World Economics

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National Output as Interest on National Capital
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John Hartwick, World Economics, June 2019
Current national output can be consider as deriving from a collection of capital goods, including a natural capital good. A model is created which considers Net National Product as interest on capital in the economy: a new approach which touches in a non-trivial way on green national accounting. One important implication is that trading nation draws in part on the capital, including natural capital, of its trading partners and exports in part some of its own capital in its exports. It is also necessary to incorporate pollution spillovers Net National Product which is a hugely vexing issue.
The Comparative Analysis on the Population Control Policies in China and India
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Min-kyung, KIM, World Economics, March 2019
Population is a source of a nations’ strength and national security, but some overpopulated countries in Asia are trying to lower their population growth, even implementing population control policies. This paper conducts a comparative study of China and India to explore the effectiveness of their population control policies, and its findings suggest that education can be one of the strongest methods to curb the population explosion, reducing its side effects by giving Kerala case. This study suggests that further attention must be given to more cases in China and India related to the correlation between the level of education and population growth. Also, the case of Kerala will be needed to be researched more in-depth and yield more concrete recommendations to facilitate an added value to this field.
On Measuring the Money Supply
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Steve H. Hanke, World Economics, March 2019
Oskar Morgenstern warned in The Limits of Economics (1937), that the formulation of economic policy was handicapped by the lack of relevant data and errors in its measurement. In this paper, the measurement of the money supply is used to illustrate Morgenstern's point. The most relevant measure of money for purposes of nominal national income determination is an inclusive, broad money metric. Most central banks fail to report the most inclusive broad money metrics, and what is reported are measured with the use of simple-sum aggregates. Divisia monetary aggregates are superior to simple-sum aggregates. These superior measures are used and data are reported for the United States by William A. Barnett at the Center for Financial Stability in New York.
Measuring the Impact of the Internet on Retailing
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Julian Gough, World Economics, December 2017
The internet has radically changed the purchasing of goods and services leading to a rapid expansion of online retailers and a decline of many traditional shops on the high street. The UK is the leading nation in Europe in terms of online sales, after a remarkable change in consumers’ spending patterns, with a value of £67bn in 2017, 18% of total retail sales. Economists have neglected retailing as a subject area, perhaps reflecting the complexity of its operations, but it is possible to construct a model of retailing by adapting the conventional marginal theory of the firm. Online retailing has benefits—the ability to view, compare and choose products at competitive prices on screen, pay online with fast home delivery—and costs—the disappearance of small local shops with after-sales service.
On Measuring Hyperinflation
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Steve H. Hanke & Charles Bushnell, World Economics, September 2017
Venezuela now exhibits the 57th historic episode of hyperinflation as measured in the Hanke–Krus World Hyperinflation Table. Entry to the hyperinflation dataset depends on three qualifying criteria: inflation rates greater than 50% per month; the persistence of this rate for at least 30 consecutive days; and full documentation so that inflation estimates are replicable. This paper measures Venezuela’s hyperinflation by transforming changes in the US dollar–Venezuelan bolivar exchange rate into implied inflation rates using the purchasing power parity doctrine. The purchasing power parity method is accurate during periods of hyperinflation. Venezuela’s hyperinflation peaked with a monthly inflation rate of 219.7% on 30 November 2016.
Double Deflation Casts Doubt on Existing GDP Data
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Brian Sturgess, World Economics, June 2017
Increasingly, national income statisticians, the specialists involved in producing real national income figures, and the users of those figures are living in a parallel universe. Most countries use an outdated and inaccurate method to estimate real Gross Domestic Product (GDP) by using what is termed single deflation. Best practice suggests using double deflation: one price index to deflate the prices of goods produced and another to deflate the value of intermediate goods used up in production. A recent study comparing single deflation calculations with double deflation official growth estimates for eight countries showed that, for some years, single deflation figures deviated up- or downwards from the official estimates by as much as 3–4 percentage points.
Data on Indicators of Governance: Handle with Care
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M.G.Quibria, World Economics, June 2016
This article provides a select review of data used as indicators of governance. Despite the popularity and considerable success of the existing body of governance indicators in putting the spotlight on governance inadequacies in developing countries, they are fraught with a whole host of statistical and measurement issues. It argues that these indicators should be applied with caution, keeping their shortcomings in mind.
Data on Singapore’s Sovereign Wealth Fund is Flawed
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Christopher Balding, World Economics, September 2015
This paper undertakes a critique of the quality of Singapore’s public economic data in the context of the claim that one of the island’s sovereign wealth funds, Temasek Holdings, reports that it has earned since inception in 1974 an average annualized rate of return of 16%. Over a similar time period the Singapore stock market earned 4.99% implying that Temasek on average outperformed the local stock market in which it was heavily invested, by a factor of more than three times every year. The paper replicates Temasek’s portfolio and analyses Singapore’s public finances and finds that irregularities may exist within Temasek financials. It concludes that if there are as of yet unknown financial weaknesses within Singaporean public finances that have yet to be realized then given the importance of the island in Asia’s financial markets, this should raise concerns over the quality of financial statements produced by government linked corporations and the public sector.
New Data on Global Differences in Family Offices
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Robert Eigenheer, World Economics, March 2014
A family office is not a specifically-defined institution per se. Rather, the family office is a broad concept to cover all financial needs of one or more wealthy families. While in the United States the first family offices were established in the nineteenth century, interest in the family office concept has recently been growing in emerging markets around the globe due to the increasing number of ultra-wealthy individuals and families in those regions. Nowadays, family offices are set up all over the world. This fact inevitably leads to the question: Are there regional differences among the structures of family offices, their services, their investment strategies, and their operational costs?
Measuring Nations’ Economic Performance
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F. Gerard Adams, World Economics, December 2009
The Report of the Commission on Economic Performance and Social Progress considers the issues of establishing a broader measure of human well-being than the per capita GDP currently used. The report evaluates the possibilities for expanding the GDP concept and other measures of well-being, and for evaluating sustainability. The Commission recognises that it will not be possible to rely on one measure, recommending the use of a dashboard of various measures, including adjusted net saving.
The Economics of Happiness
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Carol Graham, World Economics, September 2005
The economics of happiness is an approach to assessing welfare that combines economists’ techniques with those of psychologists, and relies on more expansive notions of utility than does conventional economics. Research based on this approach highlights the factors—in addition to income—that affect well-being. It is well suited to informing questions in areas where revealed preferences provide limited information, such as the welfare effects of inequality and of macroeconomic policies such as inflation and unemployment. One such question is the gap between economists’ assessments of the aggregate benefits of the globalization process and the more pessimistic assessments that are typical of the general public. The paper summarizes research on some of these questions, and in particular on those relevant to globalization, poverty, and inequality.

Displaying: 1-11 of 11