Ideas of this kind violated centuries-old scholarly traditions. This concerned both the question of occupations suitable for people of high status as well as the scope of what could legitimately be called a household or economy. The reason for this break with convention was the increasingly capitalist organization of mining, which fostered new forms of spatial imagination and governmental practice. However, irrespective of how important the idea of a territorial economy would become, it also placed a burden on economic scholars who were involved in its early dissemination. The legacy of disrupting the medieval politico-economic order will accompany them for centuries to come.

Brain Magnet: Research Triangle Park and the Idea of the Idea Economy by Alex Sayf Cummings

Reviewed by: Brain Magnet: Research Triangle Park and the Idea of the Idea Economy by Alex Sayf Cummings Karen A. Rader (bio) Brain Magnet: Research Triangle Park and the Idea of the Idea Economy By Alex Sayf Cummings. New York: Columbia University Press, 2020. Pp. 248. In 1868, when Jefferson Davis first articulated the idea that the U.S. South "shall rise again," he could not have imagined one of its forms as a high-tech university-business partnership in North Carolina. And yet, more than a century later, an unlikely band of suburban developers and university leaders envisioned and built the so-called Research Triangle Park (RTP) as a means of transforming what was once deemed "cornbread country" (p. 77) into an organized series of "knowledge work" towns and cities, one of which bore the nickname "Containment Area for Relocated Yankees" (p. 135). In Brain Magnet, Alex Sayf Cummings gives scholars and local historians a fascinating and well-written account of this historical moment and its importance for the historiography of technology and capitalism by "employing a distinctive method: refracting the story of broad changes in the nature of capitalism through concepts of space and place" (p. 6). Chapter 1 analyzes the design and building of the RTP as a Cold War–era Southern creative city, a site of "self-invention and audacious boosterism" (p. 21). Coming to terms with North Carolina's transitioning postwar population trends (with many African Americans leaving the state) and socioeconomic woes (like low wages and poor schools), business elites partnered with university and government leaders to conceive and promote the idea of the RTP as a geographic enclave—"a concentration of technological and scientific infrastructure and of social capital which was possessed by skilled workers" (p. 47). Chapter 2 chronicles the rise of the idea of the "knowledge worker," as it was first embedded in and later drew strength from the paired view of the RTP as a frontier for creating a "whole new economic sector: research" (p. 56). Cummings observes that research was always meant to bolster the economy through expanding educational opportunities and employment, but he also suggests that the RTP's long-term success came at an early price. Planners had to make a "major compromise in their vision of an anti-industrial space for intellectual labor" (p. 67) by welcoming applied research powerhouse tenants like the federally funded National Environmental Health Sciences Center, as well as corporations like IBM and Technitrol. Chapter 3 recounts what happened in the 1960s when more RTP knowledge workers came to live nearby: wealthy black executives and middle-class scientists struggled to reconcile boosters' promises of social enlightenment and good race relations with their own experiences of "blockbusting" in [End Page 638] the new surrounding suburbs. Chapter 4 pairs analysis of the design of two 1970s-era RTP buildings—the Burroughs Wellcome Building (1971) and the National Humanities Center (1978)—as "profoundly rigorous and intentional" (p. 105) embodiments of new forms of knowledge work, engineered to house intellectual resources abstractly, as "brains in a luminous structure in a suburban landscape" (p. 119). Finally, the book's last chapters return to the cities within the Triangle—Cary (ch. 5) and Raleigh-Durham (ch. 6) as paired emblems of "the good boring life" and the further displacement that the RTP's gentrification mandate wrought. The RTP became, in one of the author's most memorable sound-bite assessments, "a Jetsons success in a hipster era" (p. 184). Cummings's epilogue returns to the figure of the knowledge worker, quoting and reflecting on its place in what a 2017 journalist deemed the "lanyard-based class system" (p. 198) of the twenty-first-century tech economy. Brain Magnet, by the author's own assessment, "is in, but not of, Southern history. It is about the way we think about and imagine the economy, what the economy is, where the economy should go and, above all, who matters" (p. 17). In this way, Cummings's book both builds on existing studies of regional knowledge hubs (like Lily Geismer's account of Boston's Route 128 and Margaret O'Mara's work on Silicon Valley) and contributes new insights to...

