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Topic Review
Antifragile
Antifragile: Things That Gain From Disorder is a book by Nassim Nicholas Taleb published on November 27, 2012, by Random House in the United States and Penguin in the United Kingdom. This book builds upon ideas from his previous works including Fooled by Randomness (2001), The Black Swan (2007–2010), and The Bed of Procrustes (2010–2016) and is the fourth book in the five-volume philosophical treatise on uncertainty titled Incerto. Some of the ideas are expanded in Taleb’s fifth book Skin in the Game: Hidden Asymmetries in Daily Life (2018).
  • 631
  • 30 Nov 2022
Topic Review
Precautionary demand for cash
       We have recently seen two conflicting trends in the use of cash. The share of e-payments in retail transactions is steadily increasing, but the same upward trend is true for the share of cash in circulation or at least the cash share remained unchanged. This paper shows the significance of perceived risk for consumers’ precautionary demand for cash after they make a decision to use e-payments. We use data from a study involving Polish consumers. The main conclusions are as follows: surveyed consumers perceive a level of risk associated with card and mobile payments and continue to carry cash for precautionary reasons. Factors such as the consumer’s mental state, lack of trust in e-payments, and attitude to risk influence the decision to maintain cash reserves, while the consumer’s income and age may be considered the main determinants of the value of the cash reserve. Consequently, the decision to use e-payments does not necessarily mean that the demand for cash drops to zero. A degree of difficult-to-reduce, autonomous demand for cash may exist independent of the traditionally studied determinants, in particular, those related to the transaction demand.
  • 627
  • 29 Oct 2020
Topic Review
Unemployment Benefits
Unemployment benefits (depending on the jurisdiction also called unemployment insurance or unemployment compensation) are payments made by back authorized bodies to unemployed people. In the United States, benefits are funded by a compulsory governmental insurance system, not taxes on individual citizens. Depending on the jurisdiction and the status of the person, those sums may be small, covering only basic needs, or may compensate the lost time proportionally to the previous earned salary. Unemployment benefits are generally given only to those registering as unemployed, and often on conditions ensuring that they seek work and do not currently have a job, and are validated as being laid off and not fired for cause in most states.
  • 620
  • 11 Nov 2022
Topic Review
Fiscal Federalism Nexus
The hypothetical allocative efficiency of fiscal federalism and its potential welfare impact have fueled the increased fiscal authority of subnational governments experienced in most countries around the world.
  • 617
  • 23 Apr 2023
Topic Review
Logistics and Economy in China
China’s economy has stepped up from the high-speed growth stage to the high-quality development stage. There are great regional differences in high-quality economic development, high-quality logistics development and their coupling coordination degree in China. In the areas with high-quality economic development, the logistics industry is not necessarily high quality, and the coupling coordination degree between the logistics industry and high-quality economic development is generally not high. The main reason for this is that the coordination between the logistics industry and high-quality economic development is poor. While vigorously improving the high-quality level of the logistics industry, it should strengthen the high-quality connection between the logistics industry and the economy, so as to form a situation of mutual promotion and common development. 
  • 616
  • 08 Oct 2021
Topic Review
Evaluating Labour Market Flexibility Using the TOPSIS Method
TOPSIS is employed by comparing spatial (i.e., different countries) and temporal (i.e., long-time horizon) terms. Sustainable industrial relations processes are considered in shaping the flexibility of the labour market in 15 European Union Member States from 2009 to 2018. Countries are grouped into classes to provide a basis for benchmarking results against social and employment policies implemented at the national level. 
  • 616
  • 28 Feb 2022
Topic Review
Progressive Utilization Theory
Progressive Utilization Theory (PROUT) is a socioeconomic and political theory created by the Indian philosopher and spiritual leader Prabhat Ranjan Sarkar. Sarkar conceived of PROUT in 1959. Supporters of PROUT (Proutists) claim that the theory exposes and overcomes the limitations of both capitalism and communism. It aims to be economically progressive and improve social development. The theory is in line with Sarkar's Neohumanist values which aim to provide "proper care" to every being on the planet, including humans, animals and plants.
