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Why does mainstream economy not explain the causes of contemporary negative socio-economic phenomena?

Abstract

This article is a continuation and extension of the lecture ‘Causes and effects of incompleteness and non-inclusion of ownership structures of contemporary capital companies’ delivered at the conference in Wrocław in 2017 and published in the Scientific Notebooks of the University of Economics (No. 493). The aim of the article is to answer the question: why the Neoclassical Theory of Markets (Main Current Economics) does not explain the causes of a number of contemporary socio-economic phenomena, in particular, huge price fluctuations, breakdowns of individual markets and as a consequence of economic crises on a global scale? This required a new, different from the neoclassical view of the series of processes and market phenomena occurring in contemporary economies as well as the verification of the Neoclassical Market Theory paradigm constituting the main core of the Mainstream Economics. These include, in particular: 1) theoretical (classical) and real ‘object (s)’ analysis of market transactions; 2) rejection of one-dimensional, neoclassical analysis of exchange processes (transactions), accepting two or even three-dimensional analysis of the exchange process (transaction); 3) analysis of exchange processes (transactions), the ‘subject’ of which are complete, incomplete or partial (and their bundles) property rights; 4) analysis of exchange processes (transactions) by complete and exclusive and incomplete and non-exclusive decision-makers; 5) analysis of exchange processes (transactions), whose ‘subject’ are partial (and their bundles) property rights in relation to virtual (non-material) ‘goods’. Taking into account that the above verification (acceptance of a different from the neoclassical paradigm of market theory) allows to break out of the circle of elegant and logical neoclassical analysis of theoretical, never and nowhere existing markets (exchange processes), and more importantly, the explanatory reasons for a series of negative, contemporary socio-economic phenomena.

Open access
Domestic Debt and Economic Growth in Nigeria: An ARDL Bounds Test Approach

Abstract

The study examines the long-run relationship between domestic debt and the fiscal policy of economic growth in Nigeria in the period from 1981 to 2013 owing to government reforms in the financial system, particularly due to the establishment of the Debt Management Office (DMO) in 2000 and a new fully funded pension fund scheme, both of which resulted in a resurgence of the debt market. The issue that is often raised is the doubt regarding the stability of the debt and its likely implications for the economy, as well as the unpleasant consequences for the government embarking on consolidation. The study employs the autoregressive distributed lag (ARDL) approach and the bounds test as proposed by Narayan (2005), anchored on the perspective of the endogenous growth theory. The results reveal that although overall the adverse negative domestic debt hurts the economy, it has a positive effect on the total aggregate government revenue and economic growth in Nigeria in the research period. Furthermore, the paper develops a system to assess the speed of the adjustment mechanism coefficient in an error correction model (ECM).

Open access
External Debt Financing and Public Capital Investment in Nigeria: A Critical Evaluation

Abstract

This study considers the consequences of external loan on capital investment in Nigeria. Data for the study have been collected from the World Bank and Central Bank of Nigeria Statistical Bulletin, 2018 edition. The variables on which data are sourced include government capital expenditure, external debt accumulation, debt servicing cost, inflation rate, and exchange rate. Government capital expenditure is the dependent variable, while external debt accumulation and debt servicing cost are the key independent variables. Inflation and exchange rates are used as the moderating variables. The scope of the study covers the period from 1996 to 2018 and the data are analysed using the ordinary least squares multiple regression method. The regression results indicate that external debt has a significant negative impact on capital investment while debt servicing cost has a strong and significant positive effect on capital investment. Under this circumstance, the controlling variables are not significant in influencing capital investment. Hence, the study suggests more focus on profitable capital investments if external borrowing must be embarked upon. The need for the development of untapped natural resources, establishment of industries and revival of abandoned industries to boost debt repayment has been emphasized. The study also strongly recommends that the existing governments (state and federal) should endeavour to complete capital projects of past administrations in order to drive the economy and to avoid wastage of financial resources including the borrowed funds.

