scholarly journals Failure of the Rational Expectation: Argumentation, Logic and Suggestions on Supply-Side Management

2019 ◽  
Vol 13 (1) ◽  
pp. 161
Author(s):  
Kang Jia ◽  
Qiaobin Feng ◽  
Jingchun Su
Keyword(s):  
Incomplete Information ◽  
Economic System ◽  
Rational Expectation ◽  
Dynamic Balance ◽  
Supply Management ◽  
Supply Side ◽  
Loss Of Control ◽  
Economic Practice ◽  
Future Events ◽  
The Government

Rational expectation is known as the sixth revolution in economics. Based on a brief review of rational expectation, this paper puts forward the proposition of failure of rational expectation. The so-called failure of rational expectation means that when the market entity predicts future events, it is impossible to form a completely accurate expectation and then adjust its actions accordingly due to incomplete information and other reasons. On the contrary, due to various irrational factors, the actions of the market entities based on individual ration sometimes may be mad and loss of control, producing devastating effects on the economic system. This paper expounds the concept and formation mechanism of the failure of rational expectation, and conducts a preliminary empirical analysis on this in combination with China’s economic practice. On this basis, it proposes that rational supply management, which the government can play a role in, should be combined to correct the failure of rational expectation and realize the dynamic balance and stability of the economic system.

Prinsip Dasar Ekonomi Dan Bisnis Dalam Islam

AKADEMIKA ◽  
2015 ◽  
Vol 9 (1) ◽  
pp. 69-77
Author(s):  
Misbahul Khoir
Keyword(s):  
Economic Development ◽  
Economic System ◽  
Human Behavior ◽  
Business Performance ◽  
Positive Impact ◽  
Economic Life ◽  
Universal Values ◽  
The Government ◽  
Islamic Economic ◽  
And Behavior

In order for humans could reach the so-called falah (goodness), human behavior needs to be colored with the spirit and norms of Islamic economics reflected in its values. The principles and values of Islamic economics are considerably two inseparable things. The implementation of economic principles without being colored with values or values without being based on principles could keep people far away from their purpose, namely falah. The implementation of values not based on principles will tend to bring with it the normative economics, which would cause it trapped into injustice. While the implementation of values on the Islamic economic development is based on the five universal values, namely akidah (belief), 'adl (justice), nubuwwah (prophetic), khilafah (the government), and ma'ad (results). The five principles are used as the basis for building theories of Islamic economics. But strong and adequate theories not applied into a system will make the Islamic economics just as the study of science without giving positive impact on the economic life. Therefore, based on the five universal values, the three derivative principles should be built into the characteristics and the forerunner of the Islamic economic system. The Islamic economic system makes sure that there are no economic transactions that are contrary to the Shari'a. But business performance depends on the man behind the gun. For that reason, the economic actors within this framework could be held by non-Muslims. The Islamic economics could only be developed if the mindset and behavior of Muslims are already itqan (diligent) and ihsan (professional). It "may be" one of the secrets of the Prophet's statement, saying "Truly I was sent to perfect good character". Because good character could be an indicator of knowing good or bad behavior in determining both the success and the failure of business itself.

Comparative Study Of Islamic Economic Law And The Capitalist

2018 ◽  
Vol 16 (2) ◽  
pp. 104
Author(s):  
Tesa Mellina ◽  
Mohammad Ghozali
Keyword(s):  
Economic System ◽  
Capitalist System ◽  
Economic Problems ◽  
Economic Law ◽  
The Poor ◽  
Economic Practice ◽  
The World ◽  
Islamic Economic ◽  
Economic Injustice ◽  
Islamic Values

The implementation ofthe capitalist system has eliminated the Islamic values in economic practice. After the financial crisis hit the world, the capitalist system reaped many questions and its greatnessbegins to be doubted. The capitalist system implementationprecisely creates new problems in the economy. The concept of individualism which is the main key in capitalist practice only creates economic injustice and misery of the poor. The only economic theory that is expected as a light in dealing with economic problems is an economic system that is able to create justice,the welfare of all parties and blessings both the world and the hereafter. The theory is the Islamic economics which in practice is inseparable from Islamiceconomic law. Islamic economic law that underlies the Islamic economic system is totally different from the capitalist economic system.Keywords: Islamic Economic Law; Islamic economics; Capitalist Economy

scholarly journals Shadow economy and public debt sustainability in Turkey

2007 ◽  
Vol 52 (173) ◽  
pp. 85-104 ◽  
Author(s):  
Yereli Burçin ◽  
Erdem Seçilmiş ◽  
Alparslan Başaran
Keyword(s):  
Economic System ◽  
Legal System ◽  
Public Debt ◽  
Shadow Economy ◽  
Negative Effects ◽  
The Core ◽  
Significant Difference ◽  
Sustainability Of Public Debt ◽  
The Government ◽  
The Relationship

