Economic Vision Research Articles

Toward a circular economy: The role of digitalization

Toward a circular economy: The role of digitalization

Examining the Key Success Factors for Startups in the Kingdom of Bahrain

With Bahrain Economic Vision 2030, aspiring the shift from an economy that depends on oil wealth to a diversified economy, including startup businesses. A number of startups in Bahrain have been growing at a rapid pace in various industries. This is a result of the excellent ecosystem, and support provided to startups by the government in Bahrain. This study aims to examine the key success factors of startups in the Kingdom of Bahrain. The quantitative method was the adopted approach, whereby data was collected to examine the impact of four selected variables; fund-raising, experience, knowledge, and partnerships on the success of startups in Bahrain. The quantitative findings outlined the importance of several factors that were perceived to have a significant influence on the success of Bahraini Startups, where the majority of respondents agreed/strongly that two of the examined factors are considered critical to succeed in startups in the Kingdom of Bahrain. These factors are experience and knowledge, which proved to have an active role to maintain the success of startups. However, the startups’ founders disagreed on the impact of fund-raising and partnerships which are considered to have no major effect on the success of startups. Recommendations of this research include two segments; for founders is to seek more opportunities to enhance their knowledge and capitalize on their experiences, and for government entities to provide and improve training offerings, and facilitate founders’ communication and assist them in reaching out to the investors and the supporting entities, which will provide ease for new startup entry to the market, and establishment of a clear vision with framework prior to embarking the new venture.

An analysis and measurement of the effect of changes in public revenues on selected macro variables of the Iraqi economy from 2008 to 2021

Public revenues determine the extent to which governments finance their public spending and development programs. Also it is known that the fluctuations of these revenues have negative effects on the overall economic life of any economy, regardless of its development level and structural diversity, and, accordingly, changes in public revenues (especially oil ones) in the economy. The research seeks to demonstrate the impact of that change on those variables, since the research shows the dominance of oil revenues on total public revenues, which indicates the extent of the structural imbalance in the structure of exports to the Iraqi economy, along with a significant weakness of other sources in the formation of public revenues in the period between 2008 and 2021. The research also highlights a need for the government to develop a clear strategy aimed at managing and allocating oil wealth optimally according to a well-studied economic vision in order to reduce the structural distortion that the national economy suffers from, with an emphasis on the need to work on complementing oil revenues with reconstruction and developing the real economy and to diversify sources of income in the economy in order not to depend on oil exports to finance the general budget and control inflation rates.

From timely exegesis to contemporary ecclesiology: Relevant hermeneutics and provocative embodiment of faith in a corona-defined world – Generosity during a pandemic

In a world where economies have no moral conscience, biblical theologians can challenge local cultures with ancient wisdom about generosity and equity. Systemic solutions require changes in the habits of virtue, and this study focuses on the habit of generosity. Building on the work of Stephan Joubert’s Paul as Benefactor, this study concentrates on Paul’s collection in one notable instance: what he says about generosity in 2 Corinthians 8-9 and, in particular, what he means by isotēs in 2 Cor 8:13–15. Does it mean “equality” or “equity”? Beginning with a reinvigorated interest in the economic vision of the apostle Paul about what is meant by “weak” and “good works” and what the Pastoral Epistles communicate with eusebeia (not “godliness” but “social respectability and civility”), we reconsider the collection as an act on the part of the Pauline mission churches to express more than ecclesial unity. This act embodied a theology of grace in mutual reciprocity and in equitable provision on the part of the wealthy for the poor, not least and not limited to those in their own Christian assemblies. The term isotēs is too easily glossed over when translated as “fair balance”, “fairness”, and so the translation of the term with “equity” or “equality” comes closest to the vision of the apostle. Too few studies on this term baptize it sufficiently in the economics of the ancient world and the early Christian radical vision of siblingship and family.Contribution: From the perspective of the Historical Thought and Source Interpretation of the work of Paul, the question of systemic equality or equity is as crucial to navigating the current economic climate as it has ever been. Equality or equity is not limited to Christian communities but following the early church in embodying a theology of grace.

