Traditional Economy Research Articles

Research on Cultural Consumption from the Perspective of Mental Accounting

Behavioral economics emerged in the late 1970s and early 1980s. Compared to traditional economics, its theory is based on bounded rationality and combines with disciplines like psychology to address the limitations of traditional economic theory, providing more convincing explanations for market phenomena. Behavioral economics covers a wide range of topics, and this paper focuses on the perspective of mental accounting to study cultural consumption. Cultural consumption is the endogenous driving force for the development of the cultural industry. The psychological factors behind cultural consumption are key to influencing consumption decisions. Adopting the mental accounting theory from behavioral economics, residents' cultural consumption mental account consist of three main categories: economic capital account, cultural capital account, and social capital account, as well as six sub-accounts: transaction cost account, sunk cost account, leisure and entertainment account, aesthetic value account, social interaction account, and identity differentiation account. These accounts can effectively explain the influence mechanism between utility changes and cultural consumption behavior decisions. Based on the connotation and mechanism of the cultural consumption mental account theory, formulating various bundled sales strategies, reducing the sunk costs of cultural consumption, and promoting the high-quality development of the cultural industry are important paths to expand residents' cultural consumption. By integrating insights from behavioral economics, this approach can provide more effective solutions to boost cultural consumption and drive the sustainable development of the cultural industry.

Breaking the Rationality Assumption

This paper explores the role of Behavioral Economics in understanding how psychological factors influence consumer decisions, often leading to irrational choices. Traditional economics assumes rational decision-making, but in reality, emotions, cognitive biases, and social factors drive behavior. The paper highlights how illiteracy impacts decision-making, forcing short-term thinking over long-term benefits. It also discusses how psychological barriers like overconfidence, peer pressure, and emotional responses prevent rational decisions. Several Indian government policies, such as the Population Control Policy, Reservation System, and Demonetization, are reviewed to show how poor execution can lead to negative consequences. The paper concludes by emphasizing the need for better education, critical thinking, and informed policymaking to improve decision-making and empower people to make rational choices. Effective decision-making requires understanding both economic and psychological factors, which can lead to more balanced, thoughtful choices for the betterment of society.

Sustainability Thought 181: Dwarf Green Markets Versus Green Markets: Which one is Environmentally Clean Economy Transition Friendly? Why?

There are two ways of dealing with the environmental pollution problem separating environmentally dirty traditional markets from environmentally clean markets, using dwarf green markets and using green markets. If the goal is to transition from environmentally dirty traditional economies to environmentally clean economies, then understanding which one is friendly and which one is not friendly with such a transition is important for policy making based on science and for understanding the reasons behind non-science-based policy decision-making. And this makes the following topic and question relevant: Dwarf green markets versus green markets: Which one is environmentally clean economy transition friendly? Why? Among the goals of this paper is to provide answers to these questions.

ЗБЕРЕЖЕННЯ РІДКІСНИХ ЛІСОВИХ ВИДІВ СУДИННИХ РОСЛИН У СИСТЕМІ ПРИРОДООХОРОННИХ ЗАХОДІВ МЕЗИНСЬКОГО НАЦІОНАЛЬНОГО ПРИРОДНОГО ПАРКУ

