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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]
  • Artificial Intelligence and Urbanization: The Rise of the Elysium City

    • Authors: J. Mark MUNOZ, Al NAQVI
      Pages: 1 - 13
      Abstract: . From ancient times, Greek religion introduced Elysium as a heavenly place to which admission was exclusively reserved for mortals related to gods, heroes, and those blessed by gods. We argue that the rise of artificial intelligence technology will lead to the creation of Elysium cities. Elysium cities agents will be technologists, technocrats, intelligent machines, and wealthy capitalists. These cities will be the first embracers of the artificial intelligence technology and will do so by incorporating five capabilities: physical, intellectual, information, governance, and socio-economic. As early adopters, these cities will acquire tremendous political and economic power and will turn into self-governing city-states. During the early stages of the AI revolution, these Elysium cities will shed millions of unemployed via a process we call De-tech Migration. De-tech cities will be the recipients of the labor migration from the Elysium cities and will rapidly become and remain impoverished. This article presents key policy suggestions that can be adopted by companies and governments to avoid potential decline and find new pathways towards growth and prosperity in an artificial intelligence economy.Keywords. Artificial intelligence, Urbanization, Smart Cities.JEL. A14.
      PubDate: 2017-03-01
      DOI: 10.1453/jepe.v4i1.1202
      Issue No: Vol. 4, No. 1 (2017)
  • Capital Liberalisation and Economic Instability

    • Authors: Kalim SIDDIQUI
      Pages: 14 - 32
      Abstract: . This study intends to examine the larger issues related to capital liberalisation and also to analyse the reasons for recent support of capital mobility and its repercussions for the future prospects of the economies of developing countries. The objective is to critically examine relevant empirical and theoretical studies in order to answer these questions and address the objectives of this study. The methodology adopted in this study relies on secondary information, reports and published studies to address the research questions. The study finds that following the adoption of capital liberalisation and neoliberalism, the economies of most developing countries have become more vulnerable. If China is excluded, we find that most developing economies have been unable to expand employment opportunities or reduce levels of poverty. In recent years capital liberalisation policy has encouraged capital flight from their economies.Keywords. Capital Liberalisation, financialization, instability and developing countries.JEL. E44, E52, F21.
      PubDate: 2017-03-05
      DOI: 10.1453/jepe.v4i1.1210
      Issue No: Vol. 4, No. 1 (2017)
  • Metropolitan Business Cycle Analysis for Lubbock

    • Authors: Thomas M. FULLERTON, Macie Z. SUBIA
      Pages: 33 - 52
      PubDate: 2017-03-01
      DOI: 10.1453/jepe.v4i1.1204
      Issue No: Vol. 4, No. 1 (2017)
  • Analysis of Asymmetries in the Tax-Spending Nexus in Burundi

    • Authors: Arcade NDORICIMPA
      Pages: 53 - 70
      Abstract: . This study examines the asymmetries in the tax-spending nexus for Burundi using a three-variable model. The study employs a threshold cointegration test with asymmetric adjustment advanced by Enders & Siklos (2001). The findings indicate that government spending, taxes and grants are cointegrated with asymmetric adjustment. Causality tests from the estimated asymmetric error correction model suggest that in the short run there is an independent relationship between government spending and taxes in Burundi. Pertaining to the impact of grants, the results show that grants encourage the government of Burundi to spend more, but, conversely, they also discourage tax revenue, which is known as the tax displacement hypothesis. The findings further show that only government spending responds to budgetary disequilibrium, and this occurs when the budget situation is worsening. This implies that in Burundi, to restore the equilibrium when the budget situation is worsening, the adjustment is made by reducing spending. A policy intuition arising from this study is that, to reduce budget deficits, Burundi should reduce its grant-dependence and improve its tax collection system as well as cut its spending in sectors where it is not productive and reallocate it to more productive sectors.Keywords. Burundi, Spending, Taxes, Grants, Threshold cointegration, Asymmetric ECM.JEL. C32, E32, H20, H50, H62.
      PubDate: 2017-02-24
      DOI: 10.1453/jepe.v4i1.1160
      Issue No: Vol. 4, No. 1 (2017)
  • Oil Price and Real GDP Growth of Ecuador: A Vector Autoregressive Approach

    • Authors: Jesser PALADINES
      Pages: 71 - 78
      Abstract: . Ecuador is an oil exporter country but it is also an importer of oil derivatives products, in this research the relationship between the world average price of oil and the GDP per capital of Ecuador is studied, taking annual data of both from 1980 to 2015 and using the methodology of Vector Autoregressive (VAR), it is concluded according to the Impulse Response Function that a positive shock on the price of oil affects positively the GDP growth of Ecuador for 2 unit times and then returns to its natural state later. This must be explained because Ecuador is a net exporter of oil, the VAR model showed itself stable, in addition it was demonstrated that there is a causal relationship of GDP to the Price according to methodology of Toda-Yamamoto.Keywords. Average Oil price, GDP, VAR, Ecuador.JEL. C32, 040, F20.
      PubDate: 2017-02-25
      DOI: 10.1453/jepe.v4i1.1153
      Issue No: Vol. 4, No. 1 (2017)
  • An Employer of Last Resort Scheme which Resembles a Free Labour Market

    • Authors: Ralph S. MUSGRAVE
      Pages: 79 - 87
      PubDate: 2017-03-20
      DOI: 10.1453/jepe.v4i1.1237
      Issue No: Vol. 4, No. 1 (2017)
  • Optimal Equilibrium State in Two-Sector Growth Model

