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Journal Cover Journal of Economics and Political Economy
  [5 followers]  Follow
  This is an Open Access Journal Open Access journal
   ISSN (Online) 2148-8347
   Published by KSP Journals Homepage  [6 journals]
  • Interpretations of Hyperbolic Growth

    • Authors: Ron W. NIELSEN
      Pages: 594 - 626
      PubDate: 2017-12-18
      Issue No: Vol. 3, No. 4 (2017)
  • A Paternalist’s Mistake: Rent Control

    • Authors: Miguel ARIAS, Christine ANDERSON, Walter BLOCK
      Pages: 627 - 637
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • Randomness, Determinism and Undecidability in the Economic Cycle Theory

    • Authors: Ignacio Escañuela ROMANA
      Pages: 638 - 658
      Abstract: AbstractThe scientific literature that studies the Business cycles contains a historical debate between random and deterministic models. On the one hand, models built with explanatory variables follow a stochastic trajectory and produce, through transmission mechanisms, the studied cycles. Its rationale: the so-called Slutsky-Yule effect. In addition, models in which the system phase at time T fixes, applying the “ceteris paribus condition”, the phase at time t + 1. The cycle would be the product of variables, making it possible to predict and enabling economic policies to combat recessions. The thesis of this work is as follows. The application of the theorems of Chaitin of undecidability shows that it is not possible to conclude such debate. It is impossible to determine with absolute certainty whether the observed cycles follow a deterministic or stochastic model. To reach this result, I outline the fundamental theories of the business cycle, providing a classification and examples of mathematical models. I review the definition of randomness, and I consider the demonstration of Chaitin about the impossibility of deciding whether a data set is stochastic or not. A consequence, he says, of Gödel incompleteness theorems. I conclude considering a string of economic data, aggregated or not, as random or deterministic, depends on the theory. This applies to all cyclical phenomena of any nature. Specific mathematical models have observable consequences. But probabilism and determinism are only heuristic programs that guide the knowledge progress. Key words: Randomness, Business cycle theories, Undecidability, Heuristic.JEL: B40, D50, E32.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • Destination EU and USA: Improving Export Potential of Pakistan by Trading
           with India

    • Authors: Zakee SAADAT, Dawood MAMOON
      Pages: 659 - 669
      Abstract: AbstractThis paper is the extension of popular work of Murshed and Mamoon(2010) that suggests that India Pakistan proximity to global trade can significantly mitigate conflict between these two nations. The paper analyses bilateral trade patterns between India Pakistan with its major exporting destinations in a simple OLS framework. It finds that if bilateral trade between two nations increases that will improve exports of Pakistan in US, EU and UAE. This finding has significant implications for improvement of ties between the two countries. Furthermore, trading with India also full fills Pakistani Government’s emphasis on Trade not Aid. This aspect of India Pakistan trade has not been investigated before. Key words: Economic Integration.JEL: F15.
      PubDate: 2016-12-16
      Issue No: Vol. 3, No. 4 (2016)
  • Foreign Direct Investment and Sectoral Performance in Tanzania

    • Authors: Manamba EPAPHRA
      Pages: 670 - 719
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • On the Economic Returns From a Global Program of Social Capital: A
           Trillion Dollar Agenda for Growth

    • Authors: Steven H. KIM
      Pages: 720 - 730
      Abstract: AbstractFor the economy to grow, the actors in the marketplace need to expand the overall output rather than jostle each other for bigger shares of the available output. To this end, the productivity level may be boosted through a comprehensive program of social capital. Based on the experience of the 20th century, the rich countries of the world could afford to commit US$1 trillion per year for a couple of decades. According to a compelling scenario, the total investment of $20 trillion in nominal terms will comprise $13.6 trillion in current dollars since the funds will be disbursed over time rather than spent at once. Based on conservative estimates, the present value of the benefits will exceed $3.39 quadrillion which represents a payback of 249 times the original investment. In this way, the windfall from a global program of social capital should far surpass the outlay required for its implementation. Key words: Economic Growth, Social Capital, Foreign Aid, Emerging Markets, ProductivityJEL: E20, E60, O10, P00, Z10.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • The Main Determinants of Private Investments in the WAEMU Zone: The
           Dynamic Approach

