Economic Issues Research Articles

Editorial of the special issue on contemporary issues in tourism economics

Editorial of the special issue on contemporary issues in tourism economics

Green industrial policy can strengthen carbon pricing but not replace it

Carbon pricing has received prominent support as the key policy to reduce greenhouse gas emissions. Yet, in the context of heightened geopolitical tensions and risks of supply chain disruptions, policy makers are increasingly resorting to green industrial policies to support the deployment of clean energy technologies. This Perspective discusses whether this development represents a paradigm shift in the design of climate policies and assesses arguments for and against carbon pricing and green industrial policies. Our analysis addresses implications for economic efficiency, security of supply, distributional concerns and political economy issues. We find that green industrial policies can support carbon pricing by lowering market barriers for clean technology diffusion and strengthening political support for climate policy. Yet, we also emphasize that a carbon price should be an essential element in any effective climate mitigation policy mix and the key is to find the optimal policy mix for carbon pricing and green industrial policies for the unique context of each location. In the EU, green industrial policy should mainly be employed to complement carbon pricing and deal with additional market barriers. In the US, by contrast, green industrial policy could be used strategically to try to build political support for and reduce resistance to a carbon price.

A Framework for Assessing Innovations, Business Models and Sustainability for Software Companies Using Hybrid Multiple-Criteria Decision-Making

The management staff of software companies are constantly looking for ways to build market advantage and win business strategies. Introducing changes in companies is a costly process and carries the risk of poor allocation of resources. This article provides decision-makers with a tool that increases the chance of making the right business decisions and can also be a guide in the transformation of business models. The scientific aim of this article was to simultaneously cover three areas, innovation, business models, and sustainable development, to develop a scheme enabling the construction of rankings of the elements of these areas in a version dedicated to software producing companies. Rankings, which are built using the hybrid Multiple-Criteria Decision-Making (MCDM) method, indicate to decision-makers the need for building strategic development plans, which aspects are the most important, and what the order of possible implementations should be. Based on a multi-criteria analysis, it was found that (i) in terms of innovation, companies should focus their attention first on implementing product, process, and technological innovations; (ii) within innovative business models, attempts should be made to produce IT systems using virtualization and dockerization, as well as efforts should be made to closely bind customers with the offered products and services and offer temporary rental of IT systems instead of classic licenses; and (iii) in the context of the classic three levels of sustainable development, companies should focus primarily on economic and financial issues.

Bread-and-Butter Politics: Arrested Liberalization and Hegemonic Materialism in Singapore

ABSTRACT Singapore has displayed a continued ability to confound the assumed symbiotic relationships between democratization, economic growth, and liberalism. This paper historicizes the development, use, and understanding of a popular idiom frequently employed in Singaporean electoral discourse – “bread-and-butter” – to explore the relationship between hegemonic discourses, social attitudes, and political contestation in Singapore. Doing so reveals a complex pattern of the People’s Action Party’s (PAP) ideological-discursive legwork: bread-and-butter issues are discursively constituted around a set of core economic issues and demarcated as the key political concerns of voters, while calls for more liberal or progressive changes in society are bracketed within the sphere of postmaterialist values. By seeking to maintain the hegemonic notion of the party as the guarantor of basic material goods, PAP sets the terms of competition in electoral politics to issues that are its perceived strengths. The party’s continued ability to provide economic goods contributes to its political success, stalling the growth of liberalization and a more competitive political landscape in Singapore. Bread-and-butter discourse therefore reflects and reproduces the preeminence of materialism in Singapore’s politics.

Dalit Literature and Political Consciousness in Sharad Poudel’s Likhe

The article attempts to explore the class and caste consciousness in Nepali Dalit literature; and, to identify contemporary Dalit literature and its presentation of subject matters, social messages and themes. The article sketches how Dalit literature reflects the contemporary socio-political and economic issues where Dalit community is routinely discriminated, exploited, boycotted, and excluded in various social spheres. Basically, every social structure has binary oppositions such as masters-slave, landlord-worker, bourgeois-proletariat and 'haves' and 'haves not'. Dalit literature is a medium to fight against the system for rights, equality and social dignity. The article employs the concept of Marxist concept of class consciousness and aesthetic on Poudel’s novel Likhe. The paper adopts the analytical and exploratory method and qualitative approach as a research tool.

