Implementation Of Economic Policies Research Articles

Methodology for Assessing the Quality of the Economic Space of the Region

Introduction. The relevance of the topic is determined by the need for theoretical and methodological justification and practical study of the problem of measuring the quality of the economic space of Russian regions and its influence on the development of the regional economy. The absence of this type of research increases the significance of this work. The purpose of the study is to develop methodological issues for measuring the quality of the regional economic space and substantiate the methodology for its integral assessment. Materials and Methods. The object of the study was Russian regions and their socio-economic state. The authorsʼ methodology is based on system analysis, econometric modeling using indices calculated on panel data for regions, as well as the method of expert surveys. To obtain quantitative estimates of the economic space based on Rosstat data, an information base was created for 85 regions of the Russian Federation, covering the period from 2007 to 2021. A typology of Russian regions has been carried out according to the level of the integral indicator of the quality of the economic space. Results. An original methodological approach is proposed, based on a systemic assessment of the total influence of a set of factors on the quality of the regional economic space. Within the framework of this approach, a methodology for measuring the quality of the economic space of a region has been developed and tested. Regions were grouped according to the level of the economic space; based on econometric modeling and empirical data, the influence of the economic space on the gross regional product per capita of Russian territories was established. Discussion and Conclusion. It is proposed to carry out a relative assessment of the quality of the economic space using a system of indicators grouped into three blocks: “input”, “process”, “output”. Such a structure of indicators is capable of systematically reflecting the strengths and weaknesses of a particular region, the sources of regional spatial dynamics, and therefore can be used for an integral assessment of the level of development of territories. The results of the study can be used in the development and implementation of regional economic policy, and will also be useful to specialists and government officials involved in the development of strategic directions for improving the territorial structure of the Russian Federation.

Foreign Direct Investment, Export and Economic Growth: An Evidence from Nepal

The aim of this paper is to analyze and evaluate the present status of foreign direct investment (FDI) in Nepal concentrating economic growth and export boost. Developing nations like Nepal derive significant advantages from foreign investment, fostering economic advancement through the attraction of external capital, entrepreneurial skills, expanding market spaces, and technology transfer. Nepal has witnessed an upsurge in FDI since the 1990s, primarily attributable to the implementation of liberal economic policies by the government. The enactment of the Foreign Investment Technology Transfer Act (FITTA) has further sustained the investment environment in Nepal. This paper analyzes and evaluates the role of FDI in driving Nepal's economic growth and export activities. Employing correlation analysis and an ordinary linear regression model, the impact of FDI on Gross Domestic Product (GDP) and exports is measured. Given the documented FDI inflows since the 1990s, this research concentrates on the period from 2010/11 to 2022/23 to measure FDI's impact. The findings of this investigation reveal a positive correlation between FDI, GDP and the country's export growth.

Does government spending cointegrate with bank lending? Evidence from Eurozone panel data

PurposeOur purpose is the examination of the effects of fiscal policy on private lending for the Eurozone countries. The emphasis is on the identification of the time path of government spending and bank lending.Design/methodology/approachFiscal policy is a main factor of macroeconomic stability for the euro area economy. This paper, investigates the impact of government spending on bank lending. For this reason, we present a dynamic theoretical model with a perfectly competitive banking sector, estimated using panel cointegration for the Eurozone countries from 2000Q1 to 2022Q2.FindingsOur findings highlight that, in the long run, consistent management of government spending can have a beneficial multiplicative impact on bank lending for housing and business reasons. This finding is stronger in magnitude for business versus housing lending. The high level of homogeneity of our results across Eurozone countries has positive implications for a common fiscal policy in the future. Finally, authorities should know that policy adjustments are quicker in housing lending when compared to business lending.Originality/valueIn this paper, we contribute to the existing literature, concentrating on the investigation of any existence of long-run and short-run relationships between government spending and bank lending. Additionally, our analysis allows one to investigate the contribution of each Eurozone member state in the short-run and long-run model’s dynamics, providing significant outcomes for the implementation of economic policy and the need for fiscal discipline in the Eurozone.

