The concept of social entrepreneurship emerged as a significant factor that contributes toward public welfare and prosperity. Recent studies showed that social entrepreneurship influences the economic growth and sustainability of the state. Therefore, the underlying aim of this study was to investigate the impact of social entrepreneurship on sustainable economic growth and value creation. This study also undertook to observe the mediating role of innovation in the relationship between social entrepreneurship and sustainable economic growth (...) and between social entrepreneurship and value creation. A questionnaire technique was adopted to obtain data from 343 tour operators in China. The Smart-PLS software was used to analyze the data through the aid of a structural equation modelling (SEM) technique. The results revealed that social entrepreneurship has an effect on sustainable economic growth and value creation. The results also demonstrated that innovation has an effect on sustainable economic growth and value creation. Moreover, it was also observed that innovation mediated the relationship between social entrepreneurship and sustainable economic growth and between social entrepreneurship and value creation. Theoretically, this study made a valuable contribution by examining the impact of social entrepreneurship on sustainable economic growth and value creation and innovation as a mediator. In terms of practical implications, this study would certainly aid the policymakers to devise policies and strategies aim to encourage and promote social entrepreneurship. Moreover, future studies can introduce other mediating and moderating variables in order to gain a deeper insight into the phenomenon. (shrink)

The study aims to measure the link between CSR and economic growth. This study investigates whether CSR expenses shown by the banks are contributing to the sustainability of an emerging economy like India. For this study, CSR spending of 21 commercial banks, on nine development areas of the Indian economy, the human development index of India, and its indicators along with the growth rate of GDP of India and state-wise GDP for the year 2014-2015 to 2017-2018 have (...) been taken as secondary data. The research techniques used are the case analysis method, correlation, and descriptive analysis. The study highlights that CSR activities are more of a myth and a far-reaching possibility in developing nations like India, where most institutions are engrossed in such activities to gain laurels and secure investors from the globe. (shrink)

The development of the endogenous growth model rekindled interest in growth theory. In contrast to the neo-classical model, long-run endogenous growth emerged as an equilibrium outcome, reflecting the behaviour of optimizing agents in the economy. This book brings together a number of contributions in growth theory and macroeconomic dynamics, reflecting these developments and the ongoing debate over the relative merits of neo-classical and endogenous growth models. It focuses on the emergence of three important aspects: First, (...) it develops growth models that extend the underlying theory in different directions. Second, it addresses one of the concerns of the literature on growth and dynamics: the statistical properties of underlying data and the effort to ensure that growth models are consistent with empirical evidence. Third, it discusses the increasingly international focus of macrodynamics and growth theory, an inevitable consequence of the integration of the world economy. (shrink)

The global coronavirus pandemic has had an impact on the socio-economic development of the world. The article assesses the economic growth in the EAEU member States for 2020. Specific features of the development of the Union's economies are defined. Recommendations for increasing the rate of economic growth are formulated.

Why pursue economic growth? For poor countries this is an easy question to answer, but it is more difficult for rich ones. Some of the world's greatest philosophers and economists – such as John Stuart Mill, John Maynard Keynes, and John Rawls – thought that, once a certain material standard of well-being has been achieved, economic growth should stop. I argue the opposite in this article. We always have reason to pursue economic growth. My (...) argument is indirect. I shall not argue that economic growthitselfis always better. Rather, I shall argue thatstoppinggrowth requires morally objectionable actions. Economic growth tends to occur naturally if certain underlying conditions are in place. We have moral reasons to insist on these conditions independent their effect on growth, however. Halting growth requires that we alter these conditions, but we ought not do this. (shrink)

This study maintains that China's system of economic planning tends to mitigate the trade-off between economic growth and equity that has been found to prevail in the early stages of development in most less developed countries. The analysis focuses on the Chinese leadership's attempt to improve economic efficiency by decentralizing economic management without encouraging, as a consequence, increased economic inequality among different regions. By examining the budgetary and planning process, focusing in particular on the (...) fiscal relations between the centre and the far-reaching degree of resource redistribution undertaken by the central government through its control of interprovincial and intersectoral resource transfers. Professor Lardy's analysis highlights the essential features of Chinese economic growth and relates these to the experience of both developing and Soviet-type economies. (shrink)

