scholarly journals Demand deficiency, money velocity and heterogeneity

2020 ◽  
Vol 4 (2) ◽  
pp. 137-153
Author(s):  
Sidika Basci ◽  
Tahar Gherbi
Keyword(s):  
Design Research ◽  
Wealth Distribution ◽  
Aggregate Demand ◽  
The United States ◽  
Policy Makers ◽  
Agent Based ◽  
Economic Agents ◽  
Downward Pressure ◽  
Heterogeneous Consumers ◽  
Money Velocity

Aim: Money velocity data for the United States show that there is a decline in all of the broad money aggregates in recent decades. This points to a sustained demand deficiency element. Can consumer heterogeneity be the cause of this declining trend? The aim of this paper is to find an answer for this question.   Design / Research Methods: To achieve our aim we use Agent Based Modelling (ABM). In our model, the agents are heterogeneous consumers with different spending propensities.   Conclusions / findings: We show that heterogeneous consumers with different spending propensities alone puts a downward pressure on money velocity. This pressure is coupled with a sustained worsening in the wealth distribution. We observe that as money accumulates in the hands of agents with the lowest propensity to spend, money velocity keeps declining. This also puts a downward pressure on nominal aggregate demand and hence a deflationary bias on the general price level.   Originality / value of the article: This paper shows that heterogeneity of economic agents should not be ignored and that ABM is a very powerful tool to analyse heterogeneity.   Implications of the research: The implication for policy makers is that the demand deficiency associated with the fall in money velocity will persist until the worsening of wealth dispersion comes to a halt.

scholarly journals The Impact of Financialization and Income Inequality on Economic Growth, Investment Processes and Innovation

2018 ◽  
Vol 11 (6) ◽  
pp. 57-68 ◽  
Author(s):  
A. K. Karayev
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Wealth Distribution ◽  
Aggregate Demand ◽  
Bank Loans ◽  
Economic Agents ◽  
Education Levels ◽  
Skill Improvement ◽  
Household Incomes ◽  
The Impact

For the macroeconomic policy to be effective, macroeconomic models must take into account the interrelations between the financial and real sectors of the national economy. The subject of the research is the impact of financialization (expansion of the financial sector influence) and heterogeneity of investment decisions made by households and organizations on the inequality of income and wealth distribution as well as on household consumption and investment demand generated by organizations. The purpose of the research was to simulate the integrated influence and inter- influence of financialization of the economy leading to the following phenomena: an increase in the financial capabilities of economic agents, households and organizations and an increase in their debt; heterogeneity of decisions made by households (with account for different education levels) towards investment in their professional skill improvement, in particular through bank loans; heterogeneity of decisions made by organizations towards investment in expanding the existing production or mastering innovative product manufacturing; inequality in distribution of household incomes, components of aggregate demand in the economy, unemployment, etc. The research was carried out using an agent-oriented AB-SFC model with consistent flows and reserves that takes into account the specifics of investment behavior of economic agents (households and companies). The paper concludes that the financialization can contribute to the economic growth and the leverage and, accordingly, to the debt of economic agents and a higher volatility of macroeconomic aggregates such as aggregate demand components. The research finding also show that innovation and technological changes resulting from investment preferences of organizations and households can also, along with the financialization, aggravate the income inequality of households.

scholarly journals Market Behavior and Evolution of Wealth Distribution: A Simulation Model Based on Artificial Agents

2021 ◽  
Vol 26 (1) ◽  
pp. 12
Author(s):  
Andrea Giunta ◽  
Gaetano Giunta ◽  
Domenico Marino ◽  
Francesco Oliveri
Keyword(s):  
Probability Distributions ◽  
Wealth Distribution ◽  
Real Data ◽  
The United States ◽  
Threshold Region ◽  
Italian Population ◽  
Market Behavior ◽  
Economic Agents ◽  
Simulated Model ◽  
Two Phases

The aim of this work is to simulate a market behavior in order to study the evolution of wealth distribution. The numerical simulations are carried out on a simple economical model with a finite number of economic agents, which are able to exchange goods/services and money; the various agents interact each other by means of random exchanges. The model is micro founded, self-consistent, and predictive. Despite the simplicity of the model, the simulations show a complex and non-trivial behavior. First of all, we are able to recognize two solution classes, namely two phases, separated by a threshold region. The analysis of the wealth distribution of the model agents, in the threshold region, shows functional forms resembling empirical quantitative studies of the probability distributions of wealth and income in the United Kingdom and the United States. Furthermore, the decile distribution of the population wealth of the simulated model, in the threshold region, overlaps in a suggestive way with the real data of the Italian population wealth in the last few years. Finally, the results of the simulated model allow us to draw important considerations for designing effective policies for economic and human development.

