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1.
New Left Review ; - (124):63, 2020.
Article in English | ProQuest Central | ID: covidwho-1940289

ABSTRACT

The world has been getting contradictory messages about its class structure. According to one authoritative account, it has reached a 'global tipping point' - 'half the world is now middle class or wealthier'. This was based on figures marshalled by Homi Kharas, a former World Bank chief economist now at Brookings. More excitably, the Economist has hailed the 'relentless rise' of a 'burgeoning bourgeoisie' and trumpeted the arrival of a middle-class world. The new middle-class dream in the Global South had, first and foremost, an Asian setting. It was woven and promoted by figures in the World Bank's orbit, seconded by business consultancies and investment bankers. The covid-19 pandemic is currently shattering the middle-class dream in the South and accelerating the inegalitarian tendencies analyzed above. Where this will lead is still an open question.

2.
Economics and Philosophy ; 38(2):315-320, 2022.
Article in English | ProQuest Central | ID: covidwho-1921526

ABSTRACT

The book is well-written, well-structured (if a bit repetitive), and, surprisingly, even entertaining. [...]taken with a pinch of salt, it might even disabuse its less knowledgeable readers of some basic misunderstandings about public finance. [...]Kelton approvingly quotes former Fed Chair Alan Greenspan, who during a 2005 congressional hearing on the financial sustainability of the US Social Security system, responded to Former House Representative Paul Ryan’s worry about the Social Security system becoming insolvent by saying that ‘there’s nothing to prevent the federal government from creating as much money as it wants and paying it to somebody’ (182). According to MMT, those limits are primarily a function of the economy’s capacity to put the newly issued money to productive use. According to MMT, the point of taxing or borrowing is not to collect revenues to finance government spending (after all the government could ‘print’ all the money it needs).

3.
Romanian Journal of European Affairs ; 22(1):85-103, 2022.
Article in English | ProQuest Central | ID: covidwho-1918673

ABSTRACT

The 2008 economic recession, followed by the sovereign debt crisis, made it clear that the original design of EMU was unsustainable. Together with the most urgent adjustments, the need for a profound reform of the system has been on the agenda for more than a decade. Despite significant steps being taken, no comprehensive reform has yet been delivered. In this paper, the background and the focus of the EMU reform will be reviewed. The research argues that it is necessary to create a better balance between the common shock absorption instruments (i.e., risk sharing) and to give a greater role for markets as incentives for fiscal and financial discipline (i.e., risk reduction). A new synthesis of the two dominant narratives could form the conceptual core of EMU reform. In this way, the need to create a sustainable system of resilience (the ability to respond and adapt) can be the decisive factor. At the heart of the EMU reform there can be deeper economic and financial union, resilient structures, the increase of risk sharing and the reduction of inherited risk.

4.
Journal of Legal, Ethical and Regulatory Issues ; 24:1-13, 2021.
Article in English | ProQuest Central | ID: covidwho-1898189

ABSTRACT

This is an article of Labour Economics and Law & Economics, which explains the paradigm switch, from welfare state economy to wellbeing economics. This switch means the change of rules, institutions and processes, moving from a level of heteronomous responsibility with a public compliance system (controlled by the Public Institutions with statutory law and sanctions) to pass to the next level of autonomous responsibility with a social accountability and self-compliance system (decentralized network with improvements in the business culture by contracts and commitments). It is paid attention to the state of the art, with a comparative study of the scientific and professional sources and the knowledge production. Finally, there is a diagnosis in the challenges of wellbeing economics and its autonomous compliance to face the COVID-19 crisis and Horizon 2030.

5.
International Journal of Environmental Research and Public Health ; 19(9):5391, 2022.
Article in English | ProQuest Central | ID: covidwho-1837616

ABSTRACT

Investing and gambling share key features, in that both involve risk, the coming together of two or more people, and both are voluntary activities. However, investing is generally a much better way than gambling for the average person to make long-run profits. This paper reviews evidence on two types of “gamblified” investment products where this advantage does not hold for investing: high-frequency stock trading and high-risk derivatives. This review defines a gamblified investment product as one that leads most investors to lose, that attracts people at risk of experiencing gambling-related harm, and that utilizes product design principles from gambling (either by encouraging a high frequency of use or by providing the allure of big lottery-like wins). The gamblification of investing produces novel challenges for the regulation of both financial markets and gambling.

