The study aimed to evaluate the effect of poor leadership, globalization, employee engagement, emotional intelligence, and technology on organizational change using a descriptive design. The findings indicated that organizational change in Tigray was unsuccessful. SEM results revealed that poor technology at 25% and emotional intelligence at 14% significantly estimated organizational change. On the other hand, change organization increased by 23% and 13% for every unit increase in employee engagement and globalization respectively. The implication is organizational change can be established by improving the above factors. This original article can contribute empirically tested new models to the research area. AcknowledgmentsWe thanked Tigray education and other sectors for they provided reliable data and none financial resources for data collection.Disclosure StatementThere is no conflict of interest regarding the financial issue and content aspect of the study.Additional informationNotes on contributorsAregawi Zeferu HadushAregawi Zeferu Hadush is at Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology, Chennai, India.M.S.R. MariyappanMariyappan Ramasamy Katheriyar is at Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology, Chennai, India.
Abstract A classic statement of the pure theory of public finance was formulated circa 45 years ago by Richard Musgrave (Musgrave 1959). He conceptualized the role of public finance as falling into three primary functions of government: (a) to provide for public goods, (b) to provide for an equitable distribution of income, and (c) to stabilize the economy. In its simplicity, this tripartite division “has been invaluable” and remains the “gold standard” in economics to this day. But is something missing? The author argues that we badly neglect distribution.
I argue that coverage caps on Federal Deposit Insurance (FDI), a vestige of the 1933-2005 era when premia were neither risk-priced nor regularly assessed, have become not only anachronistic – a bank law equivalent of the human tailbone – but dangerous. The failure of Silicon Valley Bank in early March of 2023, followed by more regional bank failures thereafter, shows why. I then show how readily uncapped, progressively tiered, risk-priced FDI can be extended to all banks in a manner lending far greater resilience, at no risk of ‘bailouts,’ to the banking sector. But far more, I argue, will come of this. By eliminating the advantage now held by ‘Big 4,’ generic TBTF Wall Street Banks, the reform will effectively undo a great deal of the 1990s, with all its attendant bank concentration, financialization, and deindustrialization. A revival of regional and sector-specific banking of this kind seems especially fitting as we embark on a grand national project of ‘Making America Make Again.’ An Appendix includes draft legislation now before both Houses of the U.S. Congress.
2023 is the 100th anniversary of the birth of Gyorgy Ligeti, widely considered among the most original composers of the latter part of the twentieth century. This essay is an account of his life and thoughts (including economics) at the Institute for Advanced Study, Berlin, 2000-01, by his next-apartment neighbor.
COVID 19 pandemic will cause a global economic contraction. The magnitude of shocks will impact the fiscal deficit and the public debt in all Countries. This paper provides an insight into the dynamic relationship between money growth and inflation for several Countries. The Morlet wavelet coherence model is employed since it allows the simultaneous examination of lead-lag effects and co-movements between the couple of variables in the different Countries. The overall results do not evidence a clear impact of the money growth on inflation. This outcome has relevant economic policy consequences considering that the monetization of the public debt can sustain the economic recovery. Thus, the pure monetary nature of the inflationary phenomenon can hardly be considered as a constraint in designing the measures to counteract the issue.
After twelve years of ‘Debt Ceiling’ nonsense, it is gratifying at last to see many officials and scholars now casting doubt on the Ceiling’s validity. It is somewhat regrettable, however, that attention appears to be focused upon the 14th Amendment alone where these doubts are concerned. The Debt Ceiling as it would be applied by today’s rump Republicans is indeed an affront to the Debt Clause of the 14th Amendment. But it is also an affront to the 1974 Congressional Budget and Impondment Control Act of 1974, which made the Federal Budget its own ‘ceiling’ – and ‘floor’ – not to mention additional Constitutional provisions including the ‘Take Care’ and ‘Presentment’ Clauses, along with familiar canons of statutory construction including the Later-in-Time Rule, the Constitutional Avoidance Doctrine, and the Absurd Result Principle. This Essay elaborates these six grounds and concludes with a prudential recommendation that the Senate, the President, and all serious Members of the House or Representatives declare the ‘Debt Ceiling’ null and void, thereafter ignoring it henceforth.