A resilience‐oriented restoration framework for multi‐area active distribution network following a disaster

AbstractA disaster disrupts energy trading between the distribution network (DN) and autonomous areas in the multi‐area active distribution network (MA‐ADN). Since these areas are self‐interested agents, the energy transaction cost between them should be considered when determining the grid restoration scheme. In this regard, a new three‐level resilience‐oriented restoration (TLROR) framework is proposed to optimally schedule available tie‐lines, and distributed energy resources (DERs) in the MA‐ADN, considering the autonomy and privacy of their ownership. In the first level of the proposed TLROR, an electrical price vector (EPV) is created with the contribution of different areas. In the second level, each area should calculate the amount of imported active and reactive power from the DN through its tie branches and save it in the transactive power list (TPL). Finally, at the third level, the transactive energy market is cleared by the DN operator considering economic issues and operating limits. The proposed method provides energy transactions between independent agents to enhance MA‐ADN resiliency, with the least information sharing, and privacy preserving. The effectiveness of the proposed method is verified using the modified IEEE 33‐bus MA‐ADN and a part of the DN in the Pol‐e Dokhtar in the Lorestan province of Iran.

Plasma-activated water: Candidate hand disinfectant for SARS-CoV-2 transmission disruption

The global epidemic caused by SARS-CoV-2 has brought about worldwide burden and a sense of danger for more than two years, leading to a wide range of social, public health, economic and environmental issues. Self-inoculation through hands has been the primary way for environmental transmission of SARS-CoV-2. Plasma-activated water (PAW) has been reported as an effective, safe and environmentally friendly disinfectant against SARS-CoV-2. However, the inactivating effect of PAW on SARS-CoV-2 located on skin surface and its underlying mechanism of action have not been elucidated. In this study, PAW was prepared using an air-pressure plasma jet device. The antiviral efficiency of PAW1, PAW3, and PAW5 on the SARS-CoV-2 pseudovirus was 8.20 % (±2.88 %), 46.24 % (±1.79 %), and 91.71 % (±0.47 %), respectively. Additionally, determination of PAW's physicochemical properties, identification of major sterile effector in PAW, transmission electron microscopy analysis, malondialdehyde (MDA) assessment, SDS-PAGE, ELISA, and qPCR were conducted to reveal the virucidal mechanism of PAW. Our experimental results suggested that peroxynitrite, which was generated by the synergism of acidic environment and reactive species, was the major sterile effector of PAW. Furthermore, we found that PAW treatment significantly inactivated SARS-CoV-2 pseudovirus through the destruction of its structure of and the degradation of the viral RNA. Therefore, the possible mechanism for the structural destruction of SARS-COV-2 by PAW is through the action of peroxynitrite generated by the synergism of acidic environment and reactive species, which might react with and destroy the lipid envelope of SARS-CoV-2 pseudovirus. Nevertheless, further studies are required to shed light on the interaction mechanism of PAW-inherent RONS and viral components, and to confirm the determinant factors for virus inactivation of SARS-COV-2 by PAW. Therefore, PAW may be a candidate hand disinfectant used to disrupt the transmission of SARS-CoV-2.

Quantifying the Health–Economy Trade-Offs: Mathematical Model of COVID-19 Pandemic Dynamics

The COVID-19 pandemic has presented a complex situation that requires a balance between control measures like lockdowns and easing restrictions. Control measures can limit the spread of the virus but can also cause economic and social issues. Easing restrictions can support economic recovery but may increase the risk of virus transmission. Mathematical approaches can help address these trade-offs by modeling the interactions between factors such as virus transmission rates, public health interventions, and economic and social impacts. A study using a susceptible-infected-susceptible (SIS) model with modified discrete time was conducted to determine the cost of handling COVID-19. The results showed that, without government intervention, the number of patients rejected by health facilities and the cost of handling a pandemic increased significantly. Lockdown intervention provided the least number of rejected patients compared to social distancing, but the costs of handling the pandemic in the lockdown scenario remained higher than those of social distancing. This research demonstrates that mathematical approaches can help identify critical junctures in a pandemic, such as limited health system capacity or high transmission rates, that require rapid response and appropriate action. By using mathematical analysis, decision-makers can develop more effective and responsive strategies, considering the various factors involved in the virus’s spread and its impact on society and the economy.