6.
Public Finance Quarterly ; 66(1):50-67, 2021.
Article in English | ProQuest Central | ID: covidwho-1836580

ABSTRACT

There is no uniform theoretical standpoint on the effects of changing interest rates and the role of money among economists. Though these disputes exercise a great influence on the economic policy measures adopted as well. For the management of the 2008 global financial crisis many central banks entered into forceful interest rate cuts to contribute to the revitalisation of the economy. The economic recession caused by the pandemic of 2020 again raises the issue how central banks can stimulate growth. In this study we deal with the liquidity trap issue attributed to Keynes. Keynes pointed out that there might exist a lower interest rate limit under which money demand becomes infinite. His conceptions put the foundations to the question, at what interest rate levels might the liquidity trap – a term coined later by Robertson – phenomenon become effective. He was followed by numerous renowned economists dealing with the conception. In this paper we are discussing the most important theoretical approaches – among others the views of Hansen, Hicks, Tobin, Patinkin, Krugman, Brunner and Meltzer and Eggertson. We provide an overview on the effects of low interest rate levels adopted by Japan, by the central banks of Japan, the USA and the ECB aimed at stimulating the economy. Based on the study it can be confirmed that central banks can contribute to economic growth keeping interest rates low and therewith fostering investment. Nevertheless, beyond keeping short-term interest rates low, it might be adequate to control interest rates of other maturities and, especially under deflationary expectations, central banks should express their prolonged commitment to low interest rates.

7.
Theoretical and Practical Research in Economic Fields ; 12(2):67-81, 2021.
Article in English | ProQuest Central | ID: covidwho-1786377

ABSTRACT

The global revival of economic nationalism and protectionism poses a serious threat to the international foreign trade policy orientation towards principles of a market economy. Popular economic nationalism such as Trumpism, Brexit or the isolation of the Eastern European Visegrád states from immigrants violates fundamental principles of the WTO. Economists agree that Brexit will hurt the UK economy significantly in the medium and long term. In addition, its political and economic effects will damage the Us and transatlantic relations. British Prime Minister Boris Johnson, on the other hand, continues to claim that leaving the EU will enable Britain to "take back control". In addition, the socio-economic effects of the Corona crisis on the US, UK, EU and transatlantic relations are devastating. It has far-reaching political, social and economic consequences that go well beyond public health. All partners need each other more than ever to cope with the Covid crisis. Increased transatlantic cooperation to strengthen resilience would also be necessary in closely related areas of international relations and security issues.

8.
Journal of Risk and Financial Management ; 15(2):62, 2022.
Article in English | ProQuest Central | ID: covidwho-1715482

ABSTRACT

Financial inclusion, defined as the adequate access and usage of formal financial services to improve people’s lives, is a crucial area for the economic development of a country through its various angles. This paper analyzes the impact of selected FinTech companies on financial inclusion in their respective countries to obtain lessons of their business models and country environments that can help Peruvian financial inclusion. The selected FinTechs are M-PESA in Kenya, Nubank in Brazil, GCASH in the Philippines, and Easypaisa in Pakistan, which revolutionized the financial sector in their respective countries. However, a comparative study of their impact on financial inclusion in their respective country has not been conducted yet;therefore, the lessons obtained are helpful for the Peruvian situation due to their practical implications and because they raise possible areas for further and deeper research. The approach of this study considered a qualitative and quantitative method (to find a Pearson correlation between the percentage of the population of Country (A) that are users of FinTech (a) and the six selected demand-side indicators per country retrieved from the Global Findex Database) analysis to understand the results obtained. The results obtained indicate that M-PESA and GCASH, companies specialized in providing basic mobile money transactions such as remittances and withdrawals, did not impact the provision of other financial services such as savings or credit cards. In Easypaisa’s case, this company positively impacts the studied indicators, probably due to its original partnership with a microfinance institution. Regarding Nubank, despite its remarkable growth in the last years, the company does not affect financial inclusion in Brazil yet. Nonetheless, after its recent expansion to provide more financial services, future research could assess the impact of this company on Brazilian financial inclusion.

