Top Research Papers on Economics

We will finish the course with a couple of observations about behavioral economics. Behavioral economics is a (relatively) recent development in economics which uses insights from experimental economics and psychology to critique the standard models of economics behavior that we have discussed so far. The idea is that, by improving our models of economic behavior, we will improve our understanding of the way that economies work. One word of warning before we begin in order to be useful, it is not enough for the behavioral economist to show that existing models are wrong. Of course they are wro...

In the past decade, China was able to carry out economic reform without political reform, while the Soviet Union attempted the opposite strategy. How did China succeed at economic market reform without changing communist rule? Susan Shirk shows that Chinese communist political institutions are more flexible and less centralized than their Soviet counterparts were. Shirk pioneers a rational choice institutional approach to analyze policy-making in a non-democratic authoritarian country and to explain the history of Chinese market reforms from 1979 to the present. Drawing on extensive interviews...

The potential uses of public resources and powers to improve the economic status of economic groups (such as industries and occupations) are analyzed to provide a scheme of the demand for regulation. The characteristics of the political process which allow relatively small groups to obtain such regulation is then sketched to provide elements of a theory of supply of regulation. A variety of empirical evidence and illustration is also presented.

This paper reviews recent research in spatial economics. The field of spatial economics is concerned with the determinants and effects of the location of economic activity in geographic space. It analyses how geographical location shapes the economic activities performed by agents, their interactions with one another, their welfare, and the effects of public policy interventions. Research in this area has benefited from the simultaneous development of new theoretical techniques, new sources of geographic information systems (GIS) data, rapid advances in computing power, machine learning and ar...

Two factors have elevated recent academic and policy interest in tropical deforestation: first, the realization that it is a major contributor to climate change; and second, a revolution in satellite-based measurement that has revealed that it is proceeding at a rapid rate. We begin by reviewing the methodological advances that have enabled measurement of forest loss at a fine spatial resolution across the globe. We then develop a simple benchmark model of deforestation based on classic models of natural resource extraction. Extending this approach to incorporate features that characterize def...

Resilience as a category of mechanics means an ability of elastic bodies to restore their shape after mechanical pressure. Against the background of the SARS Covid-19 pandemic and other global cataclysms, the concept of resilience as stress resistance is gaining more and more popularity in economic science. It is even about the paradigmatic change of Industry 4.0 to Industry 5.0, the characteristic of economical resilience for which should be significant, while the industry itself is given the role of necessary transformations’ driver. A fairly widespread version of resilience in the economy i...

Bonacich and Modell explore class and ethnic behavior as reflected in the history of Japanese Americans in the Unites States. They demonstrate that involvement in certain types of self-consciously ethnic business structures supports the development and maintenance of Japanese American ethnic solidarity. The authors question the idea of ethnicity as a natural or primordial bond; they accept that ethnicity reflects social and political decisions; ethnic solidarity and antagonisms are socially constructed. Moreover, economic factors play a great role in maintenance or dissolution of ethnic bonds,...

The global economic crisis has placed significant pressure on Economic Preneurs, compelling them to adopt innovative strategies to sustain their businesses amidst challenges. This research delves into the myriad of innovative strategies employed by Economic Preneurs to effectively navigate economic downturns. Utilizing a qualitative research methodology, the study conducts in-depth interviews with fifty Economic Preneurs spanning various industries. The findings shed light on the effectiveness of several strategies, including digital transformation, diversification of service offerings, and a ...

The article by Klimek and coworkers describes a useful application and new development in the field of computer-aided surgery in otorhinolaryngology that solved the problem of ubiquitous cables in the operating field, when computer assistance, three-dimensional computer-guided intraoperative navigation is used.

charts the reform movement from 1830 to 1940, and manages to pack in more than Fogelson's recent much longer Big-Cit Police (which covers similar ground). My one quarrel with it is his erection of an Aunt Sally of vulgar Marxism, to which he attributes the view that the police are automatically agents of 'dominant economic groups'. Against this, he points to the frequent unreliability of local police as strikebreakers in the nineteenth century, and the consequent resort of capitalists to private agencies like Pinkerton's. But as his own account shows, this 'problem' was one of the motives for ...

: The fields of law and economics are hallmarks of social sciences. Legal studies account for the oldest foundations of scholarly work and have ever since been part of academic institutions. Since the inception of the science of economics, this standardized way of measuring utility had rising popularity. Surprisingly, the interdisciplinary discourse of Law & Economics has just recently started in the previous decades. In today’s world, the time has come to acknowledge the power of integrating Law & Economics as a most important approach to solve the most pressing issues of our contemporary tim...

