This study examined the direct/indirect long-run relationships and dynamic interactions between public investment (PI) and output performance in Nigeria using annual data spanning 1970-2010. A macro-econometric model derived from Keynes’ income-expenditure framework was employed. The model was disaggregated into demand and supply sides to trace the direct and indirect effects of PI on aggregate output. The direct supply side effect was assessed using the magnitude of PI multiplier coefficient, while the indirect effect of PI on the demand side was evaluated with marginal propensity to consume, accelerator coefficient and import multiplier. The results showed relatively less strong direct effect of PI on aggregate output, while the indirect effects were stronger with the import multiplier being the most pronounced. This is attributed to declining capital expenditure, poor implementation and low quality of PI projects due to widespread corruption. By and large, we concluded that PI exerted considerable influence on aggregate output.
Dong-Hyun Lee, Mun-Keun Ha, Soo-Young Kim and Sung-Chul Shin
With the rate of worldwide LNG demand expected to grow faster than that of gas demand, most major oil companies are currently investing their resources to develop floating LNG-FLNG (i.e. LNG FSRU and LNG FPSO). The global Floating LNG (FLNG) market trend will be reviewed based on demand and supply chain relationships. Typical technical issues associated with FLNG design are categorized in terms of global performance evaluation. Although many proven technologies developed through LNG carrier and oil FPSO projects are available for FLNG design, we are still faced with several technical challenges to clear for successful FLNG projects. In this study, some of the challenges encountered during development of the floating LNG facility (i.e. LNG FPSO and FSRU) will be reviewed together with their investigated solution. At the same time, research of new LNG-related technologies such as combined containment system will be presented.
The aim of the paper is to analyze the possibilities of the automotive industry development in the V4 countries in the near future. Automotive is one of the most important industries in the Czech Republic, Hungary, Poland and Slovakia. However, it faces significant challenges on both the demand and supply side. The shortage of qualified and relatively cheap labour force, once the important comparative advantage of these countries is becoming a major problem in sustaining the competitiveness. Meanwhile the rise of protectionist policies and trade tensions also pose a significant threat to the exportoriented industry. The third important source of change is the technological advancement. Industry 4.0, electromobility and self-driving cars are reshaping the whole business model. In order to stay competitive, the V4 countries have to take all these factors in account and try to adjust their policies to these changes in environment.
This paper presents a discussion on the theoretical and conceptual framework on issues relating to access to financial services. The discussion begins by providing details of various theories that underpin the demand and supply side of access to financial services. The supply dimension of access to financial services is guided by the information asymmetry theory and the transaction cost theory, while the key demand dimension theories are the delegated monitoring theory and the rational choice theory. In the later sections, a conceptual framework was developed for the empirical evaluation of access to financial services and its impact on productivity with particular reference to farmers in emerging economies. The last section provides the concluding remarks, which recommends the use of empirical analyses to access factors influencing access and the impact of the access to farmers’ productivity.
This paper proposes a dynamic economic model with wealth accumulation and human capital accumulation with elastic labor supply. The economic system consists of one production sector and one education sector. Our model is a synthesis of three main models in economic theory: Solow’s one sector neoclassical growth mode, the Uzawa-Lucas two sector model, and Arrow’s learning by doing model. The model also includes Zhang’s idea about creative leisure or learning by consuming. Demand and supply of education in our model are determined by market mechanism. The model describes dynamic interdependence among wealth accumulation, human capital accumulation, division of labor, and time distribution among leisure, education and work under perfect competition. We simulate the model and examine effects of changes in the total productivity of the education sector, the total productivity of the production sector, the propensity to obtain education, and learning efficiency in school.