ИССЛЕДОВАНИЕ ВЛИЯНИЯ ГЛОБАЛЬНЫХ ЭКОНОМИЧЕСКИХ ТЕНДЕНЦИЙ И ГЕОПОЛИТИЧЕСКИХ СДВИГОВ НА ФОРМИРОВАНИЕ РЕГИОНАЛЬНОЙ ЭКОНОМИЧЕСКОЙ ПОЛИТИКИ

The purpose of the article is to investigate the processes of influence of global economic trends and geopolitical shifts on the formation and implementation of regional economic policy. Discussion: theoretical research and practical aspects of research, identification and justification of directions for the formation and implementation of effective regional economic policy are very complex and contradictory, which confirms the importance and significance of the issue under consideration. Results: the article attempts to study the processes, trends and geopolitical shifts that have a significant impact on the effectiveness of regional economic policy, as well as analyze specific areas that should be formed to achieve strategic goals. The relevance of this article is determined by the fact that in order to form an effective economic policy in the regions, taking into account the ongoing global economic trends and geopolitical shifts, it is necessary to analyze and monitor processes, as well as identify deviations and possible weaknesses that require additional research at the meso level. This article serves as a starting point for a deeper understanding of the vectors of implementation of regional economic policy in the Russian Federation. Analyzing the ongoing processes and ongoing reforms, the degree of their impact on macro and meso-economic indicators and processes taking place in the external environment, the author makes a modest contribution to the scientific discourse on regional economic development. The scientific approach, combined with data and digital support from reputable sources, emphasize the importance of implemented strategies, taking into account the specifics of the region, to solve problems and use the existing potential and the transforming economic landscape. Thus, the study of the impact of global economic trends and geopolitical shifts on the formation of regional economic policy remains at the forefront of the regional economic agenda of the state.

From hands off to hands on: the evolution of Bahrain's industrial policy during the 21st century

PurposeThis paper aims to address two fundamental questions: (1) How has Bahrain's industrial policy evolved during the 21st century? and (2) what factors contribute to this evolution?Design/methodology/approachUtilizing secondary data, this paper identifies key decision-makers responsible for economic policy in Bahrain and delineates the evolution of Bahrain's industrial policy throughout the 21st century. Subsequently, it employs a series of interviews with elite civil servants engaged in the formulation and implementation of Bahrain's economic policies to understand the reasons behind the observed changes.FindingsSince assuming the role of Crown Prince in 1999, Sh. Salman bin Hamad Al Khalifa has been the key economic decision-maker in Bahrain. During the 21st century, Bahrain has shifted away from decisions closely aligned with the Washington Consensus towards those more in line with classical industrial policy. Interviews reveal that the private sector's underperformance in job creation, coupled with fiscal pressures, has driven this departure from the Washington Consensus. Moreover, the early successes of the interventionist Saudi Vision 2030 and Bahrain's own success in technocratically managing the COVID-19 pandemic have accelerated this transition.Practical implicationsInsights into the determinants of Bahrain's industrial policy can guide policymakers in refining future strategies. Recognizing the positive role of intellectual developments in academic economics literature becomes crucial for informed decision-making.Originality/valueThis paper fills a gap in the existing literature by providing answers to its research questions, particularly considering the significant changes witnessed in Bahrain's industrial policy post-pandemic.