This paper examines frequency dynamic spillovers in return and volatility and the hedging ability of Green Bonds, gold, silver, oil, the US dollar index, and volatility index against downside US stock prices before and during the COVID-19 pandemic outbreak and for the short and long run. To do so, we use the Diebold and Yilmaz (2014), the TVP-VAR model, and the frequency spillover index by Baruník and Křehlík (2018). We show that the short-term volatility spillovers dominate their long-term counterparts. Green Bond is net transmitters of spillovers in the system at the short term and net recei...

This paper reviews the impact of replications published as comments in the American Economic Review between 2010 and 2020. We examine their citations and influence on the original papers' (OPs) subsequent citations. Our results show that comments are barely cited, and they do not affect the OP's citations—even if the comment diagnoses substantive problems. Furthermore, we conduct an opinion survey among replicators and authors and find that there often is no consensus on whether the OP's contribution sustains. We conclude that the economics literature does not self‐correct, and that robustness...

The policies of the Standard Oil Company (New Jersey) are headline news. The fact that Standard's policies are not spoken of as “public” policies is little more than an accident of terminology; certainly they are public in their sweep and import, and certainly in their impact upon the public mind. The policies and actions of Standard (New Jersey) are not alone in these respects. Standard is a giant corporation; there are other giant corporations and there are more in the making.

ABSTRACT ASEAN realized the ASEAN Economic Community (AEC) at the end of 2015. The AEC is an economic integration whose goals are free movement of goods, services, investment, and skilled workers, and freer movement of capital. Following the establishment of the ASEAN Free Trade Area (AFTA), ASEAN deepened its economic integration through the AEC. Evaluations of ASEAN’s economic integration are mixed. While highly praised for its steady integration progress, there are also assessments suggesting there is little progress in integration. This study examines the AEC’s economic integration and eva...

We discuss the considerable literature that has developed in recent years providing rigorous evidence on how industrial policies work. This literature is a significant improvement over the earlier generation of empirical work, which was largely correlational and marred by interpretational problems. On the whole, the recent crop of papers offers a more positive take on industrial policy. We review the standard rationales and critiques of industrial policy and provide a broad overview of new empirical approaches to measurement. We discuss how the recent literature, paying close attention to meas...

Public attitudes and policies toward LGBTQ individuals have improved substantially in recent decades. Economists are actively shaping the discourse around these policies and contributing to our understanding of the economic lives of LGBTQ individuals. In this paper, we present the most up-to-date estimates of the size, location, demographic characteristics, and family structures of LGBTQ individuals in the United States. We describe an emerging literature on the effects of legal access to same-sex marriage on family and socioeconomic outcomes. We also summarize what is known about the size, di...

Methods for representing documents as high-dimensional count vectors over vocabulary terms, for representing words as vectors, and for representing word sequences as embedding vectors are introduced.

Employs business concepts and analyses to explore the operations and activities of media firms and the forces and issues that affect them.

The fundamental problems in economic development in Indonesia are the low level of welfare, unsustainable economic growth, and the inadequate development process of economic sectors. Defense economics is a branch of science that applies economics to national defense issues. Defense economics as a multidisciplinary study discusses resource allocation, income distribution, economic growth, and political stability as applied to topics related to defense. According to the defense economy, the impact of the use of the defense budget on the economy can be viewed from the demand or consumption and su...

The international economic regime has entered a new phase of reassertion of sovereignty by States. While States continue to show respect for the values of international (economic) law, the institutionalization of these values has devolved from the international (to the regional) to the domestic level of governance. A new form of ‘unilateral economic law’ is thus gaining importance in the development of international and domestic laws and institutions. However, it remains largely understudied. This article discusses the development and proliferation as well as the importance of special econom...

Modern Labor Economics: Theory and Public Policy, now in its fourteenth edition, continues to be the leading text for one-semester courses in labor economics at the undergraduate and graduate levels. It offers a thorough overview of the modern theory of labor market behavior and reveals how this theory is used to analyze public policy. Designed for students who may not have extensive backgrounds in economics, the text balances theoretical coverage with examples of practical applications that allow students to see concepts in action. The authors believe that showing students the social implicat...

