Economic Realms Research Articles

The Possibility of Trade-Based Cooperation among Horn Countries that Advances Political Stability and Prosperity

This review paper tries to explore, notwithstanding integral incongruities and contradictions, an alternative to conflict rules-based trade cooperation between horn countries. In order to secure reciprocal advantages and shared prosperity, it also recognizes the importance of building and upholding frameworks for international relations, the liberal international order (LIO), often referred to as the rules-based International order (RBIO), for the aforementioned rights of land-locked states and safeguarding the transit states sovereignty. Furthermore, facing a cooperation that genuinely adheres to international order in which both sides of the divide are bound by it, thus, reinforces that order to preserve the conditions needed for mutual peace and prosperity. On that note, the recent political discourse triggered by the land-locked Ethiopian endeavour to access the shores of Somalia to be RBIO which both sides abide by, just as land-locked African countries access the ports of littoral inhabitant ones, proceeds both sides’ interests rather than a one based on hegemonic or exploitative ambitions. Penultimately, understanding and advancing a mutual benefit, adhering to the rules-based trade cooperation between both sides, puts the foundations of an ecosystem that binds together individual nation-states to another, as what happens in one country can have a significant and unanticipated antagonistic impact in the realms of economy and security. Finally, International laws, regulations, and standards, along with the institutions that regulate them, are what gave rise to the United Nations and its charter, which member states ratified to express their desire to join the global community. As a result, all of the Horn countries' members are required to abide by the core values and clauses found in that charter

PEMIKIRAN KH. HUSEIN MUHAMMAD TENTANG KONSEP MU’ĀSYARAH BI AL-MA’RŪF DALAM MEMBINA RUMAH TANGGA

This research examines the concept of mu'āsyarah bi al-ma'rūf according to KH. Hussein Muhammad. Aims to determine the urgency of the concept of mu'āsyarah bi al-ma'rūf in building a Muslim family. This research uses a qualitative approach, with secondary data sourced from literature, such as books, books, journals from the figures being researched. Data analysis uses qualitative descriptive methods. The results of this research show that mu'āsyarah bi al-ma'rūf according to KH. Husein Muhammad is divided into three realms, namely: the economic realm which includes mu'āsyarah bi al-ma'rūf in marriage (dowry and living), mu'āsyarah bi al-ma'rūf in sexual relations and mu'āsyarah bi al-ma 'rūf in human relations. The urgency of implementing mu'āsyarah bi al-ma'rūf in building a household is a reflection for the generation that will continue family life. So the concept of mu'āsyarah bi al-ma'rūf is very important to implement, so as to create a quality, loving, humanist and peaceful society.

The economic costs and consequences of (insufficient) sleep: a case study from Latin America.

Sleep, an essential physiological process, has long been recognized for its critical role in human health and well-being. Beyond its biological significance, recent research has highlighted the intricate interplay between sleep and economic outcomes. By constructing meticulous economic models that account for diverse factors and refining them based on empirical data and local characteristics, this study aims to provide an in-depth understanding of the significant economic toll stemming from inadequate sleep and its ramifications on various aspects of society. Here we calculated the effect of insufficient sleep on economic loss in Argentina, according to an Overlapping Generations (OLG) model that considers average sleeping length in terms of the recommended minimum and its effect on productivity and health outcomes. We considered different scenarios in which the population sleeps from six to nine hours every night. Our results indicate that if the whole adult population achieved the recommended sleep duration of at least 7h/night, it would be associated with a 1.27% higher GDP compared to the baseline scenario, representing the most optimistic outcome. This equals about 3.7 times the total annual budget in science, and is approximately the same percentage as the actually implemented national budget for education. In summary, by bridging the usually distant realms of biology and economics, this study offers a comprehensive analysis that not only deepens our understanding of the mechanisms underlying these costs but also provides potential avenues for intervention and policy-making.

Fashioning the nation in the age of populism

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

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

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

Dinamika Penyebaran dan Perkembangan Islam di Desa Pagaran Bira Jae, Kabupaten Padang Lawas, Sumatera Utara

This research examines the historical arrival of Islam in Pagaran Bira Jae Village, Padang Lawas Regency, North Sumatra, and explores its development in the realms of economics, education, and Islamic heritage. The arrival of Islam in this area is significant, as Pagaran Bira Jae was one of the first regions in Padang Lawas to embrace the religion. The spread of Islam in Pagaran Bira Jae is closely tied to trade activities, and prominent religious figures like Sheikh Jired and Malim Mudo I played a crucial role in its dissemination. The research also links the Padri War and the influence of West Sumatran and Tapanuli ulama in shaping religious growth. In terms of physical heritage, Pagaran Bira Jae and Pagaran Bira Julu house several religious institutions, including mosques, surau, and madrasahs, as well as Islamic relics such as the tomb of a saint named Jired, which bears Arabic inscriptions and Pallawa script, possibly from Gujarat, India. This study employs historical methods to provide a comprehensive understanding of the local Islamic legacy.

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

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

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

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

Social effects of sustainable development-poverty

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

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

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

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

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

In Defense of Central Bank Independence against its Enthusiasts

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

Power of economics without power in economics?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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