The article characterizes the peculiarities of the formation of forest ecosystems as centers for the distribution of rare species within the territory of Mezyn National Nature Park. The research area is notable for its diverse ecotopic conditions, which support a wide variety of forest species of vascular plants and corresponding communities, including oak, linden-oak, maple-linden-oak, linden, and hornbeam-oak forests. The forest group of vascular plant flora in the territory of Mezynskyi NNP includes 18 species, with 10 species listed in the Red Data Book of Ukraine and 8 species having regional protection status in Chernihiv Oblast. Among the forest species from the Red Data Book of Ukraine, the non-moral group predominates, including Neottia nidus-avis, Listera ovata, Epipactis atrorubens, Epipactis helleborine, Platanthera bifolia, Platanthera chlorantha, Lilium martagon, and Allium ursinum. Among the species of vascular plants in forest ecosystems that are protected at the regional level in Chernihiv region, within the study area, 7 species of the division Polypodiophyta are distinguished, specifically: Dryopteris cristata, Gymnocarpium dryopteris, Matteuccia struthiopteris, Polypodium vulgare, Polystichum aculeatum, P. brauni, and Phegopteris connectilis. Anthropogenic impacts on the forest areas of Mezyn NNP, including on rare species of vascular plants, can be classified into the following groups: production and traditional economy, recreational activities, forestry activities and control measures, and violation of the protected area. The greatest impact of the recreational factor is on recreational forest areas and areas around settlements. The development of measures and plans for the protection of rare species will ensure the principles of protecting forest ecosystems as a whole (general) and their individual components (special). The article presents a system of environmental measures for the protection and conservation of rare forest species of vascular plants, and suggests measures for further conservation and monitoring of these species. To address the issues of conserving rare species, the article recommends optimizing the zoning system of the park territory, expanding the protected area, and including existing protected areas and habitats of rare flora species within its composition.

Determination of Priority Sectors in Economic Development in Maluku Province

This research aims to determine priority sectors in formulating economic development policies in Maluku Province. The methods used in this research are Location Quotient (LQ), Shift Share (SS), and Klassen Typology. The research results show that based on the three methods above, the priority sectors in economic development in Maluku Province are sectors that have superiority, and competitiveness and are among advanced and rapidly developing sectors (prime sectors). These sectors are the Agriculture, Forestry, and Fisheries sectors, the Wholesale and Retail Trade sector, Car and Motorcycle Repairs, the Government Administration, Defense and Mandatory Social Security sectors, and the Education Services sector. This sector is a sector that absorbs a lot of workers. Apart from that, the primary sector is a sector that plays an important role in economic development in Maluku Province. The contribution of the agriculture, forestry, and fisheries sectors indirectly shows that the economic structure of Maluku province is still supported by the traditional economy. Then, geographically, the vast area of Maluku Province, the majority of which is water areas; however, this sub-sector has yet to become the main support for the economy of Maluku Province. For this reason, the Maluku provincial government should prioritize the superior sectors and commodities it owns while still paying attention to other industries and commodities according to their potential and development opportunities in order to encourage the growth of Maluku Province's GRDP for future regional development. The implications of this research can be recommendations for economic planning and development in Maluku Province. The implications of this study can be recommendations for economic planning and development in Maluku Province

Unlocking trade potential: gender equality, economic complexity and trade openness in the Developing-8 (D-8) countries

PurposePrioritizing the shift from a traditional economy towards complex integrated economies has been the top priority among policymakers to achieve sustainable development goals (SDGs). Countries involved in economic integration must safeguard their labor markets. The Developing-8 (D-8) is an alliance of economic cooperation including Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey, all of which are among the world’s largest labor-abundant countries but have insufficient attention toward labor market policies, especially in gender roles. This issue motivated this study, which aims to investigate the impact of economic complexity on trade through with the interaction of gender equality.Design/methodology/approachThe annual data for the panel of D-8 countries from 1990 to 2020 were collected. The Driscoll and Kraay (D-K) regression was employed for empirical investigation after observing the presence of autocorrelation, heteroscedasticity and cross-sectional dependency (CSD) across the sample.FindingsFindings show that the economic complexity index (ECI) and gender equality (GE) have a significant impact on trade openness (TO). Moreover, the interaction of GE and ECI strengthens the relationship between ECI and TO. Therefore, both factors worked together to enhance the trading system by supplying the nation with highly sophisticated and complex products.Research limitations/implicationsPolicymakers in D-8 countries should enable equal access to resources, investment and decision-making for both men and women. This leads toward stubble, innovative and complex products that enhance trade and goodwill in the international market.Originality/valueThis study incorporated GE as an interaction term in economic complexity and TO in D-8 countries for the first time, to the best of the authors' knowledge.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-11-2023-0908