A simple exogenous growth model gives conservative estimates of the economic implications of machine intelligence. Machines complement human labor when they become more productive at the jobs they perform, but machines also substitute for human labor by taking over human jobs. At first, expensive hardware and software does only the few jobs where computers have the strongest advantage over humans. Eventually, computers do most jobs. At first, complementary effects dominate, and human wages rise with computer productivity. But eventually (...) substitution can dominate, making wages fall as fast as computer prices now do. An intelligence population explosion makes per-intelligence consumption fall this fast, while economic growth rates rise by an order of magnitude or more. These results are robust to automating incrementally, and to distinguishing hardware, software, and human capital from other forms of capital. (shrink)

The spillovers in knowledge among largely college-educated workers were among the key reasons for the impressive degree of economic growth and spread of entrepreneurship in the United States during the 1990s. Prior 'industrial policies' in the 1970s and 1980s did not advance growth because these were based on outmoded large manufacturing models. Zoltan Acs and Catherine Armington use a knowledge spillover theory of entrepreneurship to explain new firm formation rates in regional economies during the 1990s period and (...) beyond. The fastest-growing regions are those that have the highest rates of new firm formation, and which are not dominated by large businesses. The authors of this text also find support for the thesis that knowledge spillovers move across industries and are not confined within a single industry. As a result, they suggest, regional policies to encourage and sustain growth should focus on entrepreneurship among other factors. (shrink)

Must a society aim indefinitely for continued economic growth? Proponents of economic growth advance three central challenges to the idea that a society, having attained high levels of income and wealth, may justly cease to pursue further economic growth: if environmentally sustainable and the gains fairly distributed, first, continued economic growth could make everyone within a society and globally, and especially the worst off, progressively better off; second, the pursuit of economic (...) growth spurs ongoing innovation, which enhances people’s opportunities and protects a society against future risks; and third, continued economic growth fosters attitudes of openness, tolerance, and generosity, which are essential to the functioning of a liberal democratic society. This article grants these challenges’ normative foundations, to show that, even if one accepts their underlying premises as requirements of justice, a society may still justly cease to aim for economic growth, so long as it continues to aim for and realize gains on other dimensions. I argue that, while continued economic growth might instrumentally serve valuable ends, it is not necessary for their realization, as a society can achieve these ends through other means. (shrink)

As the answer to sustainability concerns, green economic growth has gradually attracted considerable attention. Notably, the optimization of the institutional environment contributes to green economic growth from the perspective of new institutional economics. However, few studies have systematically explained the connection between the institutional environment and green growth. In this study, the institutional environment was divided into three dimensions: governmental, legal, and cultural subenvironments. We adopted econometric models with the effect of every dimension on green (...) growth and empirically analyzed with the generalized method of moments, based on Chinese provincial panel data from the years 2000–2016. The results indicated that there was an inverted U-shaped relationship between China’s institutional environment and its green growth. That is, the institutional environment can initially promote China’s green growth but, if it is not changed, will eventually inhibit it. In addition, the analysis on the three dimensions of the institutional environment highlighted that the role of the cultural subenvironment in green growth is greater than those of the governmental and legal subenvironments. (shrink)

Instead of relying on the usual price elasticity technique, this book combines economic and engineering analysis to study economic growth and energy demands to the year 2000. It asserts that future energy demand will be determined by two basic factors--the gross national product and the efficiency with which energy is used to produce this output in the household, commercial, industrial, and transport sectors of the economy.Labor hours multiplied by a productivity factor results in the GNP. This study (...) predicts that, in the long run, productivity in the United States will recover most of the sharp losses registered in the past five years. The study points out the decelerating population growth, the higher number of women in the labor force, and new investments as having an influence on this situation.After projecting the size and composition of each of the four energy consuming sectors that account for the total GNP. Energy and Economic Growth estimates efficiency improvements for each. It shows, for example, that higher levels of thermal insulation will reduce sharply energy needs for household heating and cooling. Similarly, the study notes that improvements in energy consumption per dollar of output can be made for each of the energy intensive manufacturing industries, nothing that although the savings in energy are significant, none is a consequence of pushing improvements to known technological limits. Finally, the book establishes the price elasticities that are inherent in the calculated energy requirements and checks these against elasticity estimates made by other researchers. (shrink)