Institutionalising environmental sustainability transitions in New Zealand and Australia: Introduction to the special issue

ABSTRACT Politics is critical to understanding the pathways to a sustainable future. In recent years, a scholarly field has emerged, seeking to understand whether transitions towards more sustainable societies and economies occur and, if so, how they unfold. However, this field has not always fully incorporated the role of politics in shaping discourses, institutions and economic visions, or considered regions outside of Europe and North America. In this introduction to the special issue, we briefly review the field of sustainability transitions, highlighting the need to better capture the role played by political factors, institutions and (debates on) economic innovations in these transitions. We explain that sustainability is a contested concept, with two dominant conceptualisations: weak and strong sustainability. The framework of sustainability transitions allows us to position the contributions of the articles included in this special issue, which examine governance and institutions, media discourses, the role of industry and alternative economic models. The special issue focuses on two jurisdictions infrequently discussed in the literature on sustainability transitions: New Zealand and Australia. The special issue thus contributes new theoretical and empirical perspectives on the role of politics, political institutions and economic visions in sustainability transitions in the South Pacific.

Strengthening the Role of Academic Institutions and Innovation Brokers in Agri-Food Innovation: Towards Hybridisation in Cross-Border Cooperation

Existing research suggests that regions can develop their long-term competitive advantage through well-functioning interregional innovation cooperation. In this article, we use the example of innovation in small and medium-sized agri-food enterprises (SMEs) to scrutinise and compare regional innovation approaches on each side of the Dutch-German border and explore how they can converge into a cross-border innovation space. Particular attention is paid to the role of academic institutions and innovation brokers in creating a common innovation space. We explore how differences between two cross-border regions can be harnessed to enhance the impact of innovation, and how this may lead to what we describe as hybridisation effects. In the empirical analysis, we apply the concept of hybridisation to a cross-border innovation space, something that, as far as we are aware, has not been done before. We empirically ground the concepts of a cross-border innovation space and hybridisation and illustrate how relative regional strengths can lead to hybridisation effects. We conclude that differences in economic structures, institutional set-ups, visions and identities inherent in cross-border spaces are not only hindrances, but also opportunities, and we highlight the importance of these complementary strengths and the potential for their strategic use by regional innovation actors. Our findings are highly relevant for the further development of the Interreg Europe programme and the implementation of the EU’s Territorial Agenda 2030.

ANALYSIS OF J. KEYNES'S CONTRIBUTION IN THE DEVELOPMENT OF ECONOMIC THEORY

The article describes the educational and scientific university environment in which Keynes's talent was formed, as well as the Bloomsbury Circle of Intellectuals, in which Keynes occupied a prominent place. The formation of Keynes's specific approach to economic problems, which combine the analysis of real problems, theory and formulation of the practical proposals, is considered on the example of the early work of Keynes in the 1910s. The article argues that Keynesianism is the real engine of the modern economy. Keynes developed methods and apparatus by which the conceptual vision of economics is transformed into concrete representations of the economic theory. After a long journey, shown in his works ("General Theory of Employment, Interest and Money"), Keynes developed his vision of economic and social phenomena as an analytically functional analysis, and finally destroyed the logical capacity of people's faith in the ability of a free market economy to automatically maintain full employment, identified the possibility of influencing the regulation of money circulation on prices, exports, imports, production process and employment. Despite criticism of his theoretical evidence, even his opponents agreed that Keynes's ideas had been confirmed in practice. At the end of the article are the assessments of Keynes' research by authors and scientists with different views.