9.
On - line Journal Modelling the New Europe ; - (37):24-45, 2021.
Article in English | ProQuest Central | ID: covidwho-1633605

ABSTRACT

The article describes political changes in the countries of Central and Eastern Europe that are members of the European Union against the background of the global condition of democracy. The frame of reference are selected results of the Economist Democracy Index 2020 report examining the impact of the coronavirus pandemic on political changes in the world, considering some conclusions from the previous publications of the ranking. The theoretical premises and methodology of the Democracy Index are presented, including the typology of political systems as a tool for classifying the countries covered by the study into one of the four types of the systems compared: full democracy, flawed democracy, hybrid regime and authoritarian regime. The strengths and weaknesses of the Democracy Index have characterized as well as the symptoms of the global decline of democracy. Changes in the values of the Index indicators in the countries of Central and Eastern Europe between 2006 and 2020 are analysed. The summary shows the ambivalence of the directions of political changes in the region.

10.
Economic and Social Development: Book of Proceedings ; : 192-198, 2021.
Article in English | ProQuest Central | ID: covidwho-1624408

ABSTRACT

Covid-19 has negatively affected the economies of almost all countries around the world including the impact on their main economic indicators such as GDP, unemployment level, inflation rate etc. The purpose of this article is to investigate the impact of Covid-19 on unemployment level in European Union. In the article, firstly the impact of Covid-19 on general unemployment level in European Union and its impact on unemployment level by sex and age have been revealed based on statistical data by years. Moreover, the impact of the pandemic on people's unemployment expectations over the next 12 months, labor market transition from unemployment to inactivity and the number of persons available to work but not seeking have been mentioned. Then the factors that can cause the unemployment level to be increased during the pandemic have been determined in order to define the particular reasons of unemployment in European Union. Based on multiple regression analysis, it is justified that unemployment level is positively related with the number of active covid cases and the number of business closures, but negatively related with the households' major purchases which represent consumer demand.

11.
Studia Prawno-Ekonomiczne ; - (120):275-289, 2021.
Article in English | ProQuest Central | ID: covidwho-1623007

ABSTRACT

Przedmiot badań: Efekty pandemii COVID-19 są porównywalne do średnich rozmiarów wojny światowej z dwoma milionami ofiar i milionami bezrobotnych. Szok pandemii nieuchronnie prowadzi do radykalnych rozwiązań w zakresie biotechnologii, która odnotowała ogromne postępy w ciągu 6-8 miesięcy zamiast 5 lat. W ciągu ostatnich 20 lat, pomimo spektakularnych innowacji, kraje wysoko rozwinięte nie zmieniły zasadniczo sposobów produkcji i świadczenia usług, a zamiast tego stworzyły niezwykle bogate międzynarodowe monopole. Cel badawczy: Głównym celem badawczym jest wyciągnięcie wniosków z pandemii Covid-19 w zakresie jej wpływu na gospodarkę światową. Analizujemy różne, raczej pozytywne aspekty postpandemicznej rzeczywistości, zwłaszcza w odniesieniu do przyspieszonego postępu technicznego i innowacji powodowanych przez kryzys społeczno-gospodarczy, bezrobocie i ogromne straty istnień ludzkich w trakcie pandemii. Metoda badawcza: Zastosowano metodę syntezy wielu wiarygodnych źródeł statystycznych. Dokonano interdyscyplinarnej analizy z punktu widzenia makroekonomii, nauk politycznych i socjologii. Wyniki: Dzisiaj stagnacja w zakresie wzrostu wydajności lat 2000. powoli dobiega końca. Jesteśmy świadkami narodzin wielkich wynalazków w dziedzinie zwalczania chorób, "produkcji" mięsa, taksówek bez kierowcy, algorytmów sztucznej inteligencji (AI), drastycznych spadków cen wytwarzania odnawialnej energii. Innymi słowy, w czasie mrocznych dni pandemii Covid-19 na horyzoncie widzimy wielkie odkrycia prowadzące do szybkiego społecznego i gospodarczego rozwoju. Stagnacja wydajności pracy w latach 2000. zbliża się do końca. Pfizer i Moderna opracowały szczepionki przeciw Covid-19 w ciągu kilku miesięcy zamiast wielu lat.Alternate :Background: The effects of the Covid-19 pandemic are comparable to a medium-size war with 2 million victims and hundreds of millions of people unemployed. The shock of the pandemic has inevitably led to radical solutions, e.g., biotechnology advances occurred in 6-8 months instead of 5 years or more. During the last 20 years, in spite of spectacular innovations, developed countries did not really change how they offer services and produce goods;rather, they created extremely rich multinational monopolies. Research purpose: The main purpose is to look at the post-Covid-19 world economy. We discuss rather positively different aspects of the post-pandemic reality, especially the accelerated technological progress and innovations pushed by the social and economic crisis, unemployment, and the huge losses of human lives during the pandemic. Pfizer and Moderna have developed a Covid-19 vaccine in months instead of years. Methods: An academic synthesis of the multitude of reliable data sources. A multidisciplinary overview from the point of view of macroeconomics, political science, and sociology. Conclusions: We are witnessing the birth of great innovations to treat diseases and to "grow" meat. There are driverless taxis, the best AI natural language algorithm to date, and a significant drop in the prices of renewable energy. In other words, in the dark days of Covid-19, we can see on the horizon a new era of great discoveries leading to faster economic and social development.

