An econometric analysis of the 2016 National Football League season is conducted with respect to regular season victories. Results obtained confirm many of the hypotheses made and bear much in common with one prior NFL study and several earlier MLB econometric analyses. Most of the data employed are fairly symmetric with relatively small standard deviations. Estimation results validate the importance of both defense and offense. Evidence is obtained that indicates that passing games are more important on offense, while shutting down the run matters most on defense. Beyond that, the regression equations also provide some insight to how human capital and payroll expenditures affect NFL regular season performances. The magnitudes of some coefficients and elasticities indicate that further analysis involving more explanatory variables can potentially provide additional clarity about what helps determine success in the NFL.
{"title":"Any given season","authors":"S. Fullerton, James H. Holcomb, T. Fullerton","doi":"10.1453/JEPE.V4I3.1396","DOIUrl":"https://doi.org/10.1453/JEPE.V4I3.1396","url":null,"abstract":"An econometric analysis of the 2016 National Football League season is conducted with respect to regular season victories. Results obtained confirm many of the hypotheses made and bear much in common with one prior NFL study and several earlier MLB econometric analyses. Most of the data employed are fairly symmetric with relatively small standard deviations. Estimation results validate the importance of both defense and offense. Evidence is obtained that indicates that passing games are more important on offense, while shutting down the run matters most on defense. Beyond that, the regression equations also provide some insight to how human capital and payroll expenditures affect NFL regular season performances. The magnitudes of some coefficients and elasticities indicate that further analysis involving more explanatory variables can potentially provide additional clarity about what helps determine success in the NFL.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131824966","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
From classic to modern economic theories, the scope and size of government in economy have been always main topics for economists. The governments have played different roles in a historical context. Provision of public goods is a generally accepted task for all governments. The supply of public goods requires efficient allocation and management of scarce resources. Government efficacy stems from good governance and proper planning and policy-making. This paper aims to bridge from government size to government efficacy the Organization of the Petroleum Exporting Countries (OPEC). To this end, a panel data in the model is estimated during 2002-2015 by using some control variables. Findings indicate a negative relationship between government size and efficacy. In addition, oil rents affect government efficacy negatively. The trade openness result in efficient government. Finally, economic growth has positive effect on result in government effectiveness. According to findings, minimization of government size, injection of oil revenues into Sovereign National Funds (SNFs), adoption of open door policies, and targeting sustainable economic growth give rise to an efficient government.
{"title":"The nexus between size and efficacy of government: evidence from OPEC","authors":"L. Agheli","doi":"10.1453/JEPE.V4I3.1370","DOIUrl":"https://doi.org/10.1453/JEPE.V4I3.1370","url":null,"abstract":"From classic to modern economic theories, the scope and size of government in economy have been always main topics for economists. The governments have played different roles in a historical context. Provision of public goods is a generally accepted task for all governments. The supply of public goods requires efficient allocation and management of scarce resources. Government efficacy stems from good governance and proper planning and policy-making. This paper aims to bridge from government size to government efficacy the Organization of the Petroleum Exporting Countries (OPEC). To this end, a panel data in the model is estimated during 2002-2015 by using some control variables. Findings indicate a negative relationship between government size and efficacy. In addition, oil rents affect government efficacy negatively. The trade openness result in efficient government. Finally, economic growth has positive effect on result in government effectiveness. According to findings, minimization of government size, injection of oil revenues into Sovereign National Funds (SNFs), adoption of open door policies, and targeting sustainable economic growth give rise to an efficient government.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133267677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract. The study attempts to unfold the determinants of international migration from Nigeria to other countries by using 2009 Nigeria Migration Survey data by World Bank (2011). It also employs econometric techniques of linear probability and binary probit models. The findings indicates that individual and household characteristics as well as economic and geographical factors play significant roles in making Nigerians to migrate abroad. The individual characteristics are gender (if male), age, marital status and education years, while household size is the only significant factor under household characteristics. The amount of remittance is the only significant economic determinant. The statistically significant geographical factors include locality (if urban) and geopolitical zones (if south-east, south-south, south-west and Lagos). Second, the same factors are the determinants of international migration to OECD and African countries, albeit they are stronger in influencing migration to African countries than to OECD countries. However, amount of remittance has positive effect on international migration to OECD countries but it is negative on international migration to African countries. Thus, the policy implication is that any international migration policy should target the above determinants of international migration in order to contain it. Keywords. International migration, Remittances, Probit model, Policy implications. JEL. F22, F24, C31, F42.