The return of strongman rule in the Philippines: Neoliberal roots and developmental implications

The existing scholarship on the Philippines’ strongman president and new right populist politician Rodrigo Duterte tends to emphasise the conjunctural conditions that led to his election and done little to explore the implications of his rule on the political economy of development in the Philippines. In response to the gaps in literature, this article examines historically rooted structural conditions that undergird his rise to power, and the tendencies in the political economy of development that he perpetuates under a political rule marked by authoritarian and illiberal practice. Based on an analysis of national development strategies from 1986 to 2017, and key policies regulating production and redistribution that Duterte has championed in his first two years in office, the article shows the consistency of his political economy vision with post-Marcos development strategies, which in turn are anchored on neoliberal economic doctrine. This brings to the fore the central paradox that the paper unpacks: how Duterte has secured power on the back of the development failures of the past three decades, but nevertheless perpetuated the neoliberal economic strategies associated with these failures. This paradox relates to the broader puzzle of the imperviousness of neoliberalism to political transformations, including those wrought by the rising sway of new right populist politics. The central claim of this article is the observed perpetuation of neoliberal economic doctrine alongside authoritarian-illiberal practice is an outcome of secular processes of depoliticisation associated with neoliberalism. In this sense, new right populist politics praxis is as much a legacy of, as it is a reaction to, neoliberalism.

China-Pakistan Relations for the Next Decade (2020-2030)

     "China-Pakistan" relations are unique in their trends among all countries that neighboring China, as relations have developed from the level of political and military relations to a complete set of contacts and comprehensive relations, and these relations may only disturb some of the concerns from the Chinese side regarding the Islamic identity of Pakistan, especially with the emergence of the phenomenon of terrorism and extremist groups In Pakistan, the presence of the Islamic Igor minority in Xinjiang. China, as one of the major powers in the world, has considered development in various fields to be the focus of increasing international attention in recent years, as it may threaten the economic and military position of the United States in the future. Therefore, the strategic relationship between China and Pakistan should be understood from an international strategic perspective, specifically in the interrelated relations between China, the United States, India and Russia. The importance of the issue is highlighted in several aspects, the first of which is: China seeks to prevent American and Russian influence from leaking into the neighboring countries of China. Second: To break the isolation attempts that might strike the Chinese economy. Third: Striving to dominate the markets of the Middle East countries, especially the Arab countries and North and West Africa. Fourth, strengthening the Pakistan-China alliance in the face of the US-Indian alliance. Fifth: The "CPEC" project agreement, which would change the balance of international powers in the region. Sixth: Reviving the Pakistani economy by China construct the Pakistani "Gawadar Port" project, which will bring to Pakistan billions of dollars to provide transit facilities for the second largest economy in the world, and develops multiple economic sectors and creates countless job opportunities, providing a productive environment and eliminating destitute societies, which constitute Natural incubators for extremist thought and a productive environment for terrorism, within the framework of a comprehensive future economic vision for the year 2030.

Implications of the Enigmatic Rise of Taliban: A Historical Perspective

The rise of the Taliban in Afghanistan in 1994 was the opening of a new chapter in the current Afghan history while Afghanistan's socio-political environment was in disorder. The emergence of the Taliban was a new phenomenon, and no one expected that an ordinary militia would become a strong power in Afghanistan. Taliban was a highly secret force that had neither formal structure nor any formal membership. It was also believed that the Taliban were Pakistan protege. Their rise to power in Afghanistan had a profound impact on Pakistan's society. Violence, drug trade, corruption and soared with the rise of the Taliban. Pakistan aimed in the militia support a friendly regime in Kabul and strategic equilibrium in the region. However, the Taliban harsh policies against women and Human Rights violations invoked international criticism. Taliban had no economic vision except for revenue from the drug trade and smuggling of goods via the Durand Line. Their policies had serious implications for the region and the globe. The Taliban support and provision of sanctuaries to Al-Qaida invited international sanctions. The September 11 Terrorist attack on US soil ultimately turned into the fall of the Taliban.