Challenges and perspectives of universal circular green economy in Georgia

The green economy is a priority factor for the sustainable development of the country's economy, which we can confidently consider as one of the important factors of economic development, strategic protection of the environment and social security of the population, which is unthinkable without the introduction and further development of one of its distinct and inseparable effective components, the universal circular green economy, because through it is possible to achieve the three most remarkable effects for the planet and humanity. The process of transformation of the traditional economy into a green circular economy, despite being a vital and critical necessity, has been a significant problem in all periods and still faces great challenges today. According to the Global Green Economy Index (GGEI), Georgia currently holds a not too bad position in terms of the implementation and development of a universal circular green economy, which in turn is an effective way to economic development, both in the direction of the production of renewable and recyclable resources, as well as the introduction and use of a wide range of biotechnologies and By preserving biodiversity. But, like all important state reforms, the introduction of a universal green circular economy and its further development requires a lot of effort and financial resources, both from the state and from all actors and business sectors interested in this issue, which are not immune to various challenges in its development and regulation. in stages. The paper analyzes the stages and challenges of the introduction, development and regulation of universal circular green economy in Georgia.

Taxation Models and Improvement Proposals for Personal Income Tax in the Sharing Economy

As an innovative economic model, the sharing economy has seen rapid growth globally in recent years. It has not only brought a profound impact on traditional economies but also injected new vitality and momentum into the sustainable development of the social economy. However, for the sharing economy, the process of collecting personal income tax is facing several issues, such as the ambiguity of tax policies regarding personal income, challenges in identifying taxpayers, and difficulties in defining income. To achieve the fairness and efficiency of personal income tax collection in the sharing economy, this study proposes optimized regulatory mechanisms and conducts in-depth discussions on the adjustment of personal income tax policies, innovation in tax management technology, and improvement in the quality of personal income tax services.

The inclusive entrepreneurial state: collective wealth creation and distribution

Abstract This commentary explores how a new theory of value creation has implications for the distribution of that value. It argues that different theories of value creation lead to different resource allocations and different justifications for them. Thus, to achieve a more equitable distribution of value, a new theory of how that value is created in the first place is needed. This new theory should recognize that value is created collectively, not only by business but also by government and civil society. The state, while predominantly portrayed in traditional economics as a market fixer, has instead often been responsible for actively shaping and creating markets, not just fixing them. Indeed, the most successful capitalist economies have had proactive states that made risky investments, many of which led to technological revolutions. A better understanding of the state's role as a lead risk-taker and innovator (the ‘entrepreneurial state’) can thus also enable a more socially equitable distribution of value.

UNVEILING THE MARITIME OPPORTUNITIES: ANALYSING THE BLUE ECONOMY POTENTIAL WITHIN THE FRAMEWORK OF THE CHINA-PAKISTAN ECONOMIC CORRIDOR

Earth is called "the blue planet "because 70% surface consists of water. The ocean is vital to the world's economy approximately 3.5 billion people depend on the ocean for the sustenance of their lives and livelihoods. Having about 1,050 km long coastline and the Exclusive Economic Zone covering about 240,000 sq. km. Pakistan is a key maritime country in the Indian Ocean. Pakistan has immense potential in the blue economy the only possibility for Pakistan to sustain its deteriorating economy is to focus on the growth of its blue economy. In this connection, the China-Pakistan Economic Corridor (CPEC) not only boosts the traditional economy of Pakistan but also can play a vital role in the growth of the blue economy. This study explores the potential of the blue economy for Pakistan from the perspective of the China-Pakistan Economic Corridor. The nature of the research is qualitative and the case study method is applied to the present study. Descriptive and exploratory approaches are applied to discover the answers to the research questions and analysis of this study will help to find out many possible findings of the Potential of the Blue economy of Pakistan in perspective of the CPEC.