Towards an interdisciplinary knowledge exchange model

2019 ◽  
Vol 2 (1) ◽  
Author(s):  
Santiago DE FRANCISCO ◽  
Diego MAZO
Keyword(s):  
Design Research ◽  
Knowledge Exchange ◽  
Academic Research ◽  
Innovation Process ◽  
The United States ◽  
Design Environment ◽  
Interdisciplinary Knowledge ◽  
One Year ◽  
The University ◽  
Common Situation

Universities and corporates, in Europe and the United States, have come to a win-win relationship to accomplish goals that serve research and industry. However, this is not a common situation in Latin America. Knowledge exchange and the co-creation of new projects by applying academic research to solve company problems does not happen naturally.To bridge this gap, the Design School of Universidad de los Andes, together with Avianca, are exploring new formats to understand the knowledge transfer impact in an open innovation network aiming to create fluid channels between different stakeholders. The primary goal was to help Avianca to strengthen their innovation department by apply design methodologies. First, allowing design students to proposed novel solutions for the traveller experience. Then, engaging Avianca employees to learn the design process. These explorations gave the opportunity to the university to apply design research and academic findings in a professional and commercial environment.After one year of collaboration and ten prototypes tested at the airport, we can say that Avianca’s innovation mindset has evolved by implementing a user-centric perspective in the customer experience touch points, building prototypes and quickly iterate. Furthermore, this partnership helped Avianca’s employees to experience a design environment in which they were actively interacting in the innovation process.

Water Resources Management in the Semi-Arid Central Valley of California

1987 ◽  
Vol 19 (9) ◽  
pp. 97-106
Author(s):  
J. J. Vasconcelos
Keyword(s):  
Resource Management ◽  
Ground Water ◽  
Water Resource ◽  
Water Resource Management ◽  
Arid Regions ◽  
Central Valley ◽  
The United States ◽  
Policy Makers ◽  
Ground Water Resource ◽  
Semi Arid

Hater resource managers in semi-arid regions are faced with some unique problems. The wide variations in precipitation and stream flows in semi-arid regions increase man's dependence on the ground water resource for an ample and reliable supply of water. Proper management of the ground water resource is absolutely essential to the economic well being of semi-arid regions. Historians have discovered the remains of vanished advanced civilizations based on irrigated agriculture which were ignorant of the importance of proper ground water resource management. In the United States a great deal of effort is presently being expended in the study and control of toxic discharges to the ground water resource. What many public policy makers fail to understand is that the potential loss to society resulting from the mineralization of the ground water resource is potentially much greater than the loss caused by toxic wastes discharges, particularly in developing countries. Appropriations for ground water resource management studies in developed countries such as the United States are presently much less than those for toxic wastes management and should be increased. It is the reponsibility of the water resource professional to emphasize to public policy makers the importance of ground water resource management. Applications of ground water resource management models in the semi-arid Central Valley of California are presented. The results demonstrate the need for proper ground water resource management practices in semi-arid regions and the use of ground water management models as a valuable tool for the water resource manager.

scholarly journals Discursive Strategies and Sequenced Institutional Change: The Case of Marriage Equality in the United States

2021 ◽  
pp. 003232172110205
Author(s):  
Giulia Mariani ◽  
Tània Verge
Keyword(s):  
United States ◽  
Institutional Change ◽  
The United States ◽  
Marriage Equality ◽  
Agent Based ◽  
Discursive Strategies ◽  
Policy Debates ◽  
The Status ◽  
Private Actors