The aim of this study is to examine the relationship between the shadow economy and public debt in Turkey. We elaborate on the questions regarding the negative effects of shadow economy on the sustainability of public debt observing the estimates about the size of shadow economy in Turkey. In the light of some scholars? estimates, we re-evaluate the macroeconomic situation of Turkey. At the core of the study, we discuss how the government borrowing policies would differ if the shadow economy was included into the legal system. In order to examine the effects of shadow economy on sustainability, we use various sustainability indicators. There is a significant difference observed between the calculations which take into account the volume of shadow economy as a share of economic system and those that exclude shadow economy as an exogenous variable. .

scholarly journals Economic impacts of craftsman statue on community based tourism development

2017 ◽  
Vol 1 (3) ◽  
pp. 59-73
Author(s):  
A.A. Gde Putra Pemayun ◽  
A.A. Istri Agung Maheswari
Keyword(s):  
Economic System ◽  
Small And Medium Enterprises ◽  
Tourism Development ◽  
Poverty Line ◽  
Market Failures ◽  
Economic Activities ◽  
Human Needs ◽  
Gary Becker ◽  
The Government ◽  
Medium Enterprises

This study examines the "Economic Impact of Craftsmen Statue on Community Base Tourism Development in Tohpati village Klungkung Bali". The core concept of economic problems is the imbalance between unlimited human needs and the means of satisfying the needs of a limited number. Economics should not be emphasized through the point, but it should be emphasized as an approach to explain human behavior (Gary Becker). The economic system is a means used to regulate all economic activities in society whether done by the government or private in order to achieve prosperity and prosperity together. The Economic system can be divided into three namely: a First capitalist economic system that is all economic activity submitted to the market. Second, the communist economic system is all things governed by the government. The third is a mixed economic system that is a combination of the two economic systems above (capitalist and communist). Indonesia should adopt a mixed economic system because firstly, Indonesia is an emerging country, where market failures often occur due to uneven information or accessibility to transportation and communication facilities. The second is that there are still many Indonesian people are below the poverty line. Thirdly most Indonesians have businesses that are still classified into small and medium enterprises that still can not compete perfectly with a bigger business.

The supply-side of corruption: a review of scenario, causes and prevention measure

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nurfarizan Mazhani Mahmud ◽  
Intan Salwani Mohamed ◽  
Roshayani Arshad
Keyword(s):  
Private Sector ◽  
Business Environment ◽  
Supply Side ◽  
Public Officials ◽  
Theoretical Understanding ◽  
Content Type ◽  
Preventative Measures ◽  
Prior Literature ◽  
The Government ◽  
High Level

Purpose This paper aims to provide a proper understanding of corruption in the private sector, also known as the supply-side of corruption. It also presents the causes of corrupt practices and points out the corporations’ actions to mitigate corrupt behaviour in the business environment. Design/methodology/approach This study reviews the prior literature on the phenomenon of corruption in the private sector, its causes and the preventive measures that should be implemented. Findings Corruption in the private sector was associated with a firm’s interaction with the public sector, and the most common corruption in the private sector is grand corruption, which is improper contribution made to high-level public officials and politicians. The causes of corruption in the private sector can be explained from several dimensions: economy, psychosocial and legal and regulation. Preventative measures encompass both internal strategies, which are endogenous to business and external strategies like exogenous legislation and restrictions enforced by the government or outside organizations. Originality/value The efficient strategies in combating corruption need active cooperation and participation from the supply-side of corruption. Thus, this study contributes to the literature on the theoretical understanding of the corruption problem from the supply-side and responsibility play by the private sector in global anti-corruption initiatives.