Open access
Government Spending and Non-Oil Economic Growth in the UAE

Abstract

The present paper studies empirically the relationship between government spending and non-oil economic growth in the UAE for the last four decades by using the vector autoregression (VAR) approach. The findings of the study suggest that the implementation of expansionary policy, through the intensification of current and development public expenditures, induces an increase in the non-oil economic growth during the subsequent periods of the government spending shock. Thus, the implementation of expansionary government spending stimulates the UAE economy, especially during recession periods. The study suggests that policymakers should concentrate their spending on the right projects, as well as on research and development. Moreover, they should channel their transfers and subsidies to the productive sectors, and they should ensure that higher productivity in public institutions is in conjunction with the rise in wages and salaries to achieve sustainable economic growth.

Open access
Modelling Support Mechanism Impact on Electric Vehicle Registration in Latvia

Abstract

Globalization has led to an increased anthropological impact on the climate, and transport is one of the most greenhouse gas (GHG) intensive sectors that is facilitating it. Transport generated around 14 percent of global GHG emissions in 2010. Transport decarbonization is vital for limiting climate change, and electric vehicle (EV) is one of the solutions. EV prevalence in Latvia after Climate Financial Instrument (CCFI) funding has steadily increased and the average yearly EV growth has remained at 0.09 percent among newly registered light-duty passenger vehicles. The aim of this research is to model the impact of different direct and indirect support mechanisms on EV growth in Latvia taking into account the costs of the given support mechanisms. Accordingly, theoretical literature and research on vehicle decarbonization, EV support mechanisms, and barriers were analyzed. In order to obtain the data related to individual attitude towards EVs and their support policies a survey of different age groups was conducted. Based on the theoretical literature, a model was devised using STELLA software. The model was verified and validated. The results of the model indicate that until 2030 direct subsidies of at least 45 percent will have the largest impact on EV registration, while decreasing VAT by at least 9 percent is the most cost-effective option. The results regarding indirect support mechanisms show that free charging and development of charging infrastructure, as well as improvements to EV related technologies would increase EV registration. However, to ensure sustainable support to EVs it is advisable to combine direct incentives with indirect support mechanisms. Combining different policies lowers incentive costs and increases their efficiency.

Open access
Monetary Policy Spillovers Through Industrial Growth in Nigeria: A Time Series Analysis

Abstract

The study examines the impact of switching from direct to indirect monetary policy on industrial growth in Nigeria, using the annual time series data sourced from the Central Bank of Nigeria’s (CBN) statistical bulletin between 1960 and 2015. The study adopts the Autoregressive Distributed Lag (ARDL) bound testing approach developed by Pesaran, Shin and Smith (2001) for estimating the relevant relationships. The result of the long-run estimates shows that domestic credit, interest rate and trade balance have positive impact on industrial output while money supply, inflation and exchange rate have negative impact on industrial growth. The result of the short-run dynamics shows that change in the previous (one and second lagged) periods of indirect monetary policy (interest rate, money supply, domestic credit and exchange rate) and industrial output were negatively related to change in industrial output. The error correction term indicates the speed of adjustment of equilibrium to their long-run position, which was found to be negative and significant. The study recommends that policy makers use both conventional and non-conventional monetary policies to speed up industrial output growth and enhance economic recovery by manipulating the macro-economic fundamentals.

Open access
Multi-Criteria Decision Analysis of Entrepreneurial Orientation and Business Performance in Nigeria

Abstract

This study advances research on entrepreneurial orientation and business performance by assessing, prioritizing, ranking, and evaluating decision choices among entrepreneurial orientation attributes that influence small and medium scale enterprise performance in Nigeria. Data were gathered through the multi-criteria decision-making (MCDM) tool called analytic hierarchy process (AHP) based questionnaire administered to practicing entrepreneurs in Lagos State, Nigeria. The population of the study consists of all the firms (mainly small and medium scale businesses) registered by Lagos Chamber of Commerce, totalling 1766 at the time of this study. The sample size was calculated through Yamane formula, while entrepreneurs managing the sampled firms were the respondents carefully selected for the study through a random sampling procedure. Data collected were analysed through descriptive statistics and analytic hierarchy process procedures for eliciting the consistency ratio, consistency index, Lambda Max, local and global priority values for an effective policy decision. The priorities were established in line with the AHP framework using pairwise comparisons and judgment of entrepreneurs. The results revealed the preference of entrepreneurial orientation dimension that influenced business performance most based on pairwise experiences and trade-off of different attributes. This study explores the application of AHP methodology for measuring complex entrepreneurial decision-making process for enhancing business performance. Thus, the AHP revealed a potential research method in computing weights and chasing MCDM process.

