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Karl Farmer and Stefan Kuplen

Abstract

Even more than eight decades since the publication of Keynes’ “General Theory of Employment, Interest, and Money” modern macroeconomists disagree on the notion of “underemployment equilibrium” with so-called “involuntary unemployment”. While the majority of macro theorists trace involuntary unemployment back to frictions and rigidities in the adaptation of wages and output prices to market imbalances, a minority position holds that even under perfectly flexible output prices and wage rates involuntary unemployment might occur. Morishima in “Walras’ Economics” and more recently Magnani presume that contrary to the majority view aggregate investment is not perfectly flexible but governed by “animal spirits” of investors. The aim of the present paper is to integrate the Morishima-Magnani approach into a Diamond-type overlapping generations’ (OLG) model with internal public debt subsequently extended by human capital accumulation. It turns out that in spite of perfectly flexible real wage and interest rate involuntary unemployment occurs in intertemporal general equilibrium when aggregate investor sentiments are too pessimistic regarding the rentability of investment in real capital. In the model extended by human capital a higher public debt to output ratio decreases unambiguously involuntary unemployment, if initially the endogenous output growth rate is higher than the real interest rate.

Open access

Susana Costa e Silva, Adriana Monteiro and Paulo Duarte

Abstract

Shoes are probably one of the most difficult products to sell online due to the high need-for-touch (NFT) displayed: people need to experiment the product before buying it, more than in any other item. On another hand, women are more prone than men to buy fashion and apparel products through the web channel. This paper investigates the factors driving women consumers to shop footwear products online. A qualitative research method was used grounded on semi-structured, in-depth interviews that were conducted to corroborate the constructs defined in the proposed conceptual model namely: convenience, recreation, NFT and social e-shopping. The interviews were focused on the demand side to understand the female consumers’ perspective and on the top managers of women’s shoes companies representing the suppliers’ viewpoint. The results show that women highly appreciate the convenience that shopping shoes online provides as well as its recreational nature. The NFT also stands out in the shoe market context mainly due to the particularities related to shoe size. Additionally, social e-shopping was found not be as important for women as anticipated as they see social networks more as a communication platform for brands, and less as a factor that influences their predisposition to shop shoes online. On the suppliers’ side, the interviews revealed that managers believe in bloggers and social media influence and its consideration as part of the overall marketing strategy.

Open access

Mduduzi Biyase and September Rooderick

Abstract

We empirically investigates the factors that affect Foreign Direct Investment (FDI) inflows in five BRICS countries for the period 1990–2015. We address the selection bias and unobserved heterogeneity by estimating a panel Heckman selection method and attempts to account for both selection and endogeneity within the new two-stage method. After addressing the above mentioned econometric issues, the infrastructure and GDP per capita variables under the new two-stage method remain positive and significantly similar to the coefficient of infrastructure and GDP per capita under the panel Heckman selection model. In addition, the inverse Mills ratio maintain its level of statistical significance, confirming the presence of both sample selection bias and endogeneity.

Open access

Petre Brezeanu, Florin Dumiter, Rodica Ghiur and Silvia Paula Todor

Abstract

Throughout this study, we have shown the influence factors generating a significant impact on taxpayers’ tax behavior. We also analyzed the literature in the field, and the categories of factors that have a significant influence. Consequently, we have assigned a macroeconomic indicator in Romania, in an attempt to quantify the factors of influence. In this regard, we have built an econometric model of multifactorial regression and we have determined the impact of some elements such as: poverty, labor productivity, population confidence in state authorities, gross domestic product per capita on fiscal behavior, which was estimated through the proxy variable: tax rate. The empirical results obtained as a result of the multiple regression showed that there is a negative correlation between the fiscal behavior of the taxpayer, namely the tax compliance and the financial capacity, the labor productivity and the confidence the taxpayer has in the state authorities, while the behavior of the taxpayer the gross domestic product per capita we identify a positive correlation.

Open access

Radu Lucian Blaga and Alexandru Blaga

Abstract

Buying decisions are determined by two key factors: endogenous factor that belongs to the buyer (which is present at least the attitudinal variable) and exogenous factors such demo-economic, sociological, psychological, marketing mix, linked all more or less by the product or the service offered for purchase and consumption. The study aims to use Rasch’s model to express the likelihood that a consumer will make the decision to purchase a higher educational service. Applied to item solving, Rasch probabilistic model, on which the research methodology study is largely supported, states that the probability of success in solving an item depends on two factors. The one belongs to that who solves the item - the human factor, called the latent trait, and the other belongs to the item, called the facility of the item The purchase decision approach using the Rasch model results validity is mainly based on the isometry of the two situations The results of the study describe behavioral probability situations where customers who make university education services purchasing decisions can themselves be found. We recommend the educational marketing strategies based on the analysis made on the applied model, which may increase the students’ enrolled number in a particular university.

Open access

Viorel Pop

Abstract

Petroleum is the most important resource for global energy production, far exceeding the role of coal and natural gas, the role of river energy and wind energy, and also the role of nuclear fuel.