    • Authors: Adama Messanh COMBEY
      Pages: 731 - 743
      Abstract: AbstractThis article investigates the main determinants of private investment in the West African Economic and Monetary Union (WAEMU). After checking for unit root and co-integration, Error Correction Model is specified, and three estimators are performed: Dynamic Fixed-Effects, Mean Group, and Pooled Mean Group. Hausman tests show that the Dynamic Fixed-Effects Estimator is more efficient and consistent than others. Results suggest that, in the short-run, private investment in the WAEMU zone is determined by the aggregate demand conditions: gross domestic product and output gap, while, in the long-run, it is determined by gross domestic product, and political stability. The short-run elasticity of gross domestic product and output gap are statistically significant and average to 5.7 and 0.06, respectively. The long-run elasticity of gross domestic product and the semi-elasticity of political stability are statistically significant and average to 2.4 and -0.25, respectively. These finds imply that, to promote private investment in the WAEMU zone, there is a need among others for more proper design and implementation of aggregate demand management policies, and political framework stability. Key words: Private investment, WAEMU, Dynamic fixed-effects estimator.JEL: C33, E21, F15.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • The Measurement of Credit Channel in the CEMAC Zone

    • Authors: Jean Louis EKOMANE, Benjamin YAMB
      Pages: 744 - 766
      Abstract: AbstractThis article measures the credit channel’s parameters in monetary policy transmission in the CEMAC zone. Having highlighted the limitations of other channels with a theoretical and factual assessment, we check the effectiveness of bank credit channel through the autoregressive vectors’ method, using consolidated monetary and macroeconomic data from six countries in the Zone, from 1960 to 2012. It appears that credit channel is narrow. It has a low outflow and a depth-based credit as far as the private sector is concerned, while the GDP reacts with a two-year period following a monetary policy impulse. Key words: Credit channel measurement, Monetary policy, Autoregressive vectors, CEMAC.JEL: E51, E52, E58, G32.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • Skilled Labor Mobility in the ASEAN Economic Community (AEC): Experience
           from Thailand Labor Market

    • Authors: Sujinda CHEMSRIPONG
      Pages: 767 - 781
      Abstract: AbstractSkilled labor mobility in the ASEAN Economic Community (AEC) plays an important issue in labor market due to the impact of globalization, especially increasing demand for high technology and integration among region. This impact leads free movement of workers among employer in service sectors, foreign investment and need more demand for skilled labor. Moreover, AEC blueprint in 2015 outlined to moves forward to free flow of skilled labor achieve strategic goal of single market and production base. These included facilitate the issuance of visas and employment passes; mutual recognition arrangements (MRAs) for major professional service; core concordance of service skills and qualifications; and enhance cooperation among ASEAN universities to increase region mobility for student and staff. To achieve the free flow of skilled labor in AEC member countries many issue have been discussed such as the mutual recognition arrangement (MRAs) for major professional services and core competencies for job skills required in the priority integration services (PIS) sectors (ASEAN Economic Community Blueprint: 2012). The objective of the study is to determine the impact of AEC on Thai labor market by using the comparison of labor immigration in AEC member countries. The paper provides a description of (a) currently govern the cross-country labor movement within ASEAN for skilled workers: and b) the analytical framework that support the discussion in deriving the recommendations that there are already experiences on these types of worker movements. The finding of Thai labor market has found in two characteristics: shortage of professionals and technicians and unskilled and semi-skilled labor. Key words: Labor migration, ASEAN economic community: AEC, Labor market, Thailand.JEL: C91, E20, F66, J61.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • 5. International Conference on Economics ICE-TEA 2016

    • Authors: Özlem SEKMEN
      Pages: 782 - 783
      Abstract: Abstract. International Conference on Economics, ICE-TEA 2016 was held fifth of its conference series on 20-22 October 2016, at Bodrum Kefaluka Otel, Bodrum, Turkey. This congress organized by the Turkish Economic Association (TEA) was established in 1929. The first ICE-TEA was held in 2006 in Ankara, the second ICE-TEA in 2010 took place in Girne, the third in 2012 Çeşme, and the fourth was held in 2014 in Antalya. “Inclusive and Sustainable Growth and Income Distribution” was the theme of ICE-TEA 2016. The organization committee would like to highlight the importance of the issue of inequality in incomes and its effect on economic and social injustices choosing this title for the conference this year. With this motivation more than 250 papers, which cover a wide range of topics beside the conference theme including monetary policy, poverty, housing market, energy and environment, education and human capital were presented during the conference with parallel sessions. Keywords. ICE-TEA, Inequality, Sustainable Growth, Turkey. JEL. A10.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Tel: +00 44 (0)131 4513762
Fax: +00 44 (0)131 4513327
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