{"title":"Patterns and Micro-Drivers of International Emigration in Nigeria","authors":"M. Abdu, A. Jibir, S. Abdullahi","doi":"10.1453/JEPE.V4I2.1293","DOIUrl":"https://doi.org/10.1453/JEPE.V4I2.1293","url":null,"abstract":"Abstract. The study attempts to unfold the determinants of international migration from Nigeria to other countries by using 2009 Nigeria Migration Survey data by World Bank (2011). It also employs econometric techniques of linear probability and binary probit models. The findings indicates that individual and household characteristics as well as economic and geographical factors play significant roles in making Nigerians to migrate abroad. The individual characteristics are gender (if male), age, marital status and education years, while household size is the only significant factor under household characteristics. The amount of remittance is the only significant economic determinant. The statistically significant geographical factors include locality (if urban) and geopolitical zones (if south-east, south-south, south-west and Lagos). Second, the same factors are the determinants of international migration to OECD and African countries, albeit they are stronger in influencing migration to African countries than to OECD countries. However, amount of remittance has positive effect on international migration to OECD countries but it is negative on international migration to African countries. Thus, the policy implication is that any international migration policy should target the above determinants of international migration in order to contain it. Keywords. International migration, Remittances, Probit model, Policy implications. JEL. F22, F24, C31, F42.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129032521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract. While Keynesian and neo-liberal discussions on the reasons of and solutions to the last financial crisis have persisted to the present day, new argument from Lawrence Summers and Paul Krugman in late 2013 shifted the debate to the issue of secular stagnation. Opposed to the neo-liberal haplessness regarding a parsimonious analysis of the events of recent years in global economy, Keynesians argued that falling private investment across the advanced economies was the most alarming development that can pave the way for secular stagnation. In this paper, after looking at the main tenets of the above mentioned discussion we will contest the explanations of both strands of political economy, at the same time we will suggest that critical Marxist arguments, especially on falling rate of profit, have been increasingly relevant to this discussion. Keywords. Recession, Stagnation, Political economy, Keynesians, Marxists. JEL. B00, B24.
{"title":"Will Secular Stagnation be the Result of Great Recession","authors":"Özgür Üşenmez, Levent Duman","doi":"10.1453/JEPE.V4I2.1300","DOIUrl":"https://doi.org/10.1453/JEPE.V4I2.1300","url":null,"abstract":"Abstract. While Keynesian and neo-liberal discussions on the reasons of and solutions to the last financial crisis have persisted to the present day, new argument from Lawrence Summers and Paul Krugman in late 2013 shifted the debate to the issue of secular stagnation. Opposed to the neo-liberal haplessness regarding a parsimonious analysis of the events of recent years in global economy, Keynesians argued that falling private investment across the advanced economies was the most alarming development that can pave the way for secular stagnation. In this paper, after looking at the main tenets of the above mentioned discussion we will contest the explanations of both strands of political economy, at the same time we will suggest that critical Marxist arguments, especially on falling rate of profit, have been increasingly relevant to this discussion. Keywords. Recession, Stagnation, Political economy, Keynesians, Marxists. JEL. B00, B24.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133991442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract. Since 1965, male labor force participation rates have decreased. Nick Eberstadt illustrates the magnitude of the decrease, proposes mostly supply-side explanations, and extends a research agenda into this vital policy issue. Keywords. Unemployment; Employment; American economy; American social structure. JEL. B10, L66, Q18.
{"title":"Nicholas Eberstadt, Men without Work: America’s Invisible Crisis","authors":"S. Carson","doi":"10.1453/JEPE.V4I2.1287","DOIUrl":"https://doi.org/10.1453/JEPE.V4I2.1287","url":null,"abstract":"Abstract. Since 1965, male labor force participation rates have decreased. Nick Eberstadt illustrates the magnitude of the decrease, proposes mostly supply-side explanations, and extends a research agenda into this vital policy issue. Keywords. Unemployment; Employment; American economy; American social structure. JEL. B10, L66, Q18.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"08 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115594994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract. In this research paper, we build a New Keynesian reduced-form macroeconomic model for Morocco. The model encompasses three main blocks: an aggregate demand equation (IS curve), a price-setting equation (Phillips curve) and a Taylor-type monetary policy rule. In our model, we consider a significant forward-looking component when explaining inflation dynamics, which enables us to include agent’s expectations. The downstream aim of this work is to provide the research community with new possibilities in terms of economic workhorse modelling, particularly for monetary policy analysis purposes. Keywords. Small scale model, Forward-looking expectations, Monetary policy, Fixed exchange regime. JEL. C32, E12, E17, E43, E47.