Business development in Ukraine with the support of employers' organizations and their associations

Introduction. In developing countries, state support for the development of entrepreneurship is of crucial importance, at the same time, civil society organizations play an important role in achieving business success of micro-entrepreneurs by providing various services, consultations, defending the interests of the business community in interaction with the authorities. Non-governmental business support organizations contribute to the development not only of their members, because by providing business support and acting on behalf of the business community to improve the conditions for conducting economic activity, such organizations as a result ensure the development of the country's economy as a whole. The purpose of the paper is to analyze the possibilities of employers' organizations and their associations in promoting business development in Ukraine. Results. Employers' organizations and their associations play an important role in the formation and implementation of state economic policy, regulation of labor, social, and economic relations. The activities of employers' organizations contribute to the establishment of effective cooperation between the business community and the authorities, including through the participation of such organizations in social dialogue. Today, the largest association of employers' organizations of Ukraine - the Federation of Employers of Ukraine takes an active part in the processes of liberalization of business conditions and implements effective support for business development, including through: lobbying business interests in the state authorities of Ukraine (local and central); support at the legislative level of various business initiatives of employers; providing opportunities for legislative and business intelligence; establishment of cooperation with foreign partners; attracting business to a wide range of events, meetings and conferences at various levels - local, national and international. The Employers' Federation of Ukraine, being a full member of the International Organization of Employers, actively promotes the interests of its members also in the international arena, in particular, regarding trade and access to foreign markets, including through participation in trade forums. Conclusions. Employers' organizations and their associations are today's important business associations that have the right to conduct collective bargaining at a certain national, sectoral, and territorial level on behalf of their members. As independent institutions, employers' organizations can influence public policy, thanks to their involvement in the processes of public policy discussion, monitoring of legislative initiatives and cooperation with the government sector. Such organizations provide specialized business resources, including professional advice and services, to assist with current issues of running and supporting business development.

Evolution of the State-Legal Foundations of the Soviet Agrarian System in the 20s of the XX Century

Introduction. The history of the Soviet state law is of great interest to the modern researchers. A number of aspects of the New Economic Policy development and implementation in Russia are presented in the works of historical, economic and political science scholars. However, in our opinion, the number of research referring to the 20s of the XX century conducted by the legal science scholars is definitely not enough. The article investigates the evolution of the state-legal foundations of the Soviet agrarian system as reflected in the USSR Constitution of 1924, the RSFSR Constitution of 1925, the RSFSR Land Code of 1922, the USSR General Principles of Land Use and Land Management of 1928, and in a number of decrees and other normative legal acts. The relevance of this topic is induced by the theoretical and practical significance of the legal regulation of the agrarian sphere of the society and the reform of the agrarian policy of the modern Russia. On the one hand, the relevance of the topic lies in the need to study the transitional state of the Soviet agrarian legislation, since, according to V. I. Lenin, the New Economic Policy (NEP) implied “transition from the civil war to civil peace”. On the other hand, in the late 20s of the XX century the Soviet leadership had abandoned many of the NEP legislation principles. However, six decades later they were successfully revived and developed in the People's Republic of China during the economic reform. The aim of this study is to reveal the evolution features of the Soviet agrarian system state-legal foundations of the 20s of the XX century. Materials and Methods. The research methodology comprises the general scientific and specific juridical methods, including the historical-legal and legalistic (dogmatic) methods. Due to the rapidly changing attitude towards these methods in the scientific community, the priority in the research has been given to the modern sources. The authors' concept statements have been analysed, which, in synthesis with the authors' empirical background, made it possible to formulate a number of new provisions. Results. The main acts that had legally formalized the state-legal foundations of the Soviet agrarian system in the 20s of the XX century were studied. The huge number of the agricultural laws is explained by the decision of the Soviet party and state leadership of the early 20s to start the recovery of economics with the agrarian sector — the backbone of the national economy of that period. The features of the NEP are elucidated not only as the change of the economic policy, but as the integrated legal policy, being a combination of the public and private law regulation upon absolute predominance of the public principles. It has been substantiated that transition to the NEP entailed the abolishment of the agrarian laws of the times of “war communism” and return to the principles of the peasant Mandate of 1917 — the most important element of the Decree on Land. Deep controversy of the agricultural legislation of the NEP period has been established, which in no way should be defined as a time of abandoning the concept and practice of the collectivization of agriculture. The party and state leadership continued to consider the individual peasant land use as having no economical prospect and dangerous for building socialism. Discussion and Conclusion. The evolution features and distinctions of the Soviet agrarian system state-legal foundations of the 20s of the XX century have been revealed. In normative legal acts and party-state documents of the studied period, the preference continued to be given to the collective farms with the various degree of land and means of production collectivization. Communes and the state-owned agricultural enterprises, sovkhozs (Soviet farms), were considered the most desirable farms, as the ones most closely corresponding to the socialist ideal. The agricultural cooperation, whichhighest form were the kolkhozs (collective farms), was also appreciated by the authorities. The theoretical significance of the conducted research lies in the fact that the state-legal foundations of the socialist agrarian system had been set in the studied period, when the policy of collectivization and public agriculture was stipulated in the Soviet legislation, the rules and norms for creation, organization and operation of the various forms of collective farms were developed, wherein the agricultural commune was considered the form closest to the socialist ideals. Taking into account all the above, further investigation of the process of developing the model Charters of communes, artels and partnerships for joint cultivation of land seems a forward-looking objective.