From what point does Artificial Intelligence (AI) reshape humans instead of being in their service? And what will be the perspective of humans as we know them if the human body and mind converge ever more directly with AI-driven “New Human Technologies”? Will the “AI-fication of life” become the biggest business on earth, or lead to the end of humanism as it stands at the bases of Western democracies? The author continues the discussion started in Challenge 62/1/2019 on the future of humanity in the age of hyper-technology.
In October 1929, the Dutch electronics firm Philips approached John Maynatd Keynes to write confidential reports on the state of the British and world economies, which he did from January 1930 to November 1934, at first monthly and then quarterly. These substantial reports (Keynes’s November 1931 report was twelve typed pages) show Keynes narrating the Great Depression in real time, as the world went through the US slowdown after the Wall Street crash, the Credit-Anstalt collapse in Austria, the German banking crisis (summer 1931), Britain’s departure from the gold exchange standard in August and September 1931, the US banking crisis leading to the Bank Holiday of March 1933, the London Economic Conference of 1933, and the coming of the New Deal. This series of reports has not been discussed in the literature, though the reports and surrounding correspondence are in the Chadwyck-Healey microfilm edition of the Keynes Papers. We examine Keynes’s account of the unfolding events of the early 1930s, his insistence that the crisis would be more severe and long-lasting than most observers predicted, and his changing position on whether monetary policy would be sufficient to promote recovery and relate his reading of contemporary events to his theoretical development.
Since the emergence of New Institutional Economics movement, the study of institutions have regained prominence in the field of economic studies. There are three main tenets of institutional economics. First, institutions matter when it comes determining outcomes by guiding interaction among the members of the society. Second, there is a definite link between the welfare of a society and the institutional arrangements that are prevalent there. Basically, institutions act as instruments of welfare. Third, it has been observed that not all institutional arrangements work. Some institutions have performed better than others. The question that this paper tries to address are what is the exact procedure through which institutions improve welfare and why certain institutions work and others do not. With the help of a hypothetical example of an uncertain situation the process of institutions is described. A formal model of the process is then developed which is used to derive efficiency conditions for any institution.
Was the 8% rise in U.S. inflation in 2021–2022 mainly caused by 2021 fiscal stimulus? This article presents evidence that 5% of the 8% rise in U.S. and European inflation was caused by two cost pushes: severe supply chain disruptions from covid and a huge rise in the cost of oil. Two percent was caused by higher wage increases to try to keep up with the 5% cost-push. One percent in Europe was caused by a natural gas price spike. U.S. fiscal stimulus in 2021 was the same as in 2020. Only 1% of the U.S.’s 8% rise was caused by 2021 fiscal stimulus.
To justify its enormous cost, the defense sector promotes China as a deadly military threat, noneother being available This is a potentially fatal error. The Biden administration should recognize China’s sphere of influence and strengthen control over the national security establishment.Like all other government agencies, the national security agencies fight relentlessly to defend their programs, prerogatives and budgets. To that end, they use the world’s largest public relations budget, a flotilla of supporting think tanks, associations, institutes and columnists, and an army of defense industry lobbyists. Despite having never clearly won a war since World War II (not counting the farcical invasion of Grenada) and having clearly lost at least two despite a seemingly overwhelming advantage of force (Vietnam, Afghanistan and arguably Iraq), the military nonetheless has been so spectacularly successful in its political mission that we now spend more on the military than do all other countries combined – an incredible eight hundred and sixteen billion dollars per year.
The author focuses on how huge America is compared to its population. One answer is immigration. Another is adequate investment to employ and pay well its current population. This article is an important look at our current situation.