사회적 시장경제와 지속가능성

German energy transition policy has developed on the basis of social market economy with acceptance of sustainable development ideology in which economy and society and environment are harmonized. In order to discuss the sustainability of the social market economy, this paper examines the idea and foundation of the social market economy from the perspective of a sustainable paradigm, and the value of the social market economy, which considers economic, social, and environmental factors as equal values at the same time. and how the principles were implemented in energy transition policy in Germany. To this end, this paper first tries to shed light on whether the social market economy is sustainable and justice, and the social market economy from the perspective of sustainable development paradigm. Furthermore, energy transition from unsustainable energy system with fossil energy and nuclear energy to sustainable energy system with renewable energy and the ecologization of the social market economy will be discussed as part of harmonizing environment, economic growth, and social justice. Also this paper will examine whether the social market economy provides a sustainable paradigm, focusing on the background and current status of German energy transition policy. Through this, this paper will attempt to evaluate and forecast the sustainability of the social market economy, whether it can be an alternative model for coping with climate change and solving environmental and ecological problems.

Implementing the Green Economy: Avoiding the Middle Income Trap

stract The purpose of this essay is to outline methods for implementing a green economy in Palopo City in order to escape the middle income trap. Since the creation of Palopo City in 2002, the per capita income of the residents of that city has fallen into the middle income range. The worst effect of this would be a lack of investor confidence in Palopo City, which could eventually lead to an increase in the poverty rate due to a lack of jobs. Therefore, Palopo City needs a plan to use the idea of a green economy to escape the middle class trap. The research design for this study is descriptive qualitative, and the methods for gathering data used are recording, interviews, and observation. The research results obtained are that currently the Palopo City government is building a city with the Business Traveler concept, but in this development, it is considered less than optimal, especially in the application of the green economy concept which has an impact on the accumulation of waste from business activities that pollutes the environment. Additionally, Palopo City's open unemployment rate is the second-highest in the country after Makassar City, necessitating increased job growth in the green economy industry. Strategies that can be applied in Palopo City to overcome the problem of the middle income trap by applying the green economy concept are: (1) waste management and circular economy, (2) application of extended producer responsibility policies as the role of producers who are ecologically literate, and (3) training programs green economy to prepare the human resources of Palopo City towards environmental-based economic development.

Economical Aspect of Truss Design Through Geometry Configuration

In engineering, truss structures are used extensively in bridge, tower, building, and numerous mechanical applications. Several studies have found that truss frames use the least steel weight when compared to other structural systems. The majority of truss frame design optimization research concentrated primarily on minimal weight design, and constructability, ease of fabrication, steel wastes, and the ideal geometric design parameter were not considered during the design optimization. Since the acceptable value range for factors like the span to depth ratio, truss frame typology, and diagonal angle is broad, there is no clear direction on how to determine the economical idea of truss frame geometry. To find the ideal geometry configuration for a truss frame, parametric studies were carried out, considering the truss frame span to depth ratio, truss frame typology, and diagonal angle. The study's conclusion offers a well-organized framework for choosing the best truss frame shape. According to the study's findings, there were no appreciable changes in the internal forces generated by the chords of the different truss typologies that may have resulted in substantial weight discrepancies. If constructability is a consideration, Warren trusses are a superior choice. When compared to proposals made by diverse sources, the projected truss span to depth ratio was significantly smaller. The study also showed that the member weight remains constant and does not significantly rise within a given range of the span to depth ratio.

Removal of phosphate from brewery wastewater by cerium(III) chloride originating from spent polishing agent: Recovery and optimization studies

This paper presents the possibility of using hydrated cerium(III) chloride (CeCl3∙7H2O) recovered from a spent polishing agent containing cerium(IV) dioxide (CeO2) to remove phosphate and other impurities from brewery wastewater (phosphate 43.0 mg/L, total P 19.8 mg/L, pH 7.5, COD(Cr) 827 mg O2/L, TSS 630 mg/L, TOC 130 mg/L, total N 46 mg/L, turbidity 390 NTU, colour 170 mg Pt/L. CCD (Central Composite Design) and RSM (Response Surface Methodology) were applied to optimise the brewery wastewater treatment process. The removal efficiency (mainly of PO43−) was the highest under optimal conditions (pH 7.0–8.5, Ce3+:PO43− molar ratio of 1.5–2.0). Applying recovered CeCl3 under optimal conditions yielded a treated effluent in which the concentration of PO43− decreased by 99.86 %, total P by 99.56 %, COD(Cr) by 81.86 %, TSS by 96.67 %, TOC by 60.38 %, total N by 19.24 %, turbidity by 98.18 %, and colour by 70.59 %. The Ce3+ ion concentration in the treated effluent was 0.058 mg/L. These findings suggest that CeCl3‧7H2O recovered from the spent polishing agent may constitute an optional reagent for phosphate removal from brewery wastewater. The sludge from wastewater treatment can be recycled for Ce and P recovery. The recovered cerium can be reused for wastewater treatment, creating a cyclic cerium cycle in the process, and the recovered phosphorus can be used, for example, for fertilization purposes. The optimised cerium recovery and application is in accordance with the ideas of circular economy.

