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This paper presents a theoretical model in Which the demand function reflects the contribution of oil price shocks to the associated recessions in the major oil - consuming countries.
The model yields the cartel's markup over price which is sensitive to various elasticities namely the elasticity of real GDP with, respect to the oil price. Empirical estimates of these elasticities are used to simulate OPEC'S markup over price as measared by its inverse price elasticity of demand. The findings imply that if the oil cartel price raises its price it already exercises market power. since the price hikes reduce real GDP, these reduction lower the cartel's markup over price and, therefore, Lower the degree of additional market power.
There seems to be a bilateral relationship between social institutions and economic performance.
Any shift or Variation in social and political institutions could lead to a consquent change in economic performance. On the other hand the evolutionary process of economic change and development could be considered as the majar factor in creating new social institutions, or the underlying cause in the Introduction of structural changes in the existing institutions of a society.
Dominance of a rather stationary social institution could be seen as the source of economic stagnation. While the prevalance of a flexible and dynamic social institution could lead to a more favourable condition for economic development and prosperity.
This paper attempts to study the effects of law and legal institutions on the performance of an economic system. It also looks into the identification of major areas of interaction between law and economics in general. It then examines the specific role of constitutional law as a determining factor in economic security and effeciency. the interaction of legal and political institutions with the nature of economic realities is studied, and various views on the subject are examined which represent varying degrees of interdependence between socio - political institutions and the performance of a given economic system.
This paper examines the Key elements of the policies and strategies of technology transfer which can contribute effectively to the economic and industrial development of Less Developed Countries (LDCs). Firstly, some of the most important and relevant conceptual issues of technology transfer in LDCs will be analysed. The empirical and practical experiences of some East Asian Newly Industrialised Countries (NICs) will also be studied. Finally, a framework of an appropriate policy and strategy for international technology transfer to LDCs will be proposed.
Exposed as a bore, the methodologist cannot take refuge behind a cloak of modesty. On the contrary, he stands forward ready by his own claim to give advice to all and sundry, to criticise the works of others, which, whether valuable or not, at least attempts to be constructive; he sets himself up as the final interpreter of the past and dictator of future efforts.
- Roy F. Harrod, Economic Journal, 48, 1938
A fatal ambiguity surrounds the expression "The methodology of ..." The term methodology is sometimes taken to mean the technical procedures of a discipline, being simply a more impressive - sounding synonym for methods. More frequently, however, it denotes an investigation of the concepts, theories, and basic principles of reasoning of a subject, and it is with this wider sense of the term that we ate concerned in this book. To avoid misunderstanding, I have added the subtitle, How Economists Explain, suggesting that "the methodology of economics" is to be understood simply as philosophy of science applied to economics.
To ask how economists explain the phenomena with which they are concerned is in fact to ask in what sense economics is a science. In the words of one prominent modern philosopher of science: "It is the desire for explanations that are at once systematic and controlled by factual evidence that generates science; and it is the organization and classification of kmowledge on the basis of explanatory principles that is the distinctive goal of the sciences" (Nagel, 1961, p. 4). There can be no doubt that economics provides plenty of examples of "explanations that are at once systematic and controlled by factual evidence," and hence no time will be wasted defending the assertion that economics is a science. However, economics is also a peculiar science, set apart from, say, physics because it studies human actions and therefore invokes the reasons and motives of human agents as the "causes of things" and from, Say, sociology and political science because it manages somehow to provide rigorous, deductive theories of human action that are almost wholly lacking in these other behavioral sciences. In short, the explanations of economists are a particular species of a larger genus of scientific explanations, and as such they present some problematic features.
What then is the nature of economic explanations? Insofar as these explanations consist of definite theories, what is the structure of these theories, and in particular, what is the relationship between assumptions and predictive implications in economic theories? If economists validate their theories, by invoking factual evidence, is that evidence pertinent only to the predictive implications of theories, or to the assumptions of theories, or both? Besides, what is it that counts as factual evidence for economists? How is it that economic theories that purport to explain what is are also employed in almost identical form to demonstrate what ought to be? In other words, what exactly is the relationship between positive and normative economics of, in more old - fashioned language, the relationship between economics as a science and political economy as an art? These are the sort of questions that will preoccupy us in this book.
This article is an attempt to identify the level of understanding and implementation of goals, policies, and Strategic planning by managers/ administrators and specialists in the public sector throughout Semnan province. In the first part of the article, the subject of planning was discussed. Next section, introduces the preliminary results of the field study and in the final part, some lessons learnt from private sector management are offered and recommendations are given.
In this article, the lffort has been concentrated on the illustration of the recent reforms in organizations concerning the so - called, "change phenomena," Just for the sake of bringing it to the managers' view.
For this purpose, first of all, change phenomena has been explained, How is it coming to exist, where is change coming from and what are the positive and negative effects of change on the organizations.
Then, change management, its programming, organizing, directing, and controlling have been discussed. To do that, each of this function has been evatuated, and the way that each one may be applied in organizations has been illustrated.