Open access
Training Transfer: a Moderator of Entrepreneurial Performance Determinants

Abstract

The present study examines the moderating effect of training transfer on the determinants of entrepreneurial performance among owners of micro, small and medium enterprises (MSMEs) in Lagos State, Nigeria. The study adopts a quantitative approach using a cross-sectional descriptive survey while Cochran (1977) formula for sample size determination is used to calculate the sample size. Structural Equation Modelling (SEM) approach and Multi-Group Analysis are applied to test the stated research hypothesis. Prior to full use of the model, the researcher ensures that the model meets the acceptable goodness-of-fit indices: X 2 (CMIN) = 387.238 (DF = 196), Relative X 2 (CMIN/DF) = 1.976, AGFI = 0.870, GFI = 0.899, CFI = 0.939, IFI = 0.939, TLI = 0.928 and RMSEA = 0.056. The structural model has revealed that the relationship between personal qualities, business competences, and environmental factors are moderated by training transfer in the study with measurement residual X 2 greater than unconstrained X 2 based on model comparison output ΔX 2 (CMIN) = 140.931; Δdf = 57; p = 0.000. Therefore, there is presence of moderation effect of training transfer on the determinants of entrepreneurial performance in the overall model.

Open access
Work-Related Psychosocial Risk Factors and Care Workers Mental Health (In Estonian Nursing Homes)

Abstract

The humankind is ageing rapidly, and as a result, there is an increasing need for old people’s homes. The nursing homes face different problems in financing and recruiting the labour force and management. Lack of resources causes the situation, when managers have to find possibilities to accomplish services and to provide quality care with the limited funds. This situation has an additional impact on the nursing professionals, who have to deal with many psychosocial risk factors in their work. The aim of the paper is to explore the work-related psychosocial risk factors and their relationships with mental health problems (MHPs) amongst care workers. A cross-sectional survey was undertaken amongst the care workers in nine Estonian nursing homes. Psychosocial work factors and MHPs (stress, somatic symptoms, depressive symptoms, burnout, cognitive symptoms, and sleep disorders) were analysed using the second version of the Copenhagen Psychosocial Questionnaire (COPSOQ II). Descriptive statistics and Pearson’s r correlation were used to analyse the data. The analysis was based on 340 care worker surveys. The highest mean scores for the studied work-related psychosocial factors were recorded for the quantitative demands, influence, rewards, role conflicts, trust, insecurity and work-family balance. Low mean scores were recorded for the meaning of work, role clarity, social relationships at work. The lowest score was followed by burnout and the highest - by cognitive symptoms.

Open access
Conceptual Research Model for Studying Students’ Entrepreneurial Competencies

Abstract

The literature review shows a lack of research on the impact of entrepreneurship education on entrepreneurial competencies in relation to entrepreneurial intentions. Further development of the field is needed, but, because of the shortage of suitable research models or because they only partially cover the complex area of entrepreneurial competencies, the purpose of this article is the formulation of a new, updated research model (based on the existing models). Thus, theoretical research of entrepreneurial competencies based on the competence study has been performed. Through in-depth analysis of existing entrepreneurial competencies research models, a congregated hybrid research model is proposed. A new conceptual research model for studying the impact of entrepreneurship education on entrepreneurial competencies in relation to entrepreneurial intentions has been developed. The model will serve for empirical testing of investigated phenomena. The original contribution is in the formulation of a unique research model and the construction of a customized measuring instrument for studying the phenomena of entrepreneurship education impact on entrepreneurial competencies and entrepreneurial intentions.

Open access