This article explores how the liberal tradition of political thought has dealt with the prospect of limits to economic growth and how it should approach this issue in the future. Using Andrew Moravcsik's explanatory liberal theory, it finds that the commitment of governments to growth stems primarily from the aggregation of societal preferences for the social goods that growth produces. The arguments of liberal thinkers who have grappled with the issue of growth are then examined (...) to gain a deeper theoretical understanding of the relationship between liberal democracy and growth. These include John Stuart Mill, for whom a non-growing economy was essential for overcoming the tension between liberty and equality; Ronald Dworkin, who argues that growth is a derivative means to further more fundamental ends; and Marcel Wissenburg, who suggests that it is legitimate for liberal democracies to limit the preference for growth if it risks undermining liberal norms and institutions. Using these theoretical insights, it is argued that environmental degradation, which is partly driven by growth, now threatens the fundamental liberal commitments of many liberals, including some forms of state neutralism, utilitarianism, inalienable individual rights and above all human autonomy. Therefore, liberal democratic states not only can, but must move towards a post-growth economy to secure these objectives into the future. (shrink)

Neo-liberal economics is built upon the claim that the freedom to pursue one's self-interest and rational choice leads to economic growth and development. Against this background neo-liberal economists and policymakers endeavoured to universalise this claim, and insistently argue that appropriate economic policies produce the same results regardless of cultural values. Accordingly, developing countries are often advised to embrace the neo-liberal economic credo for them to escape from the trap of underdevelopment. However, the economic success of (...) South East Asia on the one hand and the failure of economic development in sub-Saharan Africa on the other, are increasingly proving that the 'economic' argument cannot be taken dogmatically: self-interest and rationality do not seem to be the sufficient explanations for economic development. One other avenue to be taken seriously is the link between cultural values and economic development. After viewing the principle of self-interest against its historico-cultural background, I consider this link in the African context, and argue that, although they cannot be taken as the sole factor, people's cultural beliefs and values are crucial for economic development. Economic growth and development need to be a substantiation of a people's beliefs and values. In African value system, this substantiation could lead to what one would call 'ubuntu economy' in which the state, the markets and the people are all agents, and not patients, in the process of economic growth and development. (shrink)

Must we always pursue economic growth? Kogelmann answers yes. Not only should poor countries pursue growth, but rich countries should as well. Kogelmann aims to provide awealth-insensitive argument– one demonstrating all countries should pursue growth regardless of their wealth. His central argument – the no halting growth (NHG) argument – says no country experiencing growth should stop it, because doing so requires undermining the conditions causing it and those conditions are independently morally desirable, so (...) they should not be undermined. For countries not growing, he may argue that they have an obligation to implement the conditions that cause growth because they are independently morally desirable. Call this the implementation argument. I contend that neither argument is wealth-insensitive as each fails to establish an obligation to pursue growth. I attempt to diagnose how this could be and propose that it is a product of attempting to answer three questions about growth simultaneously. (shrink)