The link between residential stability and youth substance use: Role of stressful life events and behavioral problems

IntroductionResidential stability is increasingly recognized as a significant factor influencing youth positive development. While the existing body of research provides valuable insights, gaps remain regarding the determinants of residential stability and how its outcomes may vary by gender and race. This study aims to investigate the relationship between residential stability, substance use, and behavioral issues among children aged 9–10 years, with a focus on the mediating role of trauma exposure. MethodsThis research utilizes data from the Adolescent Brain Cognitive Development (ABCD) study, a longitudinal project initiated in 2016 with a sample of 11,849 participants. It explores the links between residential stability, socioeconomic factors, stress, and emotional and behavioral outcomes using the Child Behavior Checklist (CBCL). Structural equation modeling was employed to analyze the data. Results findingsindicate that higher household income, living in a household with married parents, and residing in areas with greater household incomes correlate with residential stability. In turn, residential stability is linked to lower levels of life stress and reduced substance use in the future. Furthermore, the impact of residential stability on substance uses and CBCL scores was entirely mediated by trauma exposure. ConclusionsThe findings advocate for the implementation of economic, social, and public policies aimed at fostering stable living environments for children and families to mitigate the emotional and behavioral challenges future generations may face. Enhancing socioeconomic status and supporting structures that promote married family living arrangements emerge as effective strategies to improve residential stability and the well-being of young people in the United States.

Contextual Nonlinear Typological Analysis as a Tool for the Formation and Implementation of Regional Economic Policy

The article outlines the main theoretical and methodological positions on the formation and implementation of regional economic policy in relation to technological innovations. It is based on contextual typological analysis using economic and mathematical modeling, where the key role is played by the hybrid principal component method and scaling technology. Official statistics data are used as information and analytical support. The concept of network rating for spatial economic systems is introduced and the analysis of regional systems is carried out. A convenient visualization system for analyzing and making management decisions based on statistical information is proposed.

Modeling patterns of human well-being in the context of sustainable development and digital transformation

The article is devoted to identifying new factors for the well-being and sustainable development of countries in the context of digital transformation, creating a data bank of well-being indicators using developed index and population data, assessing the impact of ESG factors on the level of well-being in different contexts using advanced econometric methods, as well as creating the author’s ESG tracker based on blockchain technology, aspects of the introduction of machine learning in the tracking process, which will ensure the transparency and integrity of the data system for the implementation of economic and social policies aimed at innovative alignment in each region. The study is based on the development of a theoretical and methodological apparatus for determining the essence and patterns of well-being and modeling the effects of ESG factors and digitalization on the applied aspects of increasing the quality of life. From the formulation to systems of adaptation of ESG factors to achieve well-being through the prism of digital transformation, taking into account country, regional, and corporate characteristics of achieving well-being. This article may be useful for developing a strategic welfare policy within the framework of sustainable development and digital transformation of the Russian economy based on advanced approaches to assessing and managing human well-being.