  • 616
  • 20 Nov 2022
Topic Review
Development of the Russian Rare-Earth Metal Industry
Global energy transition trends are reflected not only in oil and gas market dynamics, but also in the development of related sectors. They influence the demand for various types of metals and minerals. It is well-known that clean technologies require far more metals than their counterparts relying on fossil fuels. Nowadays, rare-earth metals (REMs) have become part and parcel of green technologies as they are widely used in wind turbine generators, motors for electric vehicles, and permanent magnet generators, and there are no materials to substitute them. Consequently, growth in demand for this group of metals can be projected in the near future.
  • 615
  • 17 Jan 2022
Topic Review
Latin American World Model
The Latin American world model (LAWM) Bariloche Model is a mathematical and normative model, which was carried out by the Bariloche Foundation in Argentina between 1972 and 1975. This model set out to provide an alternative to Model III of the MIT – first model supported by the Club of Rome – called The Limits to Growth, which affirmed the existence of physical limits – particularly for the population and the economy – to take into account if wants to avoid a near catastrophic future. The LAWM, on the other hand, offers a roadmap for a desirable and also possible world, where conflicts can be overcome based on the principles of equity, civil participation, and non-consumerism, and where calculations and strategies are established to reach the welfare of every human being on a planetary level. For this, the mathematical modeling of the LAWM starts from the central concept of basic human needs, which is established as a key indicator of its construction. Unlike the MIT model, the LAWM considers that the problems to be solved are not given by physical limits, but mainly by an unfair distribution given by the abuse of power, at an intra- and international level. Both models consider that there will be potentially a universal crisis and that caring for the environment should be a priority. The LAWM was also supported by the Club of Rome, and both models were republished and updated on several occasions.
  • 612
  • 25 Oct 2022
Topic Review
Impact of the COVID-19 to the Energy Sector
In order to control the COVID-19 pandemic, the governments of the world started to implement measures regarding social distance and social contacts, including closures of cities, work and study relocations, and work suspension. The epidemical situation and the lockdown of the economy by governments in various countries caused changes in production, changes in the habits of energy consumers and other energy-related changes.
  • 611
  • 16 Dec 2021
Topic Review
Measuring the Efficiency of Energy and Carbon Emissions
The International Energy Agency (IEA, 2013) believes that energy efficiency should be taken as the first fuel rather than a hidden fuel and regards it as “a key tool for boosting economic and social development. From an economic perspective, efficiency is defined as the full and most efficient use of limited and scarce resources to satisfy people’s wants and needs given the technology, that is, produce more with less. If there is no way to make someone better off and nobody worse off, then the situation is Pareto efficient. Extending this concept to production economics, a 100% Pareto–Koopmans efficiency is achieved if and only if no inputs or outputs of any decision-making unit (DMU) can be improved without worsening the other inputs or outputs. However, in most management and social science applications, the theoretically possible Pareto efficiency is unknown. Therefore, it is replaced by relative efficiency, which is fully efficient if and only if other DMUs cannot improve inputs or outputs without worsening some of its other inputs or outputs on the basis of empirically available evidence. In this case, measuring production efficiency is actually evaluating whether there is waste of input by comparing the minimum input with the actual input while the output is unchanged or evaluating whether there is an output shortage by comparing the actual output with the maximum output with the input unchanged.
  • 599
  • 17 Feb 2022
Topic Review
Bootstrapping
In finance, bootstrapping is a method for constructing a (zero-coupon) fixed-income yield curve from the prices of a set of coupon-bearing products, e.g. bonds and swaps. A bootstrapped curve, correspondingly, is one where the prices of the instruments used as an input to the curve, will be an exact output, when these same instruments are valued using this curve. Here, the term structure of spot returns is recovered from the bond yields by solving for them recursively, by forward substitution: this iterative process is called the bootstrap method. The usefulness of bootstrapping is that using only a few carefully selected zero-coupon products, it becomes possible to derive par swap rates (forward and spot) for all maturities given the solved curve.