Travel and Tourism (T&T) is among America’s largest industries, its largest employer, and its largest producer of a trade surplus. It is also one of America’s healthiest industries and is projected to grow at twice the rate of the U.S. economy over the next 10 years. The U.S. is the world’s most competitive country in tourism, attracting more than three times the number of international tourists as any other country. Surveys have repeatedly shown that beaches are by far the most popular U.S. tourist destination. There are about 3.4 billion visits to U.S. beaches annually. This is an enormous n...

It is shown that GPT’s decisions are mostly rational and even score higher than human decisions, and the estimated preference parameters of GPT, compared to those of human subjects, are slightly different and exhibit a substantially higher degree of homogeneity.

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An analysis of the main factors of economic growth, of major growth barriers, and of the interrelation between the factors of growth (under the specific, though not entirely specific conditions of Czechoslovakia forms the subject matter of this paper, in addition to an investigation of the interdependence between the strategic parameters of the growth model on the one hand and the model of functioning of a socialist economy on the other) It is the intention of its authors that the publication should become part of those contemporary currents of thought which endeavour more fully to understand ...

Economic freedom refers to the degree to which private individuals are able to carry out voluntary exchange without government involvement and externalities are the effect of a decision on a third party that is not taken into account by the decision-maker.

The findings suggest that digital communication not only serves as a driver of economic efficiency and innovation but also poses new challenges that require adaptive and forward-thinking policy responses, highlighting the need for continued research to navigate the complexities of digital communication in fostering sustainable economic growth.

Introduction. t he end of the Civil War and the return to peaceful life contributed to the restoration of the activities of various public organizations, including local history. Period 1920s went down in history as the “golden decade” of the local lore movement. Encouraged by the opportunity to act, researchers left over from pre-revolutionary Russia, new staff made plans to study the history, culture, and natural monuments of their regions. Active organizational work was carried out, regional, provincial, all- Russian conferences on local history problems were held, a central coordinating bo...

Following decades of steadily increasing prevalence of diabetes, the overall estimated prevalence in 2022 remains relatively stable in comparison to 2017, however, the absolute number of people with diabetes has grown and contributes to increased health care expenditures, particularly per capita spending on inpatient hospital stays and prescription medications.

This study explains the impact of cryptocurrencies on the Indonesian economy and the government's attitude towards the technology it contains, which will allow financial transactions to replace paper money with digital money in the future.

The essential economic problem of digi-crime is the impact of technological progress making transactions costs of enforcement potentially too high, partly because of the low costs of copyright infringement due to technological advance, for there to be substantial amounts of deterrence from punishment.

A well-known proposition of modern psychology, termed the representativeness heuristic by authors Daniel Kahneman and Amos Tversky (1973), is that people form their expectations based on the prominence of an idealized narrative rather than estimated probabilities. Shiller gives the example that we judge the danger of an emerging economic crisis by its similarity to a remembered story of a previous crisis rather than by any logic.

Changes include separation of budget impact analysis from value determinations, introduction of other value measures beyond the QALY, increasing consideration of contextual elements, and adoption of a “societal perspective” where data support it.

This article examines the growth of the industrial metaverse and describes key technologies and processes associated with this innovation and the impacts at the firm, national, and global levels.

High life satisfaction was positively related to Gross Domestic Product, life expectancy, education, individualism, affective and intellectual autonomy, egalitarianism, and conscientiousness, whereas lowLife satisfaction was related to unemployment, unequal income distribution, power distance, masculinity uncertainty avoidance, embeddedness, hierarchy, and neuroticism.

Research on the economic backgrounds of politicians is once again flourishing in political science. In this article, we describe the economic characteristics that scholars have recently studied and the common threads that have emerged in modern work on this topic. This growing literature is largely united by a shared concern about the unequal economic makeup of institutions: Recent studies generally agree that politicians tend to be vastly better off than citizens on every economic measure and that politicians from different economic backgrounds tend to think and behave differently in office. ...

Purpose This study aims to present the perspectives of heterodox economics and Islamic economics on environmental economics, as an alternative to mainstream economics, which takes economic growth as its main objective and argues that environmental problems will largely disappear when economic growth is achieved. Design/methodology/approach In this study, there was no intention to conduct a detailed analysis of heterodox economic models and Islamic economics. Instead, the approaches to the “environment,” which can be considered as an urgent need of the planet, were evaluated, and the inadequ...

This is the second of three reports on economic geography. It focuses on research that addresses issues deemed to be both urgent and generative of crisis. This report focuses on the crisis created by the emergence of COVID-19. While the virus may have been novel, many of its implications were not, as several important processes of uneven development and inequality accelerated. The paper first determines the extent to which the emergence of a pandemic virus constituted a ‘crisis’, before examining some of the most salient economic geographical impacts of the COVID-19 pandemic. These include the...