CONSEQUENCES OF THE RUSSIAN-UKRAINIAN CONFLICT AND ITS IMPACT ON ENSURING THE MACROECONOMIC STABILITY OF THE REPUBLIC OF ARMENIA / ՌՈՒՍ-ՈՒԿՐԱԻՆԱԿԱՆ ՀԱԿԱՄԱՐՏՈՒԹՅԱՆ ՀԵՏԵՎԱՆՔՆԵՐԸ ԵՎ ԴՐԱ ԱԶԴԵՑՈՒԹՅՈՒՆԸ ՀՀ ՄԱԿՐՈՏՆՏԵՍԱԿԱՆ ԿԱՅՈՒՆՈՒԹՅԱՆ ԱՊԱՀՈՎՄԱՆ ՎՐԱ

The Russian-Ukrainian conflict has a significant negative impact on the global economy: slowing economic activity, inflation, emigration. Therefore, ensuring macroeconomic stability in the context of the Russian-Ukrainian conflict becomes relevant, especially in the case of the Armenian economy. Despite the fact that due to the negative impact of the Russian-Ukrainian conflict and sanctions against Russia, there was a slight slowdown in economic activity in the Armenian economy, nevertheless, as a result of the influx of people to Armenia, a significant increase in tourism and a new flow of information technology companies, economic activity increased. Attaching importance to ensuring the macroeconomic stability of the Republic of Armenia in the current difficult geopolitical conditions, the main macroeconomic indicators were analyzed, which served as the basis for assessing the current state of the economy of the Republic of Armenia and presenting the main directions of economic policy implementation.

NON-FINANCIAL LEVERS FOR ENSURING THE EFFICIENT USE OF PERMANENT WORK IN THE CONTEXT OF DIGITAL ADAPTATION OF BUSINESS PROCESS MANAGEMENT

Topicality. The current stage of development of the world economy is characterized by the large-scale implementation of digital technologies in various sectors and types of economic activity. Digital innovation, being a fundamental driving force of systemic transformations in the economy, not only leads to the emergence of new products and services, but also creates opportunities for the implementation of innovative business models, can contribute to a significant increase in efficiency in both the public and private sectors. In the process of implementing digital technologies, domestic business structures get the opportunity to make fundamental changes to business methods, test new technologies in practice, and ultimately increase productivity. However, in business practice, they may face barriers to the implementation of such technologies due to the widespread lack of financial and human resources and the need to support the digital transformation process. This means that the bodies responsible for the development and implementation of economic policy in the state should play an important role in creating a favorable environment for such business structures, which will allow them to start their digital transformation. The above requires the development and implementation of certain mechanisms and levers to support such transformations.
 Aim and tasks. The purpose of this work is to develop recommendations on ways to expand the possibilities of using non-financial levers to ensure the effective digital transformation of Ukraine.
 Materials and Methods. The theoretical basis of this scientific work consists of the best practices of state and non-state support for digital adaptation of business processes of the real sector of the economy, which are given in works of a theoretical and practical nature. To carry out this scientific work and achieve the set goal, the article uses methods of graphic interpretation of the results of analysis and generalization, methods of monographic analysis, and synthesis.Research results. As a result of the research, it was established that the current stage of development of the world economy is characterized by the large-scale implementation of digital technologies in various sectors and types of economic activity. It is noted that digital innovations, being the fundamental driving force of systemic transformations in the economy, not only lead to the emergence of new products and services, but also create opportunities for the implementation of innovative business models, can contribute to a significant increase in efficiency in both the public and private sectors. It is substantiated that in the process of implementing digital technologies, domestic business structures get the opportunity to make fundamental changes to business methods, test new technologies in practice, and ultimately increase productivity. Non-financial incentives for digital adaptation of business processes in the real sector of the economy have been identified. It was concluded that not all entrepreneurs have sufficient skills and knowledge in the field of digitalization, which may limit their opportunities for effective business. It has been established that some of the adopted legislative acts, strategic programs and initiatives are already morally outdated or have lost their relevance and require updating in accordance with the global challenges and opportunities of the digital economy. It was concluded that it is important to create uniform rules of the game for digital innovation by adopting relevant international technical standards for digital equipment and digital services. The need to create institutions and procedures aimed at solving digital security problems, preparing for protection against cyber-attacks, fighting cybercrime, and increasing general trust of the population in digital ecosystems, which is the basis of the digital economy, is substantiated. It has been proven that an important aspect of the introduction of digital technologies is the formation of society's motivation to use digital technologies, which largely depends on the availability of digital technologies, the development and functioning of infrastructure, the implementation of state programs and platforms for the digitalization of all spheres of social and economic life. Reasonable non-financial levers for ensuring effective digital adaptation of business processes in the real sector of the economy. Proposed directions for expanding the possibilities of using non-financial levers to ensure the effective digital transformation of Ukraine.
 Conclusion. The above made it possible to form a number of recommendations to the bodies responsible for the development and implementation of economic policy, regarding the expansion of the possibilities of using various tools to ensure effective digital adaptation of business processes of the real sector of the economy of Ukraine.