Problems and Holistic Solutions for Agricultural Businesses in Chiang Mai

2019 ◽  
pp. 1-8
Keyword(s):  
Language Skills ◽  
Educational Institutions ◽  
Supply Side ◽  
Demand Side ◽  
Chiang Mai ◽  
Demand And Supply ◽  
Industry Group ◽  
The Government ◽  
Integration Problems ◽  
Production Problems

This research aims to study the problems and find solutions of major agro-industries in Chiang Mai, Thailand. The sample was divided into two parts: The supply side was the government agency, educational institutions and civil society. Demand side was Agro-Industry entrepreneurs. The methodology was focus on meeting the stakeholder debate, and group workshop, the first step of the research was selected the potential agro-industry group to study then in the operating phase, the survey was conducted to analyze and synthesize the problems of agro-industry and find solutions by group meetings in order to present a holistic problem-solving model. This process will provide opportunity for stakeholders and related agencies to collaborate and propose appropriate guidelines for action. The results show that, within demand side, the three most important issues are labor issues, marketing and production problems respectively. While the supply side, the top three issues are the integration problems, lacking of language skills / expertise, and lacking of database. Based on the analysis of both demand and supply side, there is a lack of concrete cooperation from relevant agencies, especially in policy cooperation. Therefore, a policy that responds to the problems of agro-industry is essential for all agencies to focus on and implement concrete measures to address sustainable issues.

Facilitating Consumers' Adoption of E-Government in South Africa

2019 ◽  
pp. 243-265
Author(s):  
Richard Shambare
Keyword(s):  
South Africa ◽  
South African ◽  
Communication Technologies ◽  
Information Communication Technologies ◽  
Supply Side ◽  
Information Communication ◽  
Review Of The Literature ◽  
Government Programs ◽  
Governance Systems ◽  
The Government

This chapter examines the diffusion and adoption of electronic governance systems (e-government) in South Africa. The purpose of the chapter is to determine how the supply side in South Africa has facilitated consumers' adoption of e-government. To achieve this objective, an extensive review of the literature encapsulating e-government, South African public services, information communication technologies (ICTs), and commerce was conducted. Findings revealed interesting results. First among many was that e-government is viewed by the government as a panacea to a plethora of socio-economic problems facing the country. It was further revealed that e-government initiatives at the municipality level are quite instrumental in driving the e-government agenda in South Africa. Of note, municipalities have rolled out various e-government programs. As a result, the country's overall e-government rankings were observed to have significantly improved in the recent past. The chapter concludes by highlighting several opportunities through which e-government could be further strengthened.

Purchasing and supply management (PSM) contribution to supply-side resilience

2020 ◽  
Vol 228 ◽  
pp. 107740
Author(s):  
Carla Roberta Pereira ◽  
Andrea Lago da Silva ◽  
Wendy Lea Tate ◽  
Martin Christopher
Keyword(s):  
Supply Management ◽  
Supply Side

China's Practice of Implementing a 3G Mobile Telecommunications Standard

2009 ◽  
pp. 140-151
Author(s):  
Mingzhi Li ◽  
Kai Reimers
Keyword(s):  
The Political ◽  
Supply Side ◽  
Demand Side ◽  
Economic Aspects ◽  
Mobile Telecommunications ◽  
Economic Market ◽  
Political Market ◽  
Standardization Process ◽  
The Government ◽  
Telecommunications Market

This chapter analyses and evaluates the Chinese government’s 3G policy of supporting the creation and implementation of the country’s indigenous TD-SCDMA standard. On the supply side, the addition of a new standard has enriched choices available on the 3G mobile telecommunications market; however, on the demand side, the government had to force operators to adopt this standard due to their lack of interest in the new standard. Building on insights gained from North’s theory on the transaction costs of politics, the authors explain this standardization process as a result of interaction between the political market and the economic market which has ultimately been driven by ideology shifts that took place on multiple levels of China’s society in recent years. They contribute to the standardization literature by demonstrating how North’s theory can be used for integrating political and economic aspects in the analysis of standardization processes.

Deng Xiaoping: The Economist

1993 ◽  
Vol 135 ◽  
pp. 491-514 ◽  
Author(s):  
Barry Naughton
Keyword(s):  
Economic Growth ◽  
Economic System ◽  
Economic Reform ◽  
World Economy ◽  
Economic Change ◽  
Chinese Government ◽  
Economic Problems ◽  
Large Numbers ◽  
Modem World ◽  
The Government

Deng Xiaoping's economic legacy is overwhelmingly positive and quite secure-in this, it stands in contrast to his troubled and ambiguous political legacy. Of all of Deng's achievements, the transformation of China's economic system is the only one that is currently judged to have succeeded, and to have benefited large numbers of people. Deng presided over the Chinese government during a period of enormous economic change. Under his leadership, the government extricated itself from a legacy of massive economic problems and began a sustained programme of economic reform. Reforms transformed the economic system and initiated a period of explosive economic growth, bringing the country out of isolation and into the modem world economy.

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