Building on historical and discursive institutionalism, this article examines the agent-based dynamics of gradual institutional change. Specifically, using marriage equality in the United States as a case study, we examine how actors’ ideational work enabled them to make use of the political and discursive opportunities afforded by multiple venues to legitimize the process of institutional change to take off sequentially through layering, displacement, and conversion. We also pay special attention to how the discursive strategies deployed by LGBT advocates, religious-conservative organizations and other private actors created new opportunities to influence policy debates and tip the scales to their preferred policy outcome. The sequential perspective adopted in this study allows problematizing traditional conceptualizations of which actors support or contest the status quo, as enduring oppositional dynamics lead them to perform both roles in subsequent phases of the institutional change process.

scholarly journals Investigating Dynamics of COVID-19 Spread and Containment with Agent-Based Modeling

2021 ◽  
Vol 11 (12) ◽  
pp. 5367
Author(s):  
Amirarsalan Rajabi ◽  
Alexander V. Mantzaris ◽  
Ece C. Mutlu ◽  
Ozlem O. Garibay
Keyword(s):  
Disease Model ◽  
Agent Based Modeling ◽  
Contact Tracing ◽  
Test Bed ◽  
Policy Makers ◽  
Agent Based ◽  
Contact Behavior ◽  
Epidemic Curve ◽  
Behavioral Adaptations ◽  
Travel Restrictions

Governments, policy makers, and officials around the globe are working to mitigate the effects of the COVID-19 pandemic by making decisions that strive to save the most lives and impose the least economic costs. Making these decisions require comprehensive understanding of the dynamics by which the disease spreads. In traditional epidemiological models, individuals do not adapt their contact behavior during an epidemic, yet adaptive behavior is well documented (i.e., fear-induced social distancing). In this work we revisit Epstein’s “coupled contagion dynamics of fear and disease” model in order to extend and adapt it to explore fear-driven behavioral adaptations and their impact on efforts to combat the COVID-19 pandemic. The inclusion of contact behavior adaptation endows the resulting model with a rich dynamics that under certain conditions reproduce endogenously multiple waves of infection. We show that the model provides an appropriate test bed for different containment strategies such as: testing with contact tracing and travel restrictions. The results show that while both strategies could result in flattening the epidemic curve and a significant reduction of the maximum number of infected individuals; testing should be applied along with tracing previous contacts of the tested individuals to be effective. The results show how the curve is flattened with testing partnered with contact tracing, and the imposition of travel restrictions.

Universality, Quality & Economics: Finding a Balance in Ontario and British Columbia

1994 ◽  
Vol 20 (1-2) ◽  
pp. 203-229
Author(s):  
John D. Blum
Keyword(s):  
Health Reform ◽  
New Ventures ◽  
The United States ◽  
High Price ◽  
Social Programs ◽  
Policy Makers ◽  
High Expectations ◽  
The Us ◽  
Acceptable Model ◽  
National Economies

National economies worldwide are in disarray, evidenced by escalating debts and growing deficits. As countries struggle with their faltering economies they are hard pressed to fulfill commitments of social programs made in more prosperous times, much less take on new government initiatives. The current experiences in health reform in the United States present an interesting example of the dilemmas governments now face when they embark on new ventures. While great political pressures have been launched and high expectations abound, the reality of American health reform quickly reveals that expanded access will come at a high price that won't be offset easily by conventional cost containment or market forces.In the search for an acceptable model for health reform, it was popular for policy makers and academics to turn their attentions to the health systems of other nations. Recommendations were made that the US should adopt a German or Canadian solution for our health problems.

scholarly journals COVID-TRACK: world and USA SARS-COV-2 testing and COVID-19 tracking

2021 ◽  
Vol 14 (1) ◽  
Author(s):  
Ye Emma Zohner ◽  
Jeffrey S. Morris
Keyword(s):  
Web Application ◽  
The United States ◽  
Mitigation Strategies ◽  
Time Lags ◽  
Policy Makers ◽  
Major Health ◽  
Dynamic Representation ◽  
Graphical Displays ◽  
The Usa ◽  
User Friendly