EU Energy Transition Against the Russian-Ukrainian Conflict: Based on the Concerns of Chinese Academia

The outbreak of the Russian-Ukrainian conflict in 2022 has profoundly affected and reshaped the energy transition process established by the EU. For a long time, the EU has adopted a parallel policy of importing natural gas and developing renewable energy. However, the outbreak of the Russian-Ukrainian conflict has forced the EU to re-examine the energy transition, significantly raise awareness of energy security, lower the priority of addressing climate change goals, and seek diversified energy supply paths. In this context, the concerns of Chinese academia about the EU’s energy transition have shifted from economic issues to energy security and geopolitics, which guides references and cooperation for China’s energy transition.

Key Issues of Economic Evaluations for Health Technology Assessment in China: A Nationwide Expert Survey

ObjectivesHealth technology assessment (HTA) is increasingly crucial in medicine price negotiations in China, yet previous appraisals revealed national discrepancies on key economic evaluation issues: willingness-to-pay threshold, pricing models for multi-indication medicines, and comparator selection principles. This study aimed to collect expert opinions on these issues for future HTA evaluations. MethodsA nationwide anonymous web-based survey encompassing experts across academia, HTA, consultancy/contract research organization/industry, service provider, and payer. In 2023, a generic invitation containing a web link to the questionnaire was disseminated via WeChat using convenience and snowball sampling. Agreement rates for questionnaire views were analyzed using descriptive statistics. The relationship between participants’ responses and demographics was examined using appropriate logistic models. ResultsA total of 303 responses were received from experts in 34 cities. Key expert views include a suggested base willingness-to-pay threshold ranging from 0.5 to 1.5 times gross domestic product (52.1% agreement); elevated thresholds for childhood diseases, rare diseases, end-of-life diseases, and first-in-class medicines (>78.0% agreement); a single pricing model for multi-indication medicines (60.4% agreement); consideration of multiple medicines as comparators (79.9% agreement); and avoiding the use of centrally procured medicines as comparators for medicines with a time to market of less than 3 years (71.0% agreement). Participants who are service provider had lower odds of selecting higher thresholds (odds ratio 0.26; P < .01) than responders from consultancy/contract research organization/industry. ConclusionsExpert views indicate the need for substantial changes in China’s current HTA methods, highlighting the need for increased investment in HTA processes and expertise cultivation.

Empirical analysis of trade costs and their impact on carbon emissions in RCEP countries

Global economic integration and environmental issues have attracted widespread attention in recent years. As one of the world's most significant free trade agreements, the Regional Comprehensive Economic Partnership (RCEP) significantly impacts trade and the environment. However, research on the relationship between trade costs and carbon emissions still needs to be completed. This study explores the relationship between trade costs and carbon emissions within the framework of the Trade Benefit Theory, which posits that trade liberalization and openness generate economic benefits through increased efficiency, technological advancement, and economic growth. This study analyzes panel data from 12 RCEP countries from 2001 to 2014, employing static and dynamic panel models to examine the relationship between trade costs and carbon emissions. The analysis utilizes mixed regression, fixed (random) effects models, and the systematic GMM method. The results indicate that decreases in trade costs are associated with reduced environmental pollution, aligning with the Environmental Kuznets Curve (EKC) hypothesis, which posits an N-shaped relationship between trade costs and carbon emissions. Implementing RCEP facilitates a decrease in trade-related pollution, suggesting that reducing trade costs can help mitigate environmental pollution. Furthermore, the observed N-shaped EKC for trade costs and carbon emissions highlights the potential of RCEP to reduce the impact of trade-related pollution.