“HOW CAN I LIBERATE THE SLAVES?” THE NEGLECTED TRADITION OF DEVELOPMENTAL ABOLITIONISM

The abolition of slavery in the nineteenth and twentieth centuries was a long process. In terms of the economic views of abolitionists, there has been an excessive focus on the economic ideas of liberal abolitionists and their approach to “Civilization, Christianity, and Commerce.” However, there was a “developmental abolitionism” that has received little attention. Afro-American Martin R. Delany and Liberian James S. Payne were writers who approached abolitionism through this developmentalism. They favored more interventionist measures aimed at building the material power and national autonomy of Black nations to undercut the power of slave-using African chiefs, to provide indigenous Africans with employment, and to undermine the profitability of slave-based cotton production in the Americas. They also implicitly and indirectly approached labor scarcity with solutions ranging from promoting labor-saving technology to cultivating national prosperity that would improve emigration to Africa or increase birth rates.

New World of Gain: Europeans, Guaraní, and the Global Origins of Modern Economy by Brian P. Owensby

Reviewed by: New World of Gain: Europeans, Guaraní, and the Global Origins of Modern Economy by Brian P. Owensby Mattia Steardo New World of Gain: Europeans, Guaraní, and the Global Origins of Modern Economy. By brian p. owensby. Stanford, California: Stanford University Press, 2021. 400 pp. ISBN 9781503627512. $95.00 (hardcover). In the past years, the study of economic ideas has been gaining ground among historians, and a number of innovative studies increased our knowledge about the economic concepts and debates which accompanied the gradual extension of global economic interdependence. Brian P. Owensby contributes to the growing field of intellectual history of economic ideas, exploring the cultural contact between Spaniards and American indigenous groups—which came to be known [End Page 151] as Guaraní—between the sixteenth and the early nineteenth century, an account that highlights how their respective economic cultures changed in the course of their contact, due to creative adaptation to new circumstances as well as to unintentional misunderstandings. The cultural interpretation of economic ideas and practices allows the author to historicize the maximization of individual gain as a byproduct of the post-sixteenth century contact between Europeans and other cultures, rather than considering it as a constitutive trait of human nature. Starting from a Polanyian theoretical framework, Owensby stretches it in time and space, narrating the struggle between gain and mutuality in the Paraguay region. The tipping points of this history are the attempts made by individuals and (later) political power of turning individual gain into the founding principle of the Spanish-Guaraní social order, followed by the countermovements that communities made in order to resist the disembeddedment of the economy from the moral sphere. The book opens with the anthropological description of European and Guaraní societies before their contact, and the place that exchange and gift-giving was occupying in structuring each society's social relations. Then, the bulk of the work chronologically relates the history of their coexistence, mediated by their respective economic anthropologies, as well as the legal framework of the Spanish Empire. Throughout the narrative, the author strives for recognizing indigenous agency in this process, interpreting what were local ideas on their rights and obligations toward the Spaniards and the king through a scrupulous analysis of Guaraní language supplemented by a careful anthropological contextualization. Once European settlement in the Asunción area became permanent, Guaraní tried to build solid relationships through gift-giving, colliding against the difficulty of intercultural communication and the profit-seeking attitude of the conquistadores (Chapters 2–3). As Spanish greed was endangering their survival, royal power promulgated legislation aimed at their protection, considering it "as a counterforce to the self-destructive tendencies of gain left to itself" (p. 106). The arrival of the Jesuits in the 1610s–1620s provided indigenous groups with another tool to counteract the "exploitative dynamic" that came to dominate Paraguay since the arrival of Europeans (Chapters 4–5). The religious men tried to win Guaraní trust through prudent gift-giving, being well-aware that they had suffered from European mistreatment for at least 50 years. Indeed, Jesuits missions seemed a viable option to escape from the raids of Portuguese bandeirantes or Spanish encomenderos looking for cheap labor-force. [End Page 152] Jesuits established a number of villages in the area, and Guaraní voluntarily joined them, after understanding that the newcomers were not other Europeans trying to exploit them. In fact, in the following 50 years the population in the Uruguay-Paranà region tripled, thanks to a successful coexistence with Jesuits, whose commitment to personal poverty and non-accumulation sat comfortably with indigenous economic and social practices and ideas. The period of prosperity ended around the 1730s, when Atlantic imperial competition and Bourbon governmental ideology breached into everyday life of the Missions (Chapter 6–7). The first critical turn was the Comunero Revolts, during which various sections of Paraguayan society rose against the perceived Jesuit privileges. Bourbon regalism gave another deadly blow to the world of the Missions. First, seven villages were ceded to Portugal under the terms of the Treaty of Lisbon, fuelling a large-scale revolt. Second, Charles III sanctioned in 1776 the Jesuit expulsion from the territories of the Spanish Crown, leaving the...