The contribution of women to China’s economic growth and development cannot be overemphasized. Women play important social, economic, and productive roles in any economy. China remains one of the countries in the world with severe gender inequality and sex ratio at birth (SRB) imbalance. Severe gender inequality and disenfranchisement of girls with abnormally high sex ratios at birth reflect deep-rooted sexism and adversely affect girls’ development. For China to achieve economic growth, women should not be (...) ignored and marginalized so that they can contribute to the country’s growth, but the sex ratio at birth needs to be lowered because only women can contribute to growth. Thus, this study empirically predicts an asymmetric relationship between gender inequality, sex ratio at birth and economic growth, using NARDL model over the period 1980–2020. The NARDL results show that increases in gender inequality and sex ratio at birth significantly reduce economic growth in both the short and long term, while reductions in gender inequality and sex ratio at birth significantly boost economic growth in both the short and long term. Moreover, the results show the significant contribution of female labor force participation and female education (secondary and higher education) to economic growth. However, infant mortality rate significantly reduced economic growth. Strategically, the study recommends equal opportunities for women in employment, education, health, economics, and politics to reduce gender disparities and thereby promote sustainable economic growth in China. Moreover, policymakers should introduce new population policy to stabilize the sex ratio at birth, thereby promoting China’s long-term economic growth. (shrink)

It might be conjectured that new models of regional economic development, combined with the emerging understanding of multifunctional agriculture, would suggest a new and perhaps more optimistic perspective on the potential of agriculture as an engine of regional economic growth. My purpose here is begin the process of surveying the relevant literature, unraveling the arguments and gleaning evidence from the published empirical record, and drawing-out some implications that may help focus our deliberations over the next few days.

This paper explores the relationship between export growth and economic growth in the case of Pakistan by employing time series data for the period 1971- 2013. This study has incorporated variables like GDP exports, imports and Foreign Direct Investment. We have applied ARDL to co-integration and Error Correction Model. The study provides the evidence of stationary time series variables, the existence of the long - run relationship between them, and the result of ECM revealed short rum equilibrium (...) adjustment. Pakistan has many options for enhancing the export of the country. There is a dire need to minimize trade barriers and restrictions such as import and export quotas. Government of Pakistan had introduced Structural Reforms for liberalization, privatization and de-regulation which will actually shifted the trend of trade at a significant level in the end of 1980s. Low levels of interest rate can help exportable industries in which investments are needed to promote and enhance the exports. Stable exchange rate is the first and the best policy option for increasing the export and managing the imports. There is a cause and effect relationship between exchange rate and FDI. Pakistan has to immediately find the policies and processes that support logistics and facilitates trade. (shrink)

Comparison of economic growth in mixed economy and socialist economic systems - reviews economic theories thereon, provides a framework for the economic analysis of acceleration of growth under different initial conditions and for introducing political choice into the economic planning process, includes work on the selection of investment projects in a planning context, as implemented in Poland, and emphasizes political aspects of economic problems.

Environmentalists have long claimed it is unjust for the state to prioritize economic interests over environmental ones by sacrificing ecosystem integrity and functioning to unsustainably expand the economy. Recently, mainstream environmentalists have moved to a more conciliatory approach highlighting the common ground between environmental and economic goals. They today claim processes of economic growth and development can be made just if they become green. This paper explores the question: should states pursue “green growth”? Although some (...) critics claim green growth is impossible, I maintain it is. I theorize three conditions that must be met for an instance of growth to be truly considered green. That a development project is green, however, does not automatically ensure it is just. Justice considerations remain in adjudicating the competing interests of different groups of stakeholders. I then examine four reasonable approaches to resolving controversies over the pursuit of green growth: cost-benefit analysis, sufficientarianism, democracy, and pluralism. I conclude a liberal pluralist form of decision-making is best for ensuring fairness. (shrink)

Ever since Adam Smith, economists have been preoccupied with the puzzle of economic growth. The standard mainstream models of economic growth were and often still are based either on assumptions of diminishing returns on capital with technological innovation or on endogenous dynamics combined with a corresponding technological and institutional setting. An alternative model of economic growth emerged from the Cambridge School of Keynesian economists in the 1950s and 1960s. This model - developed mainly by (...) Luigi Pasinetti - emphasizes the importance of demand, human learning and the growth dynamics of industrial systems. Finally, in the past decade, new mainstream models have emerged incorporating technology or demand-based structural change and extending the notion of balanced growth. This collection of essays reassesses Pasinetti's theory of structural dynamics in the context of these recent developments, with contributions from economists writing in both the mainstream and the Cambridge Keynesian traditions and including Luigi Pasinetti, William Baumol, Geoffrey Harcourt and Nobel laureate Robert Solow. (shrink)