Abstract Background The COVID-19 pandemic has caused major health and socio-economic disruptions worldwide. Accurate investigation of emerging data is crucial to inform policy makers as they construct viral mitigation strategies. Complications such as variable testing rates and time lags in counting cases, hospitalizations and deaths make it challenging to accurately track and identify true infectious surges from available data, and requires a multi-modal approach that simultaneously considers testing, incidence, hospitalizations, and deaths. Although many websites and applications report a subset of these data, none of them provide graphical displays capable of comparing different states or countries on all these measures as well as various useful quantities derived from them. Here we introduce a freely available dynamic representation tool, COVID-TRACK, that allows the user to simultaneously assess time trends in these measures and compare various states or countries, equipping them with a tool to investigate the potential effects of the different mitigation strategies and timelines used by various jurisdictions. Findings COVID-TRACK is a Python based web-application that provides a platform for tracking testing, incidence, hospitalizations, and deaths related to COVID-19 along with various derived quantities. Our application makes the comparison across states in the USA and countries in the world easy to explore, with useful transformation options including per capita, log scale, and/or moving averages. We illustrate its use by assessing various viral trends in the USA and Europe. Conclusion The COVID-TRACK web-application is a user-friendly analytical tool to compare data and trends related to the COVID-19 pandemic across areas in the United States and worldwide. Our tracking tool provides a unique platform where trends can be monitored across geographical areas in the coming months to watch how the pandemic waxes and wanes over time at different locations around the USA and the globe.

scholarly journals What If the Influenza Vaccine Did Not Offer Such Variable Protection?

2020 ◽  
Vol 222 (7) ◽  
pp. 1138-1144 ◽  
Author(s):  
Sarah M Bartsch ◽  
Elizabeth A Mitgang ◽  
Gail Geller ◽  
Sarah N Cox ◽  
Kelly J O’Shea ◽  
...  
Keyword(s):  
Influenza Vaccine ◽  
Compartment Model ◽  
Medical Costs ◽  
The United States ◽  
Individual Factors ◽  
Policy Makers ◽  
Direct Medical Costs ◽  
Productivity Losses ◽  
Potential Impact ◽  
The Impact

Abstract Background The protection that an influenza vaccine offers can vary significantly from person to person due to differences in immune systems, body types, and other factors. The question, then, is what is the value of efforts to reduce this variability such as making vaccines more personalized and tailored to individuals. Methods We developed a compartment model of the United States to simulate different influenza seasons and the impact of reducing the variability in responses to the influenza vaccine across the population. Results Going from a vaccine that varied in efficacy (0–30%) to one that had a uniform 30% efficacy for everyone averted 16.0–31.2 million cases, $1.9–$3.6 billion in direct medical costs, and $16.1–$42.7 billion in productivity losses. Going from 0–50% in efficacy to just 50% for everyone averted 27.7–38.6 million cases, $3.3–$4.6 billion in direct medical costs, and $28.8–$57.4 billion in productivity losses. Going from 0–70% to 70% averted 33.6–54.1 million cases, $4.0–$6.5 billion in direct medical costs, and $44.8–$64.7 billion in productivity losses. Conclusions This study quantifies for policy makers, funders, and vaccine developers and manufacturers the potential impact of efforts to reduce variability in the protection that influenza vaccines offer (eg, developing vaccines that are more personalized to different individual factors).

scholarly journals Introduction to the Special Issue: Soft Power of Civil Society in International Relations

2012 ◽  
Vol 13 (4) ◽  
pp. 473-476
Author(s):  
TAKASHI INOGUCHI
Keyword(s):  
United States ◽  
Public Opinion ◽  
Civil Society ◽  
International Relations ◽  
Soft Power ◽  
The United States ◽  
Special Issue ◽  
Policy Makers

This special issue focuses on the role of civil society in international relations. It highlights the dynamics and impacts of public opinion on international relations (Zaller, 1992). Until recently, it was usual to consider public opinion in terms of its influence on policy makers and in terms of moulding public opinion in the broad frame of the policy makers in one's country. Given that public opinion in the United States was assessed and judged so frequently and diffused so globally, it was natural to frame questions guided by those concepts which pertained to the global and domestic context of the United States.

Sign in / Sign up

Export Citation Format

Share Document