Enterprise green entrepreneurship orientation: research review and outlook

With the rapid development of economy, excessive resource consumption, environmental pollution, ecological civilization construction has become a global common theme, green development concept become the topic of attaches great importance to today's society, enterprises also realized that the enterprise development not at the expense of the environment, from the traditional economy to green economy is imperative. The academic and practical circles began to pay attention to the potential of green entrepreneurship in environmental protection, and green entrepreneurship, as the premise of green entrepreneurship, is the active strategic tendency of enterprises to deal with environmental problems, emphasizing the identification and grasp of eco-friendly opportunities, which reflects the active attitude of enterprises towards environmental issues. Although existing research has made some progress, but few systematic summary to clarify the development of green entrepreneurial orientation, based on this, this study from the connotation, dimension, driving factors and influencing factors combed the green entrepreneurship oriented research progress, and put forward the future outlook, in order to provide support for subsequent green entrepreneurship research.

Digital development of sports clothing design

In the modern world, digital technologies have penetrated into all areas of our lives, and the production of sportswear is no exception. The development and implementation of digital apparel design in sportswear production opens up new opportunities to improve the quality and functionality of clothing, as well as increase production efficiency. Currently, around the world, the share of the traditional economy is decreasing, and the digital one is increasing, providing powerful advantages for countries and their industry complexes. Modern digital and electronic technologies are becoming the main factor in many areas of modernization of production and expansion of product sales. The condition for the effective development of sewing enterprises largely depends on how flexible and interconnected the production processes are, as well as on the availability of technical means for control and a highly developed automation system and modern software. Due to little research in this area, the goal of the scientific work is to find theoretical and practical work aimed at researching and discovering new ways to digitize sportswear, to identify the latest trends and innovations in this area. A modern manufacturer is characterized by the desire to quickly respond to changes in market conditions and customer needs, by reducing the time interval between the design and release of a new product for sale. In the practical area of application of the presented knowledge, based on the results of joint development together with athletes and the constructive design of training clothing, using the software “Corel Draw” and “Adobe Illustrator”, sportswear was produced that corresponds to the customer’s requirements in terms of structural and technical compliance and individual design.

Exploring minimal indirect digital economy taxation as a post-COVID-19 economic recovery strategy for African revenue mobilisation

The COVID-19 pandemic and its aftermath continue to devastate most areas of society and continue to reveal inherent structural vulnerabilities in the economies, social, and health systems in countries. In addition, the Russia-Ukraine conflict of 2022 and the geopolitics of its resolution continue to create shocks across the globe- evidenced by rising inflation, increased sovereign debt level, recession, and reduced public expenditure among others. While many sectors of the economy were crippled by the back-to-back global economic shocks of the Covid-19 pandemic and the Russia-Ukraine conflict through reduced economic activities resulting in a global recession and reduced tax revenues for public expenditure, the digital economy has surprisingly boomed and continues to grow in this period of uncertainty. This has been directly attributed to the 'lure of the alternative', caused by the social and economic lockdowns imposed by countries, which pushed many persons and companies to explore the next available option- online platforms to conduct business. Although the rise in the use of digital platforms for business activities is commendable, this development has some implications for traditional business frameworks which in turn affects revenue mobilisation for funding public infrastructure projects and services. This is because, in Africa, the digital economy is not as well-regulated as the traditional economy. This creates an avenue for tax evasion and avoidance, arising from the dynamic and complex nature of digital transactions. This challenge requires that urgent solutions be found for the effective taxation of the digital economy. There will be a need to review/reform economic and fiscal policies and laws to ensure a faster recovery from the economic effects of the COVID-19 pandemic. There would also be a need to create digital tax policies that are equitable for source and market jurisdictions and, lastly, there will be a need for cooperation in tax law and policies across Africa that capture the reality of the growth and ubiquitous presence of digital multinationals in Africa.