Intangible assets are a large and growing part of firms’ capital stocks. Intangibles are accumulated via investment—foregoing consumption today for output in the future—but they lack a physical presence. Rather than stopping with this “lack,” we instead focus on the positive properties of intangibles. Specifically, intangibles must be stored, so characteristics of the storage medium have important implications for their value and use. These properties include non-rivalry, allowing the intangible to be used simultaneously in different production streams, and limited excludability, which prevent...

Economic theory comprises three types of inquiry. One examines economic phenomena, one develops analytical tools, and one studies the scientific endeavor in economics in general and in economic theory in particular. We refer to the first as economics, the second as the development of economic methods, and the third as the methodology of economics. The same mathematical result can often be interpreted as contributing to more than one of these categories. We discuss and clarify the distinctions between these categories, and argue that drawing the distinctions more sharply can be useful for econo...

Abstract We propose a new method of testing asset pricing models that relies on quantities rather than just prices or returns. We use the capital flows into and out of mutual funds to infer which risk model investors use. We derive a simple test statistic that allows us to infer, from a set of candidate models, the risk model that is closest to the model that investors use in making their capital allocation decisions. Using our method, we assess the performance of the most commonly used asset pricing models in the literature. Abstract We propose a new method of testing asset pricing models tha...

Abstract As in other sciences, an economic experiment is an artificial situation created by a researcher for the purpose of answering one or more scientific questions. Experiments of various types are used in economics to understand the causes of poverty and how it might be alleviated. The methods can identify causal relationships between variables and thereby isolate factors that can lead to poverty as well as to document the behavioral consequences of poverty. Experiments can also be used to provide test beds for proposed policies to alleviate poverty. This essay describes a variety of ways ...

The economy for the common good (ECG) has been developed as a practical economic model, starting in Austria, Bavaria, and South Tyrol in 2010. Nowadays, ECG is considered a viable approach for sustainable transformation across Europe, and also worldwide. Within economic policy, ECG expands social market economy concepts; from a theoretical perspective of economics the question arises, of whether the implicit theoretical model refines the neoclassical paradigm or actually transcends it. During the first scientific conference on the ECG, at the end of 2019 at the University of Applied Sciences B...

Evaluation results show that, even with only 21B activated parameters, DeepSeek-V2 and its chat versions still achieve top-tier performance among open-source models.

There has been increasing attention to privacy in the media and in regulatory discussions. This is a consequence of the increased usefulness of digital data. The literature has emphasized the benefits and costs of digital data flows to consumers and firms. The benefits arise in the form of data-driven innovation, higher-quality products and services that match consumer needs, and increased profits. The costs relate to the intrinsic and instrumental values of privacy. Under standard economic assumptions, this framing of a cost-benefit trade-off might suggest little role for regulation beyond en...

We test between cooperative and extractive theories of the origins of government. We use river shifts in southern Iraq as a natural experiment, in a new archeological panel dataset. A shift away creates a local demand for a government to coordinate because private river irrigation needs to be replaced with public canals. It disincentivizes local extraction as land is no longer productive without irrigation. Consistent with a cooperative theory of government, a river shift away led to state formation, canal construction, and the payment of tribute. We argue that the first governments coordinate...

The article selects listed companies in the non-financial and non real estate industries of China's A-share market from 2010 to 2020 as research samples to empirically examine the relationship between economic policy uncertainty faced by individual enterprises and their financialization. Research has found that economic policy uncertainty significantly suppresses the level of corporate financialization, and the level of corporate social responsibility plays a negative moderating effect in this process; The results of heterogeneity analysis show that the inhibitory effect of economic policy unc...

The article presents the author's view on economic fraud, considers the main causes of their occurrence, and studies their types. Economic fraud is considered as a significant threat to the economic security of economic entities.

Abstract This study explored Economics teachers’ efficacy beliefs in the teaching of Economics. The quantitative research approach was adopted for the study with focus on the descriptive cross-sectional survey design. In total, 125 Senior High School Economics teachers were selected for the study. The Teacher Sense of Efficacy Scale was adapted as the data collection instrument for the study. Both descriptive statistics (e.g. means and standard deviations) and inferential statistics (MANOVA) were used to analyse the data. The study revealed that Economics teachers were more efficacious in inst...