Pyrolytic oil from waste tyres as a promising encapsulated rejuvenator for the extrinsic self-healing of bituminous materials

Extrinsic self-healing of bituminous materials using encapsulated rejuvenators is a hot topic within road materials. Based on a circular economy vision for more sustainable and resilient asphalt pavements, this study explores for the first time the use of pyrolytic oil from waste tyres as a promising encapsulated rejuvenator to promote the extrinsic self-healing in bituminous materials. Pyrolytic oil-in-water emulsions, and capsules and their components were produced and characterised through gas chromatography-mass spectrometry (GC/MS) and SARA fractions analysis, fluorescence microscopy methods, creaming index, thermogravimetric analysis (TGA-DGT), optical and scanning electron microscopy (SEM), encapsulation efficiency and mechanical properties. Main results showed that the pyrolytic oil capsules presented an adequate morphology for the self-healing asphalt, with a good thermal stability, physical–chemical and mechanical properties. Overall, it was also proven that the pyrolytic oil is a rejuvenator that can diffuse in the aged bitumen reducing its viscosity to promote the self-healing of the microcracks.

On the Basic Preconditions of Non-Neutrality of Money in Economic Theory

Based on the experimental calculations carried out with the help of the shifting mode reproduction model, as well as on the theoretical studies of Marx, Schumpeter, Keynes and his followers - representatives of the post-Keynesian direction, two conclusions were made in the article. First, that non-neutrality of money takes place in both short- and long-term periods, and second, that each of these periods has its own basic preconditions for non-neutrality. For the short term, it is a "phenomenon of nominal rigidity", and for the long term, it is a "phenomenon of capitalization of money". The thesis is justified that the "phenomenon of nominal rigidity" manifests itself mainly within the framework of the existing production, when the economic growth caused by the increase in money supply is achieved by increasing capacity utilization and engagement of idle labor. Accordingly, the "phenomenon of capitalization of money" manifests itself through the conversion of issued money into investments in fixed capital and, through the growth of this capital (and capacities), affects the GDP growth. It is shown that behind the two considered basic prerequisites there are fundamentally different theoretical approaches. Behind the short-term "phenomenon of nominal rigidity" there is an orthodox vision of economy focused on the equilibrium pricing mechanism. Behind the long-term "phenomenon of capitalization of money" there is a heterodox vision related to the mechanism of money circulation, emission and economic growth caused by it. It has been concluded that in case of probable increase of competition between these theoretical approaches it is unacceptable if short-term basic preconditions of non-neutrality of money are used in the analysis of long-term processes and long-term preconditions are used in the analysis of short-term growth cases.

Where do university graduates live? \u2013 A computer vision approach using satellite images

In this article, we examine to what extent the settlement of university graduates can be derived from satellite images. We apply a convolutional neural network (CNN) to grid images of a city and predict five density classes of university graduates at a micro level (250 m × 250 m grid size). The CNN reaches an accuracy rate of 40.5% (random approach: 20%). Furthermore, the accuracy increases to 78.3% when considering a one-class deviation compared to the true class. We also examine the predictability of inhabited and uninhabited grid cells, where we achieve an accuracy of 95.3% using the same CNN. From this, we conclude that there is information that correlates with graduate density that can be derived by analysing only satellite images. The findings show the high potential of computer vision for urban and regional economics. Particularly in data-poor regions, the approach utilised facilitates comparative analytics and provides a possible solution for the modifiable aerial unit (MAU) problem. The MAU problem is a statistical bias that can influence the results of a spatial data analysis of point-estimate data that is aggregated in districts of different shapes and sizes, distorting the results.