Green Economic Policies, Strategies & Initiatives of India

Sustainable economic development is crucial to secure human welfare and eliminate social inequality. Global leaders have recently made progress towards reaching an agreement on how to convert the current unsustainable economic trends into sustainable green economic growth. The viability of the green economy depends on several variables, including governmental policy, the business climate, and environmental concerns. The presented paper examines the implementation of green economic policies and analyses government strategies and initiatives taken by the government at the national level. The study uses a descriptive-analytical approach. The study finds India is putting many regulations and initiatives into place to encourage the effective use of energy in a variety of economic areas, including green building, equipment, farming, mobility, and fuels. These green growth initiatives lower the economy's carbon intensity and provide a sizable number of green jobs.

On the Path of Strategic Development of the Economy in the Sakha Republic (Yakutia) (to the 100th anniversary of the State Planning Committee of the Yakut Autonomous Soviet Socialist Republic)

In 2023, the planning authorities of the Sakha Republic (Yakutia) will celebrate their 100th anniversary, and the article is devoted to the analysis of the strategic planning system in the republic. A historical cross-section of the Soviet and Russian planning systems is presented with intermediate results achieved at different stages of the socio-economic development of the republic by the beginning of the 2020s. The purpose of the study is to analyze long-term planning documents at various stages of the development of Yakutia, from its formation as the Yakut Autonomous Soviet Socialist Republic to the present day of the Sakha Republic (Yakutia). The early 1990s saw the collapse of the administrative-directive economic system in the Soviet Union that had existed for 70 years, while the creation and functioning of market economy institutions was protracted. The breakdown of the single economic space made it difficult for the union republics of the former USSR to transit to a market economy: most of their economic potential was lost, technological supply chains for goods, works and services were broken, unemployment and poverty appeared. Russia was no exception. It is advisable to turn to the experience of regions that have successfully passed the planning stage together with domestic research institutes and scientists. The article is addressed to representatives of government authorities, researchers, teachers and students of higher and secondary specialized educational institutions, as well as a wide audience of readers interested in various aspects of the development and implementation of state economic policy in Russia.

Analysis of Factors Affecting Foreign Exchange Reserves in Indonesia (2017-2021)