Social Cohesion of Kampong Lorong Buangkok: Community Amidst Singaporean Industrialization

This paper aims to conduct a comprehensive examination of the Malay community living in Kampong Lorong Buangkok, the last village in Singapore's Hougang area. This community is intriguing due to its preservation of customs, traditions, and a simplified economic system amidst Singapore's rapid industrial development. The study utilizes in-depth interviews with current residents of Kampong Lorong Buangkok and reveals their steadfast commitment to upholding Malay traditions as a social foundation. Residents persist in maintaining a traditional economy designed to promote unity and support productive community life. This economic system functions to enhance social unity, assisting the residents in coping with Singapore's high cost of living. The robust social cohesion within the community has enabled Kampong Lorong Buangkok to persist despite political tensions and the encroaching pressures of rapid Singaporean industrialization that jeopardize the village's survival.

ON SOME APPROACHES TO REGULATING DIGITAL ECOSYSTEMS

The dichotomy of development and regulation of digital ecosystems has attracted the attention of many theorists and practitioners over the past 10 years. The emergence and poorly regulated development of electronic platforms and ecosystems contributed to the formation of a new business model that did not fit into the coordinates of the legal institutions of the functioning of the traditional economy. In the process of their expansion, digital platforms have demonstrated a number of advantages over traditional business models, while simultaneously increasing their fundamental disadvantages. The article reveals the causes of the emergence and rapid development of digital ecosystems, the phenomenon of ecosystem's dependence. The pros and cons of ecosystem's functioning, the formation of their monopolistic essence, the violation of fundamental market laws, and the factors of their destructive influence on the modern economy, society, and consumers are analyzed. The main directions of activity of national regulators in the USA, the EU, and Russia are presented.

FINANCIAL MANAGEMENT BEHAVIOR ON BUY NOW PAY LATER USERS: DOES EDUCATION LEVEL MEDIATES THE EFFECT?

The advancement of digitalization in the modern world has expedited the shift from traditional economies to digital economies, offering both advantages and obstacles. The rapid growth of digital transactions, notably due to the emergence of Buy Now Pay Later (BNPL) services, has sparked worries about its impact on financial management behaviors. As the usage of digital platforms like Shopee PayLater, primarily by Generation Z, continues to increase, there is a critical need to enhance financial literacy and establish self-regulation mechanisms to mitigate the potential risks of excessive consumption. This study examines the relationship found between financial literacy and self-control in financial management behavior using education level as a mediating effect. Generation Z individuals who use Buy Now Pay Later service in Indonesia, namely Shopee PayLater, were targeted as research subjects. This research shows that financial literacy, self-control, and education level each have significantly influenced financial management behavior directly. On the other hand, education level could not mediate the relationship between financial literacy and self-control on financial management behavior since the impact is insignificant. Most Generation Z individuals in Malang, Indonesia who use Shopee PayLater have a high education level, good financial literacy, self-control, and financial management behavior.

Digital finance and corporate green investment: A perspective from institutional investors and environmental regulations

Corporate green investment is a new possibility that may overcome environmental challenges and other economic concerns. The excessive use of industrial gases and chemicals concerns all authorities. Conversely, the traditional economy has rapidly transformed into a digital economy, particularly in China. The digital financing system in China edifies a new face of the industry and economy that stimulates company social action. This study unfolds the three critical aspects of digital finance that pertain to corporate green investments in highly polluting companies. After a series of econometric tests, the research demonstrated how companies can be persuaded to make green investments using digital financing. It emphasised how institutional investors support corporate green investments and act as moderators to strengthen the relationship between digital finance and corporate green investment. Furthermore, it unveiled the critical function of environmental regulations for green investment improvement and the reason for positivity among digital financing and company green investment. With the heterogeneity test, the study segregated state-owned and non-state-owned firms. It discovered that state-owned businesses use the digital finance function more than non-state-owned businesses. This weak connection can be vital for non-state-owned firms through institutional investors and environmental regulations as moderators. Therefore, a fresh viewpoint in the digital age can encourage policymakers to improve corporate social action and promote a green economy.