    • Authors: Pete YASHIN
      Pages: 88 - 106
      Abstract: . The paper studies a two-sector growth model for two cases: with flexible technology and with fixed coefficients. Different states of economic equilibrium (steady states) are compared. We find that the price of investment goods with respect to the price of consumer goods should be changed if the equilibrium state has shifted. Therefore, the aggregate production function cannot be considered as a purely technical. We assume that the income distribution is determined by the direct proportionality between the profits and the investment. Then the resulting function of aggregate output is continuous and differentiable in the domain of definition, even if the technology is fixed. In the last case the function has diminishing returns of capital under Uzawa capital-intensity condition; the state of economic equilibrium is stable only when this condition is valid. We suggest that the optimal is an equilibrium state that maximizes the total profit. The model with fixed coefficients predicts the possible existence of such an optimum.Keywords. Economic growth, Two-sector growth model, Optimal equilibrium state, Uzawa capital intensity condition, Profit maximization.JEL. O41, E10, D00.
      PubDate: 2017-04-07
      DOI: 10.1453/jepe.v4i1.1211
      Issue No: Vol. 4, No. 1 (2017)
  • Employment Generation among Women in NREGS: A Synthesis on the basis of
           Micro Level Field Investigation

    • Authors: Amit KUNDU, Sanjib TALUKDAR
      Pages: 107 - 120
      Abstract: . Government of India has initiated the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) or N REGS in 2006 where the basic objective is to provide 100 full man-days of employment to each willing rural household. The adjoining act (NREG Act of 2005) that guarantees employment of every rural household for 100 days has different provisions to incentivize participation of women in the programme. The programme indeed has both direct and indirect aspects towards favoring the participation of women in order to fulfill a larger objective of women empowerment. Thus it becomes imperative to focus on the extent to which the programme is inclusive of women. Official data suggest that 47% of all NREGS workers are women. However, in this regard, there is substantial variation not only across states but also across different regions within a state. The present paper based on a primary survey made in Birbhum district of West Bengal, attempts to investigate whether expansion of NREGS has been able to help the female job-card holders to get employment through NREGS where we have considered ratio of female man days to total man days of a household as the outcome variable. It is observed that the heterogeneity in the value of the stated outcome variable is significantly caused by nature of works the female job card holders have to carry out under NREGS and family parameters faced by them which somehow emanate from socio-cultural factor(s) in general and binding in particular. Apart from this, although there is inevitability of the influence of total number of NREGS man- days received in the entire reference period by the household to which the female member(s) belongs, yet, there seems no one to one correspondence between the outcome variable and the same.Keywords. National Rural Employment Guarantee Scheme (NREGS), Female employment generation in NREGS, Nature of works, Family parameters, Type II Tobit model with endogenous regressor.JEL. C34, C36, D10, J16.
      PubDate: 2017-04-07
      DOI: 10.1453/jepe.v4i1.1182
      Issue No: Vol. 4, No. 1 (2017)
  • Instytucionalistics

    • Authors: Aleksandr Viktor CHERNOVALOV, Pavel Viktor CHERNOVALOV
      Pages: 121 - 126
      Abstract: . The article reveals new methods of planning and forecasting of possible consequences from implementation of institutional projects which can be used while making decisions on the necessity of their introduction. Possibilities of combining sociological and economic tools of the analysis for studying the object of institutional character by researchers-beginners have been considered. Conceptions, concepts and categories of the new institutional economic theory which founder O. Williamson was awarded the Nobel Prize in economics in 2009 are presented. The author’s method of quantitative analysis which has been worked out for application in students’ scientific papers is used.Keywords. New institutional economy, Institutional efficiency, Institutional project.JEL. B25, B41, C15.
      PubDate: 2017-04-12
      DOI: 10.1453/jepe.v4i1.1226
      Issue No: Vol. 4, No. 1 (2017)
  • Igglesis Nikos, The Revolution of Grexit: The Plan

    • Authors: Dionysios K. SOLOMOS, Dimitrios KOUMPAROULIS
      Pages: 127 - 128
      Abstract: . On July 5, 2015, Greece held a referendum for deciding on the blackmailing proposal submitted by the Institutions of the Eurogroup on 25th of June 2015. On the threshold of the credit suffocation, the Greek people did not relent and they expressed through their vote (a percentage of 61, 31% and 3.558.450 votes) their objection; one more “NO” in their history, similar to this of 28th October of 1940. However, the Greek leaders flinched to express this “NO” using tangible policies even if the short term consequences would be painful. Instead, the foreign partners, allies and friends to Greece “which belongs to the West”, still follow a strict austerity policy which has resulted in poverty of the majority of the Greek people, and in the stagflation. Igglesis Nikos, in his book “The Revolution of GREXIT: The Plan”, makes an attempt to present in a detailed way what the Greek people decided…an alternative and sustainable solution.Keywords. Grexit.JEL. A10.
      PubDate: 2017-04-08
      DOI: 10.1453/jepe.v4i1.1189
      Issue No: Vol. 4, No. 1 (2017)
  • Transnational Entrepreneurship: An Interview with Investment Banker Jose

    • Authors: J. Mark MUNOZ
      Pages: 129 - 134
      Abstract: . Interest in transnational entrepreneurship has expanded in recent years. However, there are limited qualitative surveys that shed light on the mindset of the contemporary transnational entrepreneur. This article contributes to academic and business literature by presenting the views of a Panama-born investment banker Jose Goldner. Jose Goldner is a partner at Briggs Capital based in Massachusetts, USA. Through an interview conducted by Dr. J. Mark Munoz of Millikin University, with the assistance of business student Haley Hogenkamp, Goldner shares his viewpoints on transnational entrepreneurship and its business implications.Keywords. Transnational entrepreneurship, Entrepreneurship, International business.JEL. L26, M16.
      PubDate: 2017-03-18
      DOI: 10.1453/jepe.v4i1.1250
      Issue No: Vol. 4, No. 1 (2017)
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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