Comparative Study between Platelet-Rich Plasma, Corticosteroids and Perineural Dextrose local Injections for Treatment of Carpal Tunnel Syndrome

Abstract Background Carpal tunnel syndrome (CTS), one of the most common entrapment neuropathies, is considered as a socio- economic issue that reduces work productivity and increases disability. Aim of the Work to compare the effect of Platelet- Rich Plasma (PRP), corticosteroids (CS) and perineural Dextrose 5 % in water (D5W) local injections for the treatment of idiopathic mild and moderate CTS. Patients and Methods A prospective study was performed on 60 median nerves of 60 patients. They were diagnosed as idiopathic CTS and classified randomly into 3 groups (each contains 20 patients) according to the treatment program received: group I (ultrasound guided CS injection), group II (ultrasound guided perineural Dextrose 5% injection) and group III (ultrasound guided PRP injection). Results Ultrasound guided local injection using single doses of CS, D5W, and PRP were very efficient as regards symptomatic and functional improvement, reducing distal motor latency (DML) and Peak sensory latency ( PSL) of median nerve, as well as decreased Cross Section Area (CSA) of Median nerve (MN) and improving median nerve mobility for idiopathic mild to moderate CTS. For symptom and functional improvement, single injection of CS was more effective than that of PRP and D5W within 3 months post-injection. Moreover, PRP was slightly better than D5W. For reducing DML and PSL, CS was the most effective followed by PRP and then D5W at 3 months post injection. For reducing CSA, CS was the most effective followed by PRP and then D5W at 3 months post injection. For improving mobility of median nerve, D5W was the most effective at 3 months post injection followed by CS and PRP. Conclusion Injection of CS, D5W and PRP had resulted in significant Boston Carpal Tunnel Syndrome Questionnaire (BCTQ) score reduction at 3 months post-injection in comparison to the BCTQ score at the baseline evaluation. All of the three studied groups (Corticosteroids, dextrose 5 % and PRP) have shown a great result regarding improving in clinical examination, clinical assessment scales, nerve conduction studies and improving in Neuromuscular Ultrasound results with favorable results of Corticosteroids group over Perineural dextrose 5 % group and PRP group.

Why are Turkish nurses migrating? A mixed-methods study.

This study aimed to identify the factors influencing nurses' migration patterns in Turkey. The flow of nurse migration from developing countries to developed countries is steadily increasing. As a result, countries that are sources of migration tend to develop domestic inequities with respect to the population's ability to access health services. In particular, fragile economic conditions and the pandemic triggered the migration of nurses from Turkey, a developing country. This study employed a mixed-method explanatory sequential design and was conducted in Turkey between April and November 2022. The decision to migrate was the focus of both the quantitative aspect, involving 237 participants, and the qualitative aspect, with 20 participants. Quantitative data were gathered through a questionnaire, and qualitative data were obtained using open-ended questions during in-depth individual interviews. We followed the Strengthening the Reporting of Observational Studies in Epidemiology checklist in the quantitative phase and the Consolidated Criteria for Reporting Qualitative Research checklist in the qualitative phase. Descriptive statistics and thematic analyses were used to analyze the data. In the quantitative stage of the study, nurses' reasons for deciding to migrate were identified as economic conditions, working conditions, society's outlook on the profession, political factors, and professional growth opportunities. In the qualitative stage, four major themes influencing nurse migration patterns emerged: devaluation and poor collegiality in nursing; inadequate management support; negative work environment; and health, social, and economic policies. The results of the study showed that the three factors most influential in the decision to migrate were economic issues, a negative work environment, and political climate. In developing countries, there is an urgent need for nurse administrators and health workforce decision-makers to create healthy working conditions and manage resources efficiently, focusing on improving nurses' economic situations while developing appropriate nationwide and international strategies.