Chile is the Global South's "exceptional nation" in terms of wealth and historical development patterns, but most recently it has been aligning with some of the geopolitical area's traits. Together with the constitutional reform process, the resounding victory of the left under the lead of Gabriel Boric Font (born 1986) in Chile's December 2021 presidential elections has opened up a new socio-political landscape for the country. At the center of the nation's potential restart remains once again social policy which traditionally touches upon the core of Chile's political culture and basic understanding of the institutions. The expectations for a "progressive renewal" are hopeful yet mixed. This article analyzes Chile's presidential election of 2021 and what the winning of the Social Convergence Party (Convergencia Social) means for the country's future. The reasons of the left's triumph, the national and the international implications of president Boric's government, and the cultural and institutional challenges facing the new government in terms of economic reforms could become examples for other areas in the Global South—both in the positive and in the negative sense. Due to its exceptional geographic, socio-cultural and institutional situation Chile may deserve the status of one of those rare "small states" in international affairs that infuse some case study teachings to their peers and the greater global community. Although the nation is relatively unique in its geopolitical environment, its potential as a model of a more balanced future in the Global South can be bigger than its actual regional size and influence.
This paper responds to some inaccuracies on the discussion of our views on Modern Money Theory (MMT), as discussed by Agustin Mario. We believe that while is correct in noting that autonomous spending generates taxes, and fiscal balances are a result, MMT authors overlook the difficulties in pursuing expansionary fiscal policy in the developing countries. These are constrained by the existence of an external constraint that cannot be solved with a flexible exchange rate policy regime. Foreign reserves and capital controls are needed.
By now many people have heard the statement that the best plan that able generals have developed will change after meeting the enemy. There is a similarity of response in social sciences or in business, as new events raise questions and promote research thus adding to the understanding and complexity of an issue. To that end, this paper explores the concept of the war economy in the context of world events, how this concept is being reevaluated and changes that are being proposed. Usage of sanctions is discussed as they provide an extension of economic power.
This article makes a brief introduction to the economics of the labor market, individuals in better positions in the social system tend not to question this ideology that praises them, but blame others for social problems such as unemployment and income concentration. This stance does not intend to defend certain truths, but seems to invite discussion and reflection on what has guided the multiple empirical studies, although there is very little space for theoretical discussions. It is important to emphasize that each of these methods produced the way in which countries acted and understood in the field of work. In addition to the studies related to classical economics that dominate them, they support them (which favor competitive markets), thought at affordable prices – mainly in social protection and intensifying the dominant position of large companies in all sectors. Thus, after a bibliographic review of several works by authors, it is important to expand the study of inequality generated by the “invisible hand”, discussing it as factors that are often forgotten, such as the social division of labor and the structure of the market.
In the aftermath of the financial crisis, student groups demonstrated against mainstream economics with its emphasis on abstract mathematical models at the expense of real-world issues. To this end, I have reviewed ten books, published in the last five years, to introduce students to the criticisms leveled against mainstream textbook theory, to offer diverse perspectives, to address contemporary challenges including climate change and economic inequality, to introduce modern monetary theory, and to highlight the limitations of radical left-wing rhetoric. These books confirm that the way ahead in economics education is through addressing real-world issues and upholding pluralist perspectives.
The historic allocation of $650 billion in Special Drawing Rights (SDRs) from the International Monetary Fund (IMF) provided countries with an immediate infusion of international reserves. It was the largest debt-free support low- and middle-income countries received to respond to the crisis triggered by the COVID-19 pandemic. This article provides an overview of what SDRs are, how they can be used by countries, how they were used, and the relationship between high-income countries and SDRs. The four main ways to use SDRs identified are (1) to supplement existing reserves, (2) to exchange them for hard currency, (3) for fiscal uses, and (4) for IMF debt relief. Data show that between August 2021 and March 2022 ninety-eight low- and middle-income countries proactively used SDRs at least one way; thirty countries in at least two ways, and ten countries in at least three ways. This allocation increased the fiscal space for developing countries despite the uneven distribution based on IMF quota shares and no downsides were identified for advanced economies that made no use of their allocation. Given the ongoing crisis and additional shocks from Russia's war in Ukraine and monetary tightening in advanced economies, new allocations of SDRs can help close the gap in the available fiscal space developing countries have to address these challenges.