{"title":"A Small Scale Macroeconomic Model for Morocco","authors":"Youssef Oukhallou, Abla Mrabti","doi":"10.1453/JEPE.V4I2.1317","DOIUrl":"https://doi.org/10.1453/JEPE.V4I2.1317","url":null,"abstract":"Abstract. In this research paper, we build a New Keynesian reduced-form macroeconomic model for Morocco. The model encompasses three main blocks: an aggregate demand equation (IS curve), a price-setting equation (Phillips curve) and a Taylor-type monetary policy rule. In our model, we consider a significant forward-looking component when explaining inflation dynamics, which enables us to include agent’s expectations. The downstream aim of this work is to provide the research community with new possibilities in terms of economic workhorse modelling, particularly for monetary policy analysis purposes. Keywords. Small scale model, Forward-looking expectations, Monetary policy, Fixed exchange regime. JEL. C32, E12, E17, E43, E47.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121059713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract. The 8th International Conference of Political Economy (ICOPEC) was held in Belgrade on June 28-30, 2017. The main theme of the conference was "Institutions, National Identity, Power and Governance in the 21st Century". Since its first year, these conference series have been successful to bring together all academicians, students that are all interested in the topics of political economy. Keywords. Political Economy, State, Taxation, Institutions, Poverty. JEL. F50, P16, H20, H70.
{"title":"8th International Conference of Political Economy","authors":"Gülçin Beken","doi":"10.1453/JEPE.V4I2.1332","DOIUrl":"https://doi.org/10.1453/JEPE.V4I2.1332","url":null,"abstract":"Abstract. The 8th International Conference of Political Economy (ICOPEC) was held in Belgrade on June 28-30, 2017. The main theme of the conference was \"Institutions, National Identity, Power and Governance in the 21st Century\". Since its first year, these conference series have been successful to bring together all academicians, students that are all interested in the topics of political economy. Keywords. Political Economy, State, Taxation, Institutions, Poverty. JEL. F50, P16, H20, H70.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122756527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This policy brief is intended to provide policymakers with a summary of the results of our research project entitled "Trade, Growth and Economic Inequality in the Asia-Pacific Region", which explores and documents the linkages between international trade and inequality in the Asia-Pacific Region (APR). The project's eleven research papers will appear in a special issue of the Journal of Asian Economics in February, 2017. Overall we conclude that the relationships between international trade, foreign direct investment (FDI), economic growth and inequality are extremely complicated, so no single theory should be relied upon for policy guidance across all APR countries with their varying stages of development and unique characteristics. Our studies find some evidence that trade or FDI contribute to inequality, some evidence that it reduces inequality and some evidence of no causal relationship. These seemingly conflicting results are not at all surprising given the complex relationships involved and the different countries, time periods, and means of measuring inequality, trade and FDI our authors adopted. Our main takeaway for policymakers is to be wary of both anti-trade and pro-trade advocates who provide "one size fits all" advice related to trade, FDI and inequality; these economic relationships are much too complex for that.