Navigating the Evolving Landscape of Teaching and Learning: University Faculty and Staff Perceptions of the Artificial Intelligence-Altered Terrain

This study examines the perspectives of university faculty and staff regarding the influence of artificial intelligence on the higher education teaching and learning landscape following the global launch of free-to-use OpenAI ChatGPT in the autumn of 2022. The participants were 79 university faculty and staff from diverse academic fields across all campuses of a multidisciplinary university in Finland. The data were collected in two phases in May–June 2023 and in March 2024, with focus group interviews and Learning Café discussions. The results showed that AI has a broad impact on teaching and studying in higher education. Six main categories were identified: (1) the impact of AI on students’ learning processes, (2) the impact of AI on teaching, (3) the knowledge required of future employees and the impact of AI on them, (4) ethical and economic issues, (5) the development of AI or its use in the future, and (6) the nature of the change brought about by artificial intelligence. AI is already making inroads into higher education, and participants underscored its dual impact on teaching and learning, highlighting both opportunities and challenges. While teachers recognized AI’s potential to enhance teaching and assessment methods, they also acknowledged the need to adapt their courses accordingly. They expressed concerns about understanding AI’s impact on students’ learning processes and their own contributions to learning assignments. The participants emphasized the necessity of providing support and training for teachers to ensure AI is meaningfully and effectively integrated into teaching and learning practices and landscapes.

Extraction of healthy oils from fish viscera by conventional and advanced technologies

Fish viscera is a by-product of fish processing that has limited use as added-value products. The current issue of circular economy to produce recycled and zero waste products, therefore, the utilization of fish viscera for valuable products is important to explore. One of the valuable components of fish viscera is fish oil, which is characterized by being high in polyunsaturated fatty acids (PUFA). The limited exploration of fish viscera for potential utilization requires a comprehensive review of the visceral characteristics of various fish species. This article reviews the nutritional characteristics of various fish viscera, lipid class composition, fish viscera oil characteristics, and various methods of fish viscera oil extraction, both by conventional and advanced technologies. The main contribution of this review is to provide information about fish viscera, their potential as a source of fish oil, and extraction methods which are suitable for various industrial applications and purposes, including health applications for ω-3 fatty acids.

Assessing the impact of Industry 4.0 technologies on the social sustainability of agrifood companies

AbstractIndustry 4.0 technologies present new opportunities for the sustainable development of companies in the agrifood industry. The extant literature on this topic suggests that innovative technologies can support agrifood companies in addressing environmental, economic and social sustainability issues. While the environmental and economic benefits of technological innovations in the agrifood industry have been widely investigated, few studies sought to explore the impact of the adoption of Industry 4.0 technologies on long‐standing social issues. This research addresses this knowledge gap, the data were gathered from 116 Italian agrifood companies that utilized Industry 4.0 technologies. The findings from structural equations modelling partial least squares (SEM‐PLS) show that adopting Industry 4.0 technologies helps agrifood companies to improve human resources management, supply chain management and stakeholder relationships. Finally, this contribution puts forward implications for practitioners, as it raises awareness on the benefits of using technological innovations to promote social sustainability outcomes.

THE IMPACT OF THE COVID-19 PANDEMIC AND ECONOMIC CRISIS ON THE PERFORMANCE OF LICENSED COMMERCIAL BANKS IN SRI LANKA

Sri Lanka faced an array of incidents starting from the Easter Sunday attack in 2019 to COVID-19 pandemic and the Economic Crisis which caused disastrous effects on the economy. Despite the policy measure taken, the banking sector was severely affected by soaring Non-Performing Loans (NPLs) levels and dwindling profits. Therefore, the main objective of this study is to evaluate the impact created by the series of adverse economic and social issues from 2019 on the performance of the banking sector in terms of profitability and NPLs using a sample of 12 licensed commercial banks. The data were collected from secondary sources such as annual reports issued by the banks and the Central Bank for the period 2013-2022. The impact of the Easter attack, Pandemic, and Economic Crisis are referred to using a dummy variable, inflation, Gross Domestic Product (GDP) growth rate, and interest rate are used to measure the impact of the macroeconomic environment on the banking sector performance and capital adequacy ratio was used as a control variable. Return on Equity, Return on Assets, and NPLs were used to measure the bank's performance. The results of the random effects panel regression models suggest that there is a significant impact of the Pandemic, Economic Crisis, and GDP growth rate on the performance of the banking sector. This research indicates that a country like Sri Lanka needs to take aggressive policy measures to face these adverse situations. It is required to take credit risk mitigation measures and provide quality loans to curtail the adverse impact caused by the NPLs.