Financial crises have become an all-too-common occurrence over the past twenty years, largely as a result of changes in finance brought about by increasing internationalization and integration. As domestic financial systems and economies become more interlinked, weaknesses can significantly impact not only individual economies but also markets, financial intermediaries and economies around the world. This volume addresses the twin objectives of financial development in the context of financial stability and the role of law in supporting both. Financial stability (frequently seen (...) as the avoidance of financial crisis) has become an objective of the international financial architecture as well as individual economies and central banks. At the same time, financial development is now seen to play an important role in economic growth. In both financial stability and financial development, law and related institutions have a central role. (shrink)

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 in which experiments have been employed to understand and combat poverty. A line of laboratory experiments that considers which economic institutions are conducive to economic growth is discussed in detail. The results show that decentralized markets are conducive to allowing an economy to operate as efficiently as it can. However, in an economy with a theoretical “poverty trap,” the market works more efficiently if accompanied by a democratic voting process and freedom of communication. (shrink)

China's domestic labor market has limited demand for tertiary graduates due to an unbalanced industrial structure, with a weak contribution to economic performance over the past decade. This study estimates the asymmetric effects of higher education progress (highly educated employed workforce), higher education utilization (highly educated unemployed workforce), and the separate effects of higher education utilization interactions with high-tech industries on economic growth in China from 1980 to 2020. Using a Nonlinear Autoregressive Distributed Lag (NARDL) model, this (...) study finds that the expansion of higher education progress (the employed workforce with higher education) promotes economic growth, while contraction of higher education progress (employed workforce with higher education) reduces economic growth. Likewise, an increase in higher education utilization (the unemployed labor force with higher education) suppresses economic growth, while a decline in the higher education utilization (the unemployed labor force with higher education) promotes economic growth. The study also found that the expansion of high-tech industries and government spending on education significantly stimulate economic growth. The moderating role of higher education utilization (unemployed labor force with higher education) in the impact of high-tech industries on economic growth is significantly positive. This study strategically proposes that China's higher-educated unemployed labor force can be adjusted to high-tech industries, which need to be developed equally in all regions. Moreover, the country is required to invest more in higher education and the development of high technological industries across all regions, thus may lead to higher economic growth. (shrink)

This history of theories and theorists of economic growth elucidates the economic theory, economic history, and public policy observations of the renowned scholar W. W. Rostow. Looking at the economic growth theories of the classic economists up to 1870, Rostow compares Hume and Adam Smith, Malthus and Ricardo, and J.S. Mill and Karl Marx. He then examines the period 1870-1939 and its economic theorists, including Schumpeter, Colin Clark, Kuznets, and Harrod, and surveys the (...) three forms of growth analysis in the postwar era: formal models, statistical morphology, and development theories. This authoritative overview also includes an agenda of unresolved problems in growth analysis and a description of the five major tasks statesmen will confront over the next several generations. (shrink)

In this article, I address a controversial aspect of Rawls’s treatment of the question of justice between generations: how the parties in the original position could be motivated to select Rawls’s preferred principle of intergenerational savings, which he dubs the just savings principle. I focus on the explanation found in his later work, where he proposes that the correct savings principle is the principle that any generation would have wanted preceding generations to have followed. By expanding upon this explanation, I (...) respond to the objection that this explanation disregards the perspective of the first generation. I demonstrate that this objection ceases to be a concern when a proper account of the parties’ reasoning is developed. What is notable about the explanation I defend is that it relies on the parties adopting maximax – not maximin – as a rule for rational decision making. Having established this intermediary conclusion, I depart with Rawls and consider what savings principle the parties would choose if given more options. Ultimately, I argue that the parties would select a principle that Rawls would have undoubtedly rejected if presented to him at face value. This is because the principle of savings I argue would be selected requires continual economic growth over generations to increase upwards indefinitely – a conclusion Rawls is explicitly trying to avoid in his theory of justice. (shrink)