{"title":"Trade, Growth and Economic Inequality in the Asia-Pacific Region: Lessons for Policymakers","authors":"M. Greaney, Baybars Karacaovali","doi":"10.1453/JEPE.V4I2.1266","DOIUrl":"https://doi.org/10.1453/JEPE.V4I2.1266","url":null,"abstract":"This policy brief is intended to provide policymakers with a summary of the results of our research project entitled \"Trade, Growth and Economic Inequality in the Asia-Pacific Region\", which explores and documents the linkages between international trade and inequality in the Asia-Pacific Region (APR). The project's eleven research papers will appear in a special issue of the Journal of Asian Economics in February, 2017. Overall we conclude that the relationships between international trade, foreign direct investment (FDI), economic growth and inequality are extremely complicated, so no single theory should be relied upon for policy guidance across all APR countries with their varying stages of development and unique characteristics. Our studies find some evidence that trade or FDI contribute to inequality, some evidence that it reduces inequality and some evidence of no causal relationship. These seemingly conflicting results are not at all surprising given the complex relationships involved and the different countries, time periods, and means of measuring inequality, trade and FDI our authors adopted. Our main takeaway for policymakers is to be wary of both anti-trade and pro-trade advocates who provide \"one size fits all\" advice related to trade, FDI and inequality; these economic relationships are much too complex for that.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"190 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115270149","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
GDP remains too much of an imprecise measure of the standard of living. There is a need for either substitutes or complements. Nighttime lights are a reasonable indicator of the extent, scale, and intensity of socio-economic activities, but a poor measure of national welfare. However, if nighttime lights are understood to constitute externalities, then their effects can be used to adjust measured growth for welfare. Nighttime lights appear to exert sub-optimal positive externalities in developing countries, and supra-optimal negative externality in developed countries. This means that even if we assume equal growth rates in developing and developed countries, welfare is enhanced by increased nighttime lights in developing countries and reduced by increasing nighttime lights in developed countries.
{"title":"Artificial nighttime lights and the “real” well-being of nations: ‘Measuring economic growth from outer space’ and welfare from right here on Earth","authors":"V. Amavilah","doi":"10.1453/JEPE.V5I2.1637","DOIUrl":"https://doi.org/10.1453/JEPE.V5I2.1637","url":null,"abstract":"GDP remains too much of an imprecise measure of the standard of living. There is a need for either substitutes or complements. Nighttime lights are a reasonable indicator of the extent, scale, and intensity of socio-economic activities, but a poor measure of national welfare. However, if nighttime lights are understood to constitute externalities, then their effects can be used to adjust measured growth for welfare. Nighttime lights appear to exert sub-optimal positive externalities in developing countries, and supra-optimal negative externality in developed countries. This means that even if we assume equal growth rates in developing and developed countries, welfare is enhanced by increased nighttime lights in developing countries and reduced by increasing nighttime lights in developed countries.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129271328","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
It is an established fact that there is strong association between investment and economic growth of a country but no such direct consensus had been developed on the type of investment .i.e. what are the different sectors in which investment has led to long term impact and did contributed to the growth. The current study in this regard will focus on investigating the relationship of Public Sector Development Programme (PSDP), Foreign Direct Investment (FDI) and Private Investment with the growth. The study will use data from 1980-81 to 2015-16 in this regard and employ Johansen cointegration to investigate the long run relationship. It is found that with foreign direct investment, health expenditure and transport and communication expenditure has negative relationship in the long run. Where as private investment, education expenditure and expenditure on housing has positive relationship with growth. Based on these findings recommendations were totally investment centric with primary focus on reduction in taxes and other barriers to bring in more investment in long run. Beside taxation, recommendations were made on administrative balance both in tax system and public sectors which were made part of provincial domain after 18th amendment.
{"title":"The Effect of Public Sector Development Expenditures and Investment on Economic Growth: Evidence from Pakistan","authors":"Syed Shujaat Ahmed, Asif Javed","doi":"10.1453/JEPE.V4I2.1347","DOIUrl":"https://doi.org/10.1453/JEPE.V4I2.1347","url":null,"abstract":"It is an established fact that there is strong association between investment and economic growth of a country but no such direct consensus had been developed on the type of investment .i.e. what are the different sectors in which investment has led to long term impact and did contributed to the growth. The current study in this regard will focus on investigating the relationship of Public Sector Development Programme (PSDP), Foreign Direct Investment (FDI) and Private Investment with the growth. The study will use data from 1980-81 to 2015-16 in this regard and employ Johansen cointegration to investigate the long run relationship. It is found that with foreign direct investment, health expenditure and transport and communication expenditure has negative relationship in the long run. Where as private investment, education expenditure and expenditure on housing has positive relationship with growth. Based on these findings recommendations were totally investment centric with primary focus on reduction in taxes and other barriers to bring in more investment in long run. Beside taxation, recommendations were made on administrative balance both in tax system and public sectors which were made part of provincial domain after 18th amendment.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130672806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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