12.
Journal of Institutional Economics ; 17(6):1033-1047, 2021.
Article in English | ProQuest Central | ID: covidwho-1573882

ABSTRACT

This paper evaluates the contribution of Risk, Uncertainty, and Profit to the development of economic theory in the 20th century. Our argument in this paper is twofold. First, we contend that this book embodied what had been the common knowledge of early neoclassical economics prior to World War II (WWII). Second, we also argue that embryonic to Knight's account of economics were two divergent approaches to economic thought that emerged after WWII. The first approach, what has come to be known as microeconomics, is characterized by utility maximization under fixed price, income, and institutional parameters that approximate equilibrium. This first approach is distinct from a second approach, referred to as price theory, in which prices are not sufficient statistics, as in microeconomics, but operate as guides to consumption and production decisions under alternative institutional arrangements. This second approach not only represented the continuation of the mainline1 of economic thought from its classical and early neoclassical roots. It also embodies the basis for Knight's understanding of uncertainty, profit and entrepreneurship, as well as its implications for economic organization and social progress.

13.
Journal of International and Comparative Social Policy ; 37(3):211-225, 2021.
Article in English | ProQuest Central | ID: covidwho-1556567

ABSTRACT

This paper explores the contextual and government response factors to the first-wave of the COVID-19 pandemic for 25 the Organisation for Economic Co-operation and Development nations using fuzzy-set qualitative comparative analysis. It considers configurations of: obesity rates;proportions of elderly people;inequality rates;country travel openness and COVID-19 testing regimes, against outcomes of COVID-19 mortality and case rates. It finds COVID-19 testing per case to be at the root of sufficient solutions for successful country responses, combined, in the most robust solutions, with either high proportions of elderly people or low international travel levels at the start of pandemic. The paper then locates its sample countries in relation to existing welfare typologies across two dimensions based on total social expenditure and proportional differences between the GINI coefficient before and after taxes and transfers. It finds that countries generally categorised as “liberal” in most existing typologies did the most poorly in their first-wave COVID-19 response.

14.
J Public Aff ; : e2755, 2021 Aug 31.
Article in English | MEDLINE | ID: covidwho-1384266

ABSTRACT

Amid the COVID-19 pandemic, governments in most countries have played two key roles. First, to limit the disease's spread, and second to support small enterprises (SMEs) to revamp their operations. This study employs the best-worst method technique to evaluate data from 150 managers to assess these government policies' effectiveness to quicken SMEs' operations amid COVID-19 using Ghana as a case study. Our findings show that the three most effective government interventions in quickening SMEs' operations are soft loan, guarantee support, and interventions on statutory payments. We recommend that although the government should allocate greater resources to those policies with strategies contributing to the recovery process, they should not neglect the policies with lesser weights but should reduce their capital allocation. Our study offers insights into how governments can contribute to SMEs operations during exogenous shock. The findings can be useful to both researchers and policymakers towards revamping economies amid COVID-19 pandemic.

15.
Bus Econ ; 55(4): 279-288, 2020.
Article in English | MEDLINE | ID: covidwho-900097

ABSTRACT

The COVID-19 pandemic radically and rapidly changed the world, including the world of business economists. Eight NABE members employed in a wide variety of fields discuss how their lives and work were transformed.

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