Capitalism, Cameralism, and the Discovery of the Future, 1300s–2000s

Modern models of economic growth and capitalist modernity rest on capital accumulation, inclusive institutions, and various often unquantifiable aspects of “culture” (to which institutions belong). Scholars have also pinpointed the ability, or rather illusion, of human individuals to plan and predict their economic and social future(s). This transition to future thinking opened European’s spaces of possibility during what Reinhart Koselleck famously labelled Europe’s Sattelzeit, c.1750–1850. Some have emphasized a European culture of dealing with contingency, which may have marked out a specific “Western” path toward modernity.Without making a claim to global history, and focusing on the German speaking lands, I propose that the discovery of the open economic future was a much earlier project. Modern capitalism had roots in continental economic visions as early as the 1500s. We know them under common labels such as “Cameralism” and “mercantilism.” They were also apparent in Anglo-Saxon and Swedish economic reasoning since the mid-seventeenth century, suggesting that we may speak of a broader European tradition. The present article thus wishes to add to the debate, showing possibilities of an alternative—or a wider, more inclusive—genealogy of the modern economic mind, pointing out fresh ways of bringing together culture and economic development.

Ecological finance theory: New foundations

This paper puts forth Ecological Finance Theory as a new vision for 21st century financial economics. We first motivate this project by referring to the current global bio-geophysical context. We then introduce new meta-theoretical hypotheses, which we compare with those of the previous paradigm. We then borrow concepts of resilience, diversity, self-thinning, self-regulated mitosis, and ecological transparency from biology and introduce them in the field of financial economics. Finally, we analyze the impact of an increase in ecological transparency on resilience and diversity by developing a new stock-flow consistent model with mitotic control. The present paper is hence an invitation to reorient financial theory in line with the Anthropocene context.

Transitioning to what? The role of genetic-engineering in New Zealand’s (circular) bioeconomy debates

ABSTRACT Bioeconomy conceptualisations often invoke opportunities to transition towards innovative biotechnologies, bioresources and applications. Clarifying goals has implications for the regulations needed for successful transitions. However, most countries have not yet made final decisions on how to regulate particular bio-innovations: those based on genetic-engineering Certain genetically-modified organisms (GMOs) are still considered high-risk, as full scientific consensus is missing regarding the magnitude/reversibility of potential negative impacts. New Zealand is among these countries; regulations require a case-by-case approval of high-risk GMOs. Key organisations are polarised regarding the ideal kind of bioeconomy. This article draws on literature syntheses, to clarify what features can be regarded as ‘the most distinctive’ for three economic visions currently debated in New Zealand: a natural bioeconomy (BE-1), a genetic-engineering bioeconomy (BE-2) and circular economy (CE). The research objective is to understand what kind of economic transitions are being called-for by key actors in New Zealand. Findings indicate a long-standing BE-2 coalition dominated by science and commercial interests; and a recent CBE-1 coalition already implementing multiple, albeit fragmented, policies. The framework can support similar research in countries still affected by BE-1/BE-2 debates, enabling robust and replicable analyses, longitudinally and comparatively. Agendas for future conceptual and empirical research are also presented.

The future of nuclear energy and maritime power relations

Considering the presence of the nuclear issue in the main international forum and agenda as well as the increase in the visibility of the Brazilian Navy's Strategic Projects in the nuclear area, it is necessary to discuss the long-term aspects of this sector of capital importance for Brazil, which is likely to shape the country's development path in the next decades. This paper aims to propose a reflection on future environments concerning nuclear energy in which organs and sectors of Brazilian society (including Brazilian Navy) will act primarily in areas that have direct or indirect implications for maritime power and its interconnections with national development and international relations. This proposal includes discussing the prospective methods that will allow the reflection on the benefits of nuclear technology for Brazil and the international community, the technological challenges that are still facing for its effective implementation, and the possible revisions or redefinitions of formats for non-proliferation agreements. Issues to be addressed include the expansion of the uses of nuclear power and benefits can it provide to the future international community and to the maritime power; the changes that may occur in non-proliferation agreements. In environments of uncertainty and complexities, such as the nuclear area, the use of this methodology stimulates the interaction among the different involved parts, with its cultural, economic and social vision, taking part in defining the possible scenarios. Planners and leaders can gain exceptional ability to anticipate the actions that can drive the real world and produce potent insights.

