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Open Access February 07, 2023

Building a Holistic Approach: Uniting Marxist and Smithian Economics for a More Resilient Economic Theory

Abstract In this article, we discuss a new proposed concept of economic engineering that seeks to innovate a new model by combining the theories of Karl Marx and Adam Smith, taking into consideration main economic factors to create a sustainable and inclusive economic system that addresses existing challenges and provides a roadmap for future economic growth. Through a brief analysis of the existing gaps [...] Read more.
In this article, we discuss a new proposed concept of economic engineering that seeks to innovate a new model by combining the theories of Karl Marx and Adam Smith, taking into consideration main economic factors to create a sustainable and inclusive economic system that addresses existing challenges and provides a roadmap for future economic growth. Through a brief analysis of the existing gaps between Marxist and Smithian economics, we developed a new economic matrix that leverages the strengths of both theories while also incorporating the latest insights from modern economic research. Our novel approach to economic engineering represents a fresh perspective on the economy and offers practical tool for addressing the most pressing challenges facing society today.
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Open Access November 29, 2022

The Application of Machine Learning in the Corona Era, With an Emphasis on Economic Concepts and Sustainable Development Goals

Abstract The aim of this article is to examine the impacts of Coronavirus Disease -19 (Covid-19) vaccines on economic condition and sustainable development goals. In other words, we are going to study the economic condition during Covid19. We have studied the economic costs of pandemic, benefits in terms of gross domestic product (GDP), public finances and employment, investment on vaccines around the [...] Read more.
The aim of this article is to examine the impacts of Coronavirus Disease -19 (Covid-19) vaccines on economic condition and sustainable development goals. In other words, we are going to study the economic condition during Covid19. We have studied the economic costs of pandemic, benefits in terms of gross domestic product (GDP), public finances and employment, investment on vaccines around the world, progress and totally the economic impacts of vaccines and the impacts of emerging markets (EM) on achieving sustainable development goals (SDGs), including no poverty, good health and well-being, zero hunger, reduced inequality etc. The importance of emerging economies in reducing the harmful effects of the Corona has also been noted. We have tried to do experimental results and forecast daily new death cases from Feb-2020 to Aug-2021 in Iran using Artificial Neural Network (ANN) and Beetle Antennae Search (BAS) algorithm as a case study with econometric models and regression analysis. The findings show that Covid19 has had devastating economic and health effects on the world, and the vaccine can be very helpful in eliminating these effects specially in long-term. We observed that there is inequality in the distribution of Corona vaccines in rich countries compared to poor which EM can decrease the gap between them. The results show that both models (i.e., Artificial intelligence (AI) and econometric models) almost have the same results but AI optimization models can robust the model and prediction. The main contribution of this article is that we have surveyed the impacts of vaccination from socio-economic viewpoint not just report some facts and truth. We have surveyed the impacts of vaccines on sustainable development goals and the role of EM in achieving SDGs. In addition to using the theoretical framework, we have also used quantitative and empirical results that have rarely been seen in other articles.
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Open Access October 12, 2022

Effects of Illicit Financial Flows on Economic Growth and Development in Sub-Saharan Africa

Abstract Using a desktop review of literature, the effect of illegal capital flows on the economic performance of Sub-Saharan Africa is examined. The review focus on articles with attention to illegal capital flows and their effects on the economic performance of Sub-Saharan Africa as a whole. By way of sampling method, purposive sampling was used, and so the desktop review focused purposively on articles [...] Read more.
Using a desktop review of literature, the effect of illegal capital flows on the economic performance of Sub-Saharan Africa is examined. The review focus on articles with attention to illegal capital flows and their effects on the economic performance of Sub-Saharan Africa as a whole. By way of sampling method, purposive sampling was used, and so the desktop review focused purposively on articles published on issues of illicit financial flows and their effects on the economic performance of Ghana and Sub-Saharan Africa as a whole. The review found a high propensity of trade mis-invoicing and thus high illicit financial flows, transactions across boarders from developing countries and for that matter Sub-Saharan Africa to the developed economies. Therefore, the research recommends that customs divisions in sub-Saharan Africa should have up-to-date commodity-level world pricing information to make relatively better comparisons to detect mis-pricing and avoid such falsification and manipulation in trade. Given the high propensity of trade mis-invoicing resulting in high illicit financial flows, we recommend that cross-border transactions from developing sub-Saharan African countries be subjected to heightened scrutiny to curtail any potential traces of falsification in trade for tax evasion.
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Open Access November 29, 2022

Leaving No One Behind: Can Rising Africa Beat the Odds Against Poverty?

Abstract The number of poor people continues to rise in Africa, despite a slow decline in the poverty rate. Africa with a population of 422 million poor people, representing about 70 per cent of the world's poorest people shows that the global burden of poverty has shifted from the rest of the world to Africa. This paper discussed the causes of poverty on the continent and various responses by stakeholders [...] Read more.
The number of poor people continues to rise in Africa, despite a slow decline in the poverty rate. Africa with a population of 422 million poor people, representing about 70 per cent of the world's poorest people shows that the global burden of poverty has shifted from the rest of the world to Africa. This paper discussed the causes of poverty on the continent and various responses by stakeholders toward accelerating its poverty reduction. It was found that with the available statistics and projections, Africa will still fall short of eradicating poverty by 2030, but it can bring it to a low level. The study, therefore, recommends that African policymakers should aim for growth that is inclusive and sustainable. International support from the world bank, ODA, G7, and others will play a vital role, especially through technology and resource transfers, also African continent need to improve its resource mobilization.
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Keyword:  Economic growth

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