Dynamic linkages between the monetary policy variables and stock market in the presence of structural breaks: evidence from India

PurposeThe study aims to determine the long and short-term causal relationships between the variables associated with the adjustment of monetary policy and the stock market in India in the presence of structural breaks.Design/methodology/approachThe study employed the autoregressive distributed lag (ARDL) bounds test and the Error Correction Model to assess long- and short-term causal relationships. The study also used non-frequentist Bayesian inferences for the validity of estimation robustness. The Bai–Perron test is used to identify breakpoint dates for the Indian stock market index, and the Granger Causality test is employed to ascertain the direction of causality.FindingsThe F-bounds test reveals cointegration among the variables throughout the examined period. Specifically, the weighted average call money rate (WACR), inflation (WPI), currency exchange rate (EXE), and broad money supply (M3) exhibit statistical significance with precise signs. Furthermore, the study identifies the negative impact of the COVID-19 outbreak in March 2020 on the Indian stock market.Research limitations/implicationsAlthough the study provides significant insights, it is not exempt from constraints. A significant limitation is selecting a relatively limited time period, specifically from April 2008 to September 2023. The limited time frame of this study may restrict the applicability of the results to more comprehensive economic settings, as dynamics between the monetary policy and the stock market can be influenced by multiple factors over varying time periods. Furthermore, the utilisation of the Weighted Average Call Money Rate (WACR) rather than policy rates such as the Repo rate presents an additional constraint as it may not comprehensively account for the impacts of particular policy initiatives, thereby disregarding essential complexities in the connection between monetary policy variables and financial markets.Practical implicationsThe findings of the study suggest that investors and portfolio managers should consider economic issues while developing long-term investing plans. Reserve Bank of India should exercise prudence to prevent any discretionary measures that may lead to a rise in interest rates since this adversely affects the stock market. To mitigate risk, investors should closely monitor the adjustment of monetary policy variables.Social implicationsThe study has important social implications, especially regarding the lower levels of financial literacy among investors in India. Considering the complex nature of the study’s emphasis on monetary policy adjustments and their impact on the stock market. Investors face the risk of significant losses due to unexpected adjustments in monetary policy. Many individuals may need help understanding how policy changes impact their investments. Therefore, RBI must consider both price and financial stability when formulating monetary policies. Furthermore, market participants should consider the potential impact of fluctuating monetary policy variables when devising their long-term investment strategies. Given that adjustments in interest rates can markedly affect stock market dynamics, investors must carefully assess the implications of monetary policy decisions on their portfolios.Originality/valueThe study uses dummy variables in the ARDL model to represent structural breaks that emerged from the COVID-19 pandemic (as determined by the Bai–Perron multiple breakpoint test). The study also used the Perron unit root test to find out the stationary of the series in the presence of structural breaks. Additionally, the study also employed Bayesian inferences to affirm the robustness of the estimates.

Profiling the perceived resilience of young farmers in Japanese agriculture

The importance of younger farmers is increasing as Japan's agricultural sector faces a declining labor force. This study assessed young farmers' perceptions and resilience in response to agricultural changes and risks, using four criteria: robustness, adaptability, transformability, and cooperativeness. Farmers were categorized into two resilience profiles: high and low. High-resilience farmers displayed strong agricultural training, mathematical skills, and a positive approach to future challenges, managing farm functions efficiently. Conversely, the low-resilience group had limited training, lower mathematical abilities, and struggled with challenges, expressing concerns about economic issues and uncertainty. Recommendations for strengthening resilience include enhancing agricultural education, promoting rural life, and fostering innovative farming. These insights offer valuable guidance for policymakers aiming to build a resilient, sustainable agricultural sector in Japan.

Shortcuts from the last period of the Middle Ages to the Enlightenment on the view of economic aspects

The current work analyzes the social history from the point of view of social aspects and connects them to economic issues. The economic issues are many times behind the social changes of historical facts. This paper shows through the economic events of the last period of the Middle Ages till the Enlightenment period that the economic aspects were a significant part of social impact. The applied methodology is based on the logic and the comprehensive analysis of historical events. The Cycle of Money shows that Capitalism is not going far by a sustainable orientation and by it is own structure can’t face wide social aspects, something that the economic system of Economocracy can achieve.