Should you invest in the companies that promote the Circular Economy idea?

PurposeThe study looks into the idea of Circular Economy through the lens of stock market performance. More specifically the authors examine if a company's association with the innovative and environment friendly disposal practices has an implication on its stock market performance.Design/methodology/approachThe study adopts a quantitative approach to derive conclusions. The market efficiency and excess volatility are estimated using OHLC measures for more accuracy. For robustness checks VRatio, bootstrapping and simulation are used as detailed in section 3.2 of the study.FindingsThe study estimates show a clear sign of excess volatility in the majority of the stocks under consideration. That confirms that the market is highly fragmented for Circular Economy–focused stocks. These types of stocks are often cyclical in nature and can offer a variety investment opportunity in the short to medium term. In addition to it the study estimates confirm that Circular Economy–focused stocks show limited signs of market efficiency. Thus, unlike ESG investment the concept of Circular Economy investment is a bit more ambiguous to the global investors.Originality/valueThe present study is first of its kind that looks into the idea of Circular Economy through the lens of stock market performance.

Economic ideas and Taiwan's shift to export promotion in the 1950s

AbstractTaiwan was the first developing country to adopt an export‐oriented trade strategy after World War II. The factors usually associated with big shifts in policy—a macroeconomic crisis, a change in political power or institutions, lobbying by export interests, pressure from international financial institutions—were not present; it was ideas that were key. In 1954, economist S. C. Tsiang proposed that Taiwan boost export earnings rather than squeeze import spending to deal with its chronic shortage of foreign exchange. He recommended a currency devaluation to establish a realistic exchange rate and a market‐based system of foreign exchange allocation to end the inefficient rationing by the government. Four years later, a policymaker, K. Y. Yin, fought for the adoption of Tsiang's proposal, helping to clear the way for Taiwan's phenomenal growth in trade.

Israel Kirzner's Use of Narratives to Illuminate the Limitations of Neoclassical Economics and the Austrian Alternative

Abstract This article investigates how Israel Kirzner approached mainstream economists with his view of the Austrian theory. It discusses the role of narrative elements in Kirzner's theory in his use of stories to illuminate ideas in entrepreneurship, the theory of the firm, and the knowledge problem. This article argues that the use of narrative made Kirzner's theory more open to dialogue without tying him to the scientific demarcation criteria used in mainstream economics. The scientific narratives in Kirzner's work allow him to (i) emphasize the logical order of economic phenomena, (ii) highlight causal mechanisms in economic theory, (iii) make some generalizations but without perfect predictions with economics, (iv) explore different scenarios from contingent events in the economy, and (v) illustrate economic ideas with fictional but plausible cases. The article concludes that these narrative aspects help Kirzner illuminate the limitations of neoclassical economics and offer an alternative perspective based on the entrepreneurial state of “alertness” from an Austrian point of view.

Permasalahan Konsep Harga Dan Solusi Ekonomi Islam Terhadap Mekanisme Pasar Modern

Price that occur in the market can undergo changes and can naturally return to normal. The ideal market mechanism is one in which price power is determined by supply and demand. However, in the current area, there is a need for supervision from the government so that market distortion does not occur. Many frauds are committed by sellers so that they get a bigger profit. This study uses a qualitative method where the author actively conducts research from various sources. As for the study of the findings found to overcome the existing problems, namely examining the teachings of the Islamic concept which prohibits all practices that can harm one party. Islam has provided concepts according to shari’a values such as the application of the principles of justice, honesty, openness and mutual consent and voluntarily in setting prices and market mechanisms. The muslim scholar Ibn Taimiyah also contributed to the idea of Islamic economics that the market needs to be subject to price intervention in certain circumstances in order to create justice in society.

Integrating economics into fisheries science and advice: progress, needs, and future opportunities

Abstract While the science supporting fisheries management has generally been dominated by the natural sciences, there has been a growing recognition that managing fisheries essentially means managing economic systems. Indeed, over the past seven decades, economic ideas and insights have increasingly come to play a role in fisheries management and policy. As an illustration of this, the International Council for the Exploration of the Sea (ICES) has been actively seeking to expand the scope of its scientific expertise beyond natural sciences [another inter-governmental marine science organization which has done this over the same period is the North Pacific Marine Science organization (PICES)]. In particular, the recently created ICES Working Group on Economics set out to review current work and key future needs relating to economic research and management advice on marine capture fisheries. This article presents the results of this review and addresses how economic research can be incorporated into the science of ICES to provide integrated perspectives on fisheries systems that can contribute to the provision of advice in support of policy development and management decision-making for sustainable uses of living marine resources.