COMMON OBJECTIONS TO MISES’ THOUGHT (II). Individualism and particular aspects of his economic vision

In this article, some of the most common objections to Misesian thought will be assessed from a Catholic theological perspective. Beginning with an analysis of the most frequent criticisms advanced against his rationalism, it will proceed to examine those directed against Mises’ conception of liberty and individualism. Finally, a review and evaluation of some of the most relevant objections to his economic understanding will be presented. Dwelling into the, more o less conscious, depths of all the philosophical, cultural, psychological or, even, religious assumptions of Mises’ vast thought, in order to fully tease out his ontological or moral foundations, would probably be not only beyond the reach of the present article but of any one single article, and hence is not attempted. Its scope is much more modest. It pretends to analyze these objections from a praxeological perspective, limiting itself to bring into better focus the possible incompatibility or incongruity, if these indeed exists, of Mises’ thought with freedom and reason. Keywords: Mises, theology, objections, freedom, reason. JEL Classification: A13, B53, P16, P16, Z12, Z13. Resumen: Este artículo se propone examinar algunas de las objeciones más comunes al pensamiento miseano desde una perspectiva teológica católica. Se iniciará con un análisis de las críticas más frecuentes sobre su racionalismo, para, luego, analizar las dirigidas contra su concepción de la libertad y del individualismo, respectivamente. Se abordarán ulteriormente las críticas más relevantes que han sido dirigidas contra la moralidad de algunos aspectos de su visión económica. En las siguientes páginas, no se pretende descender hasta las profundidades, más o menos conscientes, de todos los presupuestos filosóficos, culturales, psicológicos o, incluso, religiosos del pensamiento miseano, tamizando, de esta manera, completamente sus fundamentos ontológicos o morales. Su alcance es mucho más modesto. Pretende un análisis de estas objeciones desde una perspectiva praxeológica, limitándose a señalar la posible incompatibilidad o incongruencia, si es que existen, del pensamiento miseano con la libertad y la razón. Palabras claves: Mises, teología, críticas, libertad, razón. Clasificación JEL: A13, B53, P16, P16, Z12, Z13.

Small firms as agents of sustainable change

For the majority of human existence as hunter-gatherers people managed to co-exist with nature. Historically, the impact of human economy on the environment, compared to the impact of natural forces, was small. Progression of human economies towards agriculture and industrial, fossil fuel powered, and growth orientated economies saw humanity transitioning to a state of environmental destruction and multiple species on the brink of extinction. To avoid collapse and sustain life on Earth, a transformation of economies by agents instead of the reproduction of current structures is urgently required. A new vision of economy should be based on the principles of strong sustainability and post-growth. This paper identifies “radical” (pro-environmental, pro-social, and values driven) small firms as agents of change towards such new economy. It aims to (1) identify a set of practices informed by primary data from seven in-depth case studies of radical British small firms carried out in Spring-Autumn 2018 which may assist with operationalisation of sustainable change, and (2) outline a path for facilitation of these practices.

Michael Polanyi’s vision of government and economics: Spanning Hayek and Keynes

This paper gives an interpretation of Michael Polanyi’s vision of government and economics as spanning between Hayek and Keynes. The influence of Hayek is manifested by his opposition to central planning and the defence of self-organization as a superior mechanism for coordinating individual plans, while the influence of Keynes is evidenced by his strong support for government interventionism in order to dampen economic fluctuations, fight unemployment and limit income inequalities. Polanyi blended these two influences and produced an idiosyncratic approach to government and economics, which has until recently been underrated in the literature. Our aim in this paper is to show that, by considering Polanyi’s mixed vision of the market economy as embedded in his broader pursuits into the nature of knowledge and liberalism one can find coherence which cannot otherwise be found.