All highly industrialized countries are making great efforts to ensure the energy needs of the functioning of economies under the conditions of fierce global competition. None of the world’s first 10-12 economies can give up on petroleum imports, and the exporting countries benefit from large financial resources from petroleum.

Saudi Arabia, Qatar, United Arab Emirates, Venezuela, Russia and other petroleum-rich countries secure themselves significant foreign revenue for their economic development, defense and overall well-being.

Open access

Ioan Gh. Pop, Ioan S. Fotea and Silvia L. Fotea

Abstract

In this paper a novel approach on knowledge integration in presented in the context of the knowledge-based society/economy (KBS/E). What this paper brings new is the transdisciplinary integrative approach of the knowledge through the “conceptual knowledge space” as a potentiality, and the “practical transdisciplinary knowledge space”, as actuality, with the transition between them through the included middle. Are introduced some of the most important practical educational environmental transdisciplinary conceptual and applied spaces, as innovative groundbreaking clusters that foster the origination, transfer and implementation of knowledge in the process of achieving sustainable development of the continuously integrative society. The University is considered the most appropriate space for this transdisciplinary approach of knowledge achievement, being a natural habitat of the synergistic integration of education, research and industry, and with its adaptability and adequateness in the knowledge economy space. University should become an open space in a reconfiguration in a integration of a highrequired degree with breadth profile competence in the integrated fields of different disciplines, with the need to have a depth profile of the knowledge in research on particular cognitive field. A new redefined mission of university by collaborating with industry should be linked to a redefinition of the role of the research in universities in the knowledge based society/economy.

Open access

Edmore Mahembe and Nicholas M. Odhiambo

Abstract

This paper aims to analyses the trends and dynamics of extreme poverty in developing countries. The study attempts to answer one critical question: has the world achieved its number one Millennium Development Goal (MDG) target of reducing extreme poverty by half by 2015? The methodology used in this study mainly involves a descriptive data analysis during the period 1981-2015. The study used the World Bank’s US$1.90 a day line (popularly known as $1 a day line) in 2011 prices to measure the level of absolute poverty. In order to analyze the dynamics of poverty across different regions, the study grouped countries into five regions: i) sub-Saharan Africa; ii) East Asia and the Pacific; iii) South Asia; iv) Europe and Central Asia; and v) Latin America and the Caribbean. The study found that in 1990, there were around 1.9 billion people living below US$1.90 a day (constituting 36.9 percent of the world population) and this number is estimated to have reduced to around 700 million people in 2015, with an estimated global poverty rate of 9.6 percent. The world met the MDG target in 2010, which is five years ahead of schedule. However, extreme poverty is becoming increasingly concentrated in sub-Saharan Africa (SSA) and South Asia (SA), where its depth and breadth remain a challenge. SSA remains the poorest region, with more than 35 percent of its citizens living on less than US$1.90 a day. Half of the world’s extremely poor people now live in SSA, and it is the only region which has not met its MDG target.

Open access

Corina Pelau and Alexandra-Catalina Chinie

Abstract

In the past decades the preoccupation of decision-makers towards innovation and sustainable development has gained a major importance in the policy of most countries in Europe. On one hand, efficient innovation can differentiate a country or a region from another and make a difference in the intense increasing economic, technological and social competition. On the other hand, the orientation towards sustainable development assures a clean and unpolluted, social oriented and healthy environment as a framework for the growth of a country or a region. In many cases, innovation and sustainable development go hand in hand, as innovations contribute to the development of clean technologies, while sustainable societies assure the proper environment and background for stimulating the innovation research. The objective of this research is to determine the cluster of countries in Europe which are rather oriented to innovation or to sustainable development or both and to forecast their future developments and tendencies. In order to achieve this objective, the multivariate cluster analysis was applied with the help of the SPSS program, for data provided by the Eurostat for several innovation, sustainable development and contextual indicators. In a first step, for each of the analyzed countries, the values of the indicators have been collected for the same period and the correlations among them have been determined. In the second phase the number of clusters and the cluster membership of each country was determined, by running the Ward cluster analysis. Based on the results, the characteristics of each cluster of countries was defined.

Open access

Chip Walker

Abstract

In today’s world, knowing more about a brand can make people think worse of it. Rather than helping a brand, increased familiarity can actually add risk. This is a phenomenon referred to as “negative knowledge.” It happens when the more consumers know about a brand, the less they like it. Possible reasons can be that consumers feel embarrassed by the brand, that they have bad brand experiences or learn about them in the media or from friends, or that they dislike a company’s business motives.

Once consumers know something about a brand, it is hard for them to “un-know” it. During a time of media fragmentation when all managers are struggling to gain more fame for their brands, it’s critical to realize that brand knowledge comes with a potential dark side. While it’s always wise to avoid brand obscurity, marketers must be ever cognizant that what customers know about a brand really can do more harm than good.