The Antecedents of Media Capture in Experiential Texts in Nepal: A Critical Review

Based on literature review and analysis of a corpus of documents with references to the evolution of journalism in Nepal, the paper has eclectically and purposively selected publications that referred to the study period, roughly 1950-2000, and had insights on periodicals/ newspapers and the operational environment of the period that was marked by little or no readership and advertising. The paper argues that the unprofessionalism and partisanship evident in media in Nepal reflect its failure to fully transition to independent, impartial content production, the normative expectation of citizens from journalism in democracies. Nepal’s newspapers began exercising formal freedoms in the 1950s but have never been fully independent in practice. The country had low literacy, low readership, and a largely traditional economy when newspaper journalism began, and the early publications sought support from partisan interests and/or government to remain viable.

Analysis on the Challenges and Countermeasures of Chinas Sharing Economy

The sharing economy has attracted much attention in China in recent years. The sharing economy has significant development significance and good development prospects for Chinas overall economic development. On the other hand, there are still many problems in the domestic sharing economy system, and continuous efforts should be made to promote the orderly and healthy development of the sharing economy. However, it cannot be ignored that China has perfected the existing defects of the sharing economy and promoted its use. It will surely inject great optimism into Chinas economic development. The research theme of this article is to discover the challenges facing the development of Chinas sharing economy and find strategies to deal with them. The research method of this paper is literature analysis, and the research conclusion of this paper is that the challenges faced by the domestic sharing economy are, respectively, an imperfect social system, a great conflict with the traditional economy, and a regulation of the sharing economy that needs to be improved. The corresponding strategies are: first, to improve Chinas per capita quality level; second, to improve the social credit information system; and third, to improve the supervision system of the sharing economy.

ЦИФРОВІЗАЦІЯ ЕКОНОМІКИ ЯК НОВА РЕАЛЬНІСТЬ УКРАЇНИ В УМОВАХ СЬОГОДЕННЯ

The article provides a theoretical overview of the emergence of a new economic era – the digital economy. The features and prerequisites for the development of the digital economy are highlighted. The concept of the digital economy, its characteristics and features are revealed. The author substantiates the transition to the digital economy, which is a "fingerprint" of the transition from the third to the fourth industrial revolution, while the third industrial revolution represented the transition from analog electronic and mechanical devices to digital ones, and the fourth industrial revolution is digital. The author analyzes the peculiarities of economic modernization from the end of the 20th century to the beginning of the 21st century, namely, the large-scale replacement of assembly lines and tools with automated mechanisms. Different approaches to the definition of the digital economy, as well as prospects and trends of its development in Ukraine are presented. The institutional and economic prerequisites for the transformation of the world economy on the basis of digital technologies are considered. The author of the 1995 book "Digital", Nicholas Negroponte, who was the founder of the One Laptop per Child Association and described the digital economy as "bits instead of atoms", is analyzed. The article analyzes the concept of digital economy formulated by Nicholas Negroponte, within the framework of such a metaphor as "the transition from processing atoms to processing bits". Based on Thomas Mesenburg, the author identifies three key components of the concept of "Digital Economy", namely: e-commerce infrastructure, including hardware, software, telecommunications, networks, and human capital; e-business, which is a business model where business processes, information exchange and commercial transactions are automated in the form of information systems; and e-commerce – a type of economy where the key factors and means of production are digital data (binary, information, etc.) The concept of e-business is explained. The key technologies of digital transformation are listed. It is substantiated that digital technologies change the operating model of enterprises, namely, the methods and procedures for implementing corporate strategy in everyday activities, especially in the banking and telecommunications sectors, which increases the efficiency of investments and identifies new opportunities in the market. The author characterizes that the digital economy is characterized by several features that distinguish it from the traditional economy. The author studies the world experience which shows that the level of development of digital information technologies is becoming one of the key factors of economic competitiveness. The average annual values of the additional contribution of growth factors to the added value of economic sectors as a result of digitalization for the period 2019-2030 are analyzed. The contribution of the digital economy to GDP and its components, % of GDP in 2023, is analyzed. The challenges and threats to the development of society in the context of the digital economy are summarized. The economic effects of the digitalization of the economy are identified. The problems and prospects for the use of digital technologies in Ukraine are identified.