  • 598
  • 24 Nov 2022
Topic Review
Socioeconomic Impacts of University–Industry Collaborations
University–industry collaborations create socioeconomic impacts for the areas where they are undertaken. Although these collaborations have recognized importance and a high potential to generate economic and social benefits, there is no consensus in the literature on a consolidated conceptual model for assessing their socioeconomic impacts.
  • 575
  • 29 Jul 2021
Topic Review
The Current Green Economy Situations in European Union
Energy is undoubtedly one of the fundamental factors in the development of economies around the world. This is particularly evident during crises related to the reduction of supplies or the lack of energy sources. For example, the oil crisis of the 1970s of the twentieth century showed the problem of energy security, which has returned today and is one of the important topics of discussion in the European Union (EU) countries. Changes in the situation of the energy markets and geopolitical conditions show that the problem of energy security is fundamental for the functioning of modern economies. It directly influences economic development and other strategic areas, including the Lisbon Strategy for Growth and Jobs and the Millennium Development Goals.
  • 573
  • 22 Dec 2021
Topic Review
Driving Factors for R&D Intensity
Research and development (R&D) has long been recognized as an important component of sustainable development, with a key role in the combatting of climate change. Moreover, R&D activity is increasingly acknowledged as an important contributing factor to global post-pandemic economic recovery. However, little is known about the determinants of R&D intensity (the share of R&D expenditure in GDP) and countries have repeatedly missed their set targets for this indicator. 
  • 571
  • 19 Apr 2022
Topic Review
Valuation
In finance, valuation is the process of determining the present value (PV) of an asset. In a business context, it is often the hypothetical price that a third party would pay for a given asset. Valuations can be done on assets (for example, investments in marketable securities such as companies' shares and related rights, business enterprises, or intangible assets such as patents, data and trademarks) or on liabilities (e.g., bonds issued by a company). Valuations are needed for many reasons such as investment analysis, capital budgeting, merger and acquisition transactions, financial reporting, taxable events to determine the proper tax liability.
  • 569
  • 11 Oct 2022
Topic Review
Energy Consumption, Economic Growth and Trade Openness
The positive impact of energy consumption on economic growth in West Africa has shown a significant lag effect, and energy consumption has a strong trade-dependent relationship to economic promotion. Trade opening and economic growth in West Africa are mutually reinforcing in the long run. Next, the role of foreign trade in boosting economic growth is more significant in countries with lower levels of economic development. Finally, when replacing the energy consumption indicator with CO2 emissions, the results remain robust. Considering the regional development differences, grouping countries by GDP per capita reveals that there exists a bilateral causal relationship between energy consumption and trade openness in the higher economic development group. The impact of trade openness on economic growth is more remarkable in countries with lower levels of economic development in West Africa.
  • 565
  • 07 May 2022
Topic Review
Geographical Indication
A geographical indication (GI) is a name or sign used on products which corresponds to a specific geographical location or origin (e.g., a town, region, or country). The use of a geographical indication, as an indication of the product's source, acts as a certification that the product possesses certain qualities, is made according to traditional methods, or enjoys a good reputation due to its geographical origin. Appellation d'origine contrôlée ('Appellation of origin') is a sub-type of geographical indication where quality, method, and reputation of a product originate from a strictly defined area specified in its intellectual property right registration.
  • 565
  • 14 Oct 2022
Topic Review
Impact of Digital Economy on China’s Service Trade
High-quality development of service trade (HDST) is becoming increasingly important for China’s high-quality development (HD). This builds new development patterns and cultivates new competitive advantages. In the digital economy (DE) era, HDST ushers an important opportunity. The use of DE to promote HDST is the focus of China’s current economic development strategy.
  • 565
  • 25 Aug 2023
Topic Review
Forecasting Industrial Production Using Aggregated and Disaggregated Series
Researchers whether using a disaggregated series or combining an aggregated and disaggregated series improves the forecasting of the aggregated series compared to using the aggregated series alone. Researchers used econometric techniques, such as the weighted lag adaptive least absolute shrinkage and selection operator, and Exponential Triple Smoothing (ETS), as well as the Autometrics algorithm to forecast industrial production in Brazil one to twelve months ahead.
  • 560
  • 29 Jul 2022
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