Foreign exchange reserves to maintain currency stability, finance international transactions, provide guarantees against global financial crises, strengthen national credibility, and provide financial flexibility. High foreign exchange reserves will have an impact on the implementation of economic policies to stabilize the domestic currency, diversify the economy, increase competitiveness, and good management of the balance of payments; the state can reduce the risk of a shortage of foreign exchange reserves and the negative impacts that may occur. This study aims to analyze the model of foreign exchange reserves in Indonesia. Variables that affect foreign exchange reserves are the exchange rate, exports, the BI rate, and the consumer price index. The VECM (Vector Error Correction Model) approach estimates the model. This study uses secondary time series data in the form of months from January 2017 to December 2021. The research findings are that the consumer price index has a significant positive effect in the short term, while the consumer price index at lag 3 has a significant negative impact. The exchange rate on lag one and lag 3 has no significant adverse effect, but on lag 2, it has a negative and significant impact. The export variable has a negative and significant effect on the three lags. Variable bit rate on lag one and lag 2 has no significant adverse effect, while lag 3 has a negative and significant impact. In the long term, the exchange rate and consumer price index variables substantially affect foreign exchange reserves. The BI rate variable has no significant effect on foreign exchange reserves, while exports significantly adversely impact foreign exchange reserves.

Social Accounting Matrices: Challenges and Prospects of Use in Macroeconomic Statistics

The paper presents results of the first stage of research on the construction of social accounting matrices (SAMs) for the Russian Federation as part of the HSE University study on statistical assessment of households’ economic behaviour. The author analyses the methodological foun- dations of SAM compilation, their connection with the System of National Accounts (SNA) and their use in macroeconomic analysis. Special attention is paid to the application of SAM in evaluating exogenous impacts, including multiplier effects, arising in all spheres of the national economy at governing decision-making and implementation of economic policy projects.The paper reviews aggregated social accounting matrices for the Russian Federation for the year 2020 that were compiled according to the SNA methodology and based on the G. Pyatt and A. Roe modified model. The author proposes the scheme of accounts partial trans- formation enhancing the reflection of direct income flows between institutional sectors. The properties of SAM as a static economic impact evaluation model are reviewed, and for illustration purposes, results of experimental computation of the effect of changed demand from the Rest of the World are considered.Analysis of areas of SAM application and its development as a tool for macroeconomic research highlights the importance of development methods of a detailed representation of the structure of household incomes and expenditures in social accounting matrices. It will foster solutions to poverty, inequality and connected social problems. It is noted that, with increased attention to the social aspects of macroeconomic accounting, SAM can become a major tool for measuring well-being and household income formation and distribution processes in macroeconomic statistics.

State and Economy in Nigeria: Roles and Responsibilities of Political Economist

This paper examines the complex nexus between the state and economy in nations, with Nigeria standing as an illustrative reference point. It sheds light on the critical roles and responsibilities being played by political economists in interdisciplinary examination and analysis of the dynamics in the relationship between state actions and economic outcomes. It underscores the practical and theoretical role played and challenges encountered by political economists in the evolution and implementation of economic policies. The paper also examines the discourse on the theoretical underpinnings, history and significance of political economy, tracing the evolution of the field from classical to modern perspectives and highlighting the immense contributions made by political economists, including Adam Smith, Karl Marx and John Maynard Keynes. The paper conducted a comprehensive review of extant literature and empirical analyses as sources of data and information. It found that political economists play a profound role in shaping the contours of state micro and macro-economic policies and that state actions reverberate throughout the economic landscape determining the success or failure of economic decisions and policies aimed at economic growth, poverty reduction and equitable distribution of resources. The paper concludes that for a transparent and accountable governance framework, efficient resource allocation and minimizing rent-seeking attitude, political economists need to be given large latitude in discharging their practical and theoretical responsibilities in state policy conceptualization and implementation