This work aims to study strategies used in Argentine local development experiences, focussing on industrial design, marketing and entrepreneurship. In order to this purpose, backgrounds are analysed with this approach adding the study of three strategic plans for national and provincial-level that are currently in force. With the analysis of the transport system in the last decade, an accelerated cost increase is evident, resulting in a relatively higher price of distributed products. This situation that was initially perceived as a disadvantage (...) finally set up an opportunity to produce locally. The goal of this paper is to provide tools that contribute to the work shipped by key institutions for local development (public, private and intermediary organisations), and the way these interact with the actors and the territory. In particular, the identification of productive sectors and the selection of goods that can be produced and consumed locally, as a key input for the formulation of projects. (shrink)

Supply‐side economists claim that a low top marginal income‐tax rate accelerates investment, employment, and economic growth. But the economic literature cited to support the supply‐side hypothesis provides little to no empirical support for it. And a more comprehensive empirical examination of key parameters of U.S. economic performance in the postwar period, undertaken here, shows no association between low top marginal income‐tax rates and high real growth in investment, employment, or GDP. By contrast, the analysis yields (...) strong evidence for the economic‐growth benefits of a “demand‐side” approach to taxation policy. (shrink)

The analysis of data from electronic health records aspires to facilitate healthcare efficiencies and biomedical innovation. There are also ethical, legal and social implications from the handling of sensitive patient information. The paper explores the concerns, expectations and implications of the National Health Service England care.data programme: a national data sharing initiative of linked electronic health records for healthcare and other research purposes. Using Nissenbaum’s contextual integrity of privacy framework through a critical Science and Technology Studies lens, it examines the (...) way technologies and policies are developed to promote sustainability, governance and economic growth as the de facto social values, while reducing privacy to an individualistic preference. The state, acting as a new, central data broker reappropriates public ownership rights and establishes those information flows and transmission principles that facilitate the assetisation of NHS datasets for the knowledge economy. Various actors and processes from other contexts attempt to erode the public healthcare sector and privilege new information recipients. However, such data sharing initiatives in healthcare will be resisted if we continue to focus only on the monetary and scientific values of these datasets and keep ignoring their equally important social and ethical values. (shrink)

This article examines the means by which Malaysian governments have been relatively successful in pursuing both economic development and social equity. These advances have been remarkable, given Malaysia's history of colonial servitude and racial and ethnic tensions. The authors' examination of government economic and social policies notes the importance of strong political leadership that is committed to creating a national identity through consensus building. In pursuing these social objectives, successive governments have also played an active and transparent role (...) in fostering economic growth and development. However, a number of problems remain as Malaysia continues to follow these social and economic policies. (shrink)

This article studied the influence of Labor Contract Law and employee psychological contract on enterprise investment and sustainable economic growth. The results indicate that the Labor Protection Law has no significant influence on the investment of state-owned enterprises. In the early stage of the implementation of Labor Protection Law, the Labor protection Law will observably reduce the investment level of private enterprises, and this effect is more obvious in labor-intensive industries and small and medium-sized enterprises. However, in the (...) later stage of the implementation of Labor Protection Law, the impact of Labor protection Law on the investment of private listed companies is weak. The results indicate that the Labor protection Law increases the illegal costs of private enterprises, reduces the flexibility of employment, and ultimately reduces the investment level of enterprises. Moreover, our article examines the impact of the Labor protection Law on regional economic growth, and finds that the Labor protection Law will significantly reduce the regional GDP growth rate in China, and this effect is mainly reflected in the regions where private enterprises provide more jobs and the proportion of private economy is high. This article takes China’s emerging markets as the background, on the one hand, expands the relevant research on labor market friction from the viewpoint of enterprise investment and economic growth, on the other hand, provides new evidence for state-owned enterprises to fulfill social goals. (shrink)