The Romanian natural gas market is still in its infancy regarding the manners in which the demand and supply match. We are frequently talking about market liquidity or about its dynamic behavior, without considering the monthly losses of the national natural gas system operator that derive from the very lack of matching the supply and demand. The present article proposes a method of overlaying the two in a manner that is feasible for the Romanian natural gas market of 2017, a method that will encapsulate the usage of OBAs (operational balancing agreements) in correlation with a model of allocating the demand and supply as a restricted all-pairs shortest path problem. Based on authors experience, five main variables will be examined: point-of-entry (location and time), volume, time and location of delivery, as well as other sets of data that are particular to this sector. This article will tackle the area of usability of OBAs between suppliers and the degrees of sustainability that such a model offers for clients, therefore the resilience of the system will be analyzed through an optimized transfer of information and accessibility to assets. Due to the complex nature of demand in energy markets and the different requirements set by clients, in which an energy resource can be requested by different sets of users, we will conceive a model that can be applied for natural gas, but also for electric energy production and industrial clients. The scope of this endeavor is to create a tool that will minimize the monthly losses of the national natural gas system operator, as well as its distributors, by allocating, in a fair and unbiased way, the responsibility of fulfilling the requested demand in a certain time unit.
One of the most important synthetist of the practical socialist theory is János Kornai. In his works he tempted to describe the working mechanism of the socialist economy in actual practice.
The first part of the paper is to gather special keywords and analytical tools of Kornai’s description. As economist, the main tool is the description of demand and supply without the mathematical formalization of demand and supply functions, and without any Marshall crosses. Instead of them, the theory is based on quantity (stock, slack, shortage, forced substitution), on friction (caused by rigidity, resistance, and information asymmetry), and on soft budget constraint.
In the second part, we investigate if the tools and keywords correspond to economic streams. The first apprehension is that economy (either capitalist or socialist) is declared to be far from Walrasian equilibrium. The conservators of this “non-equilibrium” steady-state are the different forms of friction. The rigidity is one of the main keywords of the New Keynesian theory, surpassing price rigidity that was headstone of Keynes’s General Theory. Kornai attends to the adjustment of quantity (and not, or barely price), but he applies neoclassical analytical tool set (marginal analysis, comparative statics to separate substitution and income effect, etc.) in some (but rare) formal analysis. The soft budget constraint theorem determines the impossibility of neoclassical results because under those conditions the demand theoretically is not limited, but it is in reality. The removal of this contradiction requires devices borrowed from other social sciences.
Finally, the third part sets a question: the characteristics of Kornai’s description may be interpreted as the specialty of socialism (i.e. Kornai had no choice, the practical socialism has classical, neoclassical and new Keynesian features), or it is just his own logic that made his analyses such mixed. The answer is double. As Kornai did not take on the mathematical formalization of his theory, he had not to pin down himself to any theoretical economic school. His works about the socialist economy are decisively descriptive, as a non-market economy cannot be seen through the applied neoclassical algebra.
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Employability of graduating students is a main precondition for successful university to work transition. Discrepancies on the labour market in terms of demand and supply of highly qualified specialists, increasing requirements and expectations of recently university graduates towards their future jobs, high speed of technological changes resulting in new jobs for which educations is lagging behind and increasing demand for well-developed transferable skills are some of the main challenges which universities are facing nowadays. Thus, their main priorities shall stress on collaboration that is more effective with industrial companies, resulting in contemporary curricula and development and implementation of new forms of cooperation for encouragement of graduating students’ employability. There are some good practices in Bulgaria for common initiatives leading to better professional orientation and further job placing but there is a lack of overall strategic approach in this field. Therefore, there is a necessity of identification and introduction of new forms of cooperation, which will boost partnership and could provide the labour market with more adequate specialists, matching employers’ recent requirements. The purpose of the paper is to provide a methodology of evaluation of problems in university-industry cooperation for encouragement of graduating students’ employability.The main elements of research of cooperation between universities and industry in Bulgaria include (1) description of possible forms of cooperation, (2) evaluation of industry attitudes for cooperation based on 4 criteria - importance, application, interest for participation and awareness of the forms, (3) comparison of opinions of industry and universities in Bulgaria.