STATE AND ECONOMY IN NIGERIA: ROLES AND RESPONSIBILITIES OF POLITICAL ECONOMIST

This paper examines the complex nexus between the state and economy in nations, with Nigeria standing as an illustrative reference point. It sheds light on the critical roles and responsibilities being played by political economists in interdisciplinary examination and analysis of the dynamics in the relationship between state actions and economic outcomes. It underscores the practical and theoretical role played and challenges encountered by political economists in the evolution and implementation of economic policies. The paper also examines the discourse on the theoretical underpinnings, history and significance of political economy, tracing the evolution of the field from classical to modern perspectives and highlighting the immense contributions made by political economists, including Adam Smith, Karl Marx and John Maynard Keynes. The paper conducted a comprehensive review of extant literature and empirical analyses as sources of data and information. It found that political economists play a profound role in shaping the contours of state micro and macro-economic policies and that state actions reverberate throughout the economic landscape determining the success or failure of economic decisions and policies aimed at economic growth, poverty reduction and equitable distribution of resources. The paper concludes that for a transparent and accountable governance framework, efficient resource allocation and minimizing rent-seeking attitude, political economists need to be given large latitude in discharging their practical and theoretical responsibilities in state policy conceptualization and implementation.

A 20-year shift in China's sewage sludge heavy metals and its feasibility of nutrient recovery in land use

Recycling resources from wastewater is even more important for developing a more sustainable society. Disposing sewage sludge, which accumulates most pollutants and resources in sewage, is the main challenge in wastewater pollution control and resource utilization. Heavy metals (HMs) are the greatest constraint limiting the application of sewage sludge to land as a sustainable use of this material. We conducted a meta-analysis of the concentrations of HMs in Chinese sewage sludge by combining data from studies published from 2000 to 2019 (N = 8477). Over this period, the reported concentrations of HMs in sewage sludge declined in three stages (a fluctuating stage, a slight decrease stage, and a rapid and stable decrease stage). The results revealed that economic development and environmental policy implementation were the main factors mitigating HM pollution in sewage sludge in China. Moreover, if environmental regulations were strengthened and HM pollution-mitigation strategies were made consistent, such that the proportion of sewage sludge applied to land in China could be increased from 18.6% to 48.0% (the proportion applied to land in the United States), the ecosystem services analysis showed that huge ecological–economic benefits could be realized (3.1 billion Chinese Yuan) and the use of fertilizers could be substantially reduced (the use of nitrogen fertilizers by 8.5% and the use of phosphate fertilizers by 18.1%). This review shows that China should formulate a unified policy and interdepartmental committee for sustainable application of sewage sludge to land and wastewater resource recycling management.

The Practice of Competition Regulation in the International Procurement and State Procurement Administration in Georgia

Under conditions of the emerging economy, together with the mobilization of the state income, it becomes increasingly important to rationalize the expenses. Under the market economy the government has to intervene in the market functioning in order to protect competitive mechanisms that ensure democratic choice. The regulations of the government includes the implementation of state economic policy, as well as addressing the issues that otherwise are impossible to be solved with self-regulating market mechanisms. The function of supervision the competition legislation is shifting to the judiciary and the special regulatory institutions, but the state procurement administration and anti-monopoly regulations still remain the prerogative of the executive body(the government). In the international practice the systems of the international procurement differs from each other, though they have common characteristics mainly regarding the general principles and applied methods. In addition, the level of procurement centralization and the administration quality varies from country to country. Also in each state there is at least one governmental body(in form of an agency, department, office, etc) that regulates and exercises the overall coordination of the procurement policy throughout the country. Generally this very body is responsible for the monitoring state procurement and administrating the signed contracts. In some countries additionally a special governmental office of public provision is made up that carries out the procurementof standard products and services through tenders on the basis of orders placed by state managing bodies and different organizations and then supply appropriate companies. As it turned out, the similar body is to be established in the near future in Georgia.In order to successfully introduce in Georgia the positive experience existing in the international procurement-management practice, it is equally important to have high quality law, also appropriate institutional infrastructure, the support from the authorities. In addition, it is essential to ensure the availability of the information necessary for public monitoring and the professionalism of the parties participating in the procurement process. In Georgia the law regulating the state procurement is mainly harmonized with internationalstandards, though some indirect related legal acts need further refinement. The experience of the international procurement proves that it is equally important to correctly plan the state procurement, as well as correctly organize the procurement procedures and sign fair contracts. In addition, it is important that obligations written in the contracts are fully implemented and public monitoring requires that the accountability system is strictly defined.