This study uses the data from 157 countries from 1960 to 2014 to analyze the relationship between economic growth, electricity consumption, oil prices, capital, and labor. The economic growth of ...developing countries with industrial infrastructure has a more significant association with electricity consumption than oil prices. We use oil prices and electricity consumption jointly to study highly predictive observations for economic growth. The data are categorized by income, OECD and regional levels. The panel cointegration, long-run parameter estimation, and Pool Mean Group tests are used to analyze the cointegration and short-run and long-run relationships between the variables. The empirical results indicate the presence of cointegration between the variables. The presence of feedback effects between electricity consumption and economic growth, oil prices and economic growth is valid. These findings confirm that in spite of the oil prices, developing countries rely heavily on electricity consumption for economic growth. In the short run, growth and feedback effects suggest that more vigorous electricity policies should be implemented to attain sustainable economic growth for the long-term.
•The dynamic relationship between electricity consumption, oil price and GDP is analyzed.•Pedroni panel cointegration test are used over 157 countries and subsamples.•Full panel confirmed Bidirectional relationship found between electricity consumption, oil price and GDP.•Developing countries heavily reliance on electricity consumption despite of oil prices for economic growth.•The finding varies across income, OECD and regional level.
Recent years have seen a surge of interest in Marxian political economy and especially Marx’s great work Capital. 150 years after the book’s original publication, are there readings of Capital that ...can help us find new pathways to progressive or revolutionary change? In this wide-ranging new volume, leading thinkers reflect on Capital’s legacy, its limitations and its continuing relevance for today, highlighting issues including ecology, gender, race, labour, communism, the ‘Third World’ and imperialism. The contributors also aim to identify the connections between Capital and various socialist projects of the past, and draw lessons from those experiences that might contribute to the reinvention of socialist politics today. Contributors include: Ingo Schmidt, Carlo Fanelli, William Pelz, Anej Korsika, Prabhat Patnaik, Silvia Federici, Paul Thompson, Chris Smith, Peter Gose, Justin Paulson, Jeff Noonan, Hannah Holleman and Peter Hudis.
Although entrepreneurship scholars highlight bootstrapping as a key resource acquisition approach to respond to the inherent resource constraints that nascent ventures face, little is known about ...what causes nascent ventures to engage in bootstrapping. Theory highlights the environment as an important determinant of bootstrapping activity. Analyzing bootstrapping behavior of 298 nascent ventures, we find that beyond perceived environmental factors, individual characteristics of the nascent entrepreneurs and factors relating to the embeddedness of the entrepreneurs in the environment determine their venture's bootstrapping behavior. In a more fine-grained analysis we gain insights into how these antecedents shape the use of particular bootstrapping strategies. Findings contribute to our understanding of factors driving resource management approaches in nascent ventures.
•First study evaluating the bootstrapping phenomenon in nascent ventures.•Bootstrapping approach is directed at avoiding market based resource transactions.•Bootstrapping is a choice of entrepreneurs beyond environmental scarcity.•Entrepreneurs with higher levels of social and human capital show more bootstrapping.•Weak ties are more relevant for bootstrapping activity than strong ties.
Surges Ghosh, Atish R.; Qureshi, Mahvash S.; Kim, Jun Il ...
Journal of international economics,
March 2014, 2014-03-00, 20140301, Volume:
92, Issue:
2
Journal Article
Peer reviewed
This paper examines when and why capital sometimes surges to emerging market economies (EMEs). Using data on net capital flows for 56 EMEs over 1980−2011, we find that global factors, including US ...interest rates and investor risk aversion act as “gatekeepers” that determine when surges of capital to EMEs will occur. Whether a particular EME receives a surge, and the magnitude of that surge, however, depends largely on domestic factors such as its external financing need, capital account openness, and exchange rate regime. Differentiating between surges driven by exceptional behavior of asset flows (repatriation of foreign assets by domestic residents) from those driven by exceptional behavior of liability flows (nonresident investments into the country), shows the latter to be relatively more sensitive to global factors and contagion.
•We identify surges in net capital flows to emerging markets over 1980–2011.•We examine why surges occur, and what factors determine their magnitude.•We differentiate between surges driven by asset flows and liability flows.•We find that global factors act as gatekeepers, determining when surges to EMs occur.•Which countries receive surges, and their magnitude, also depends on local factors.•Liability-flow surges are more sensitive to global factors and regional contagion.
Stocks with recent past high idiosyncratic volatility have low future average returns around the world. Across 23 developed markets, the difference in average returns between the extreme quintile ...portfolios sorted on idiosyncratic volatility is
-
1.31
%
per month, after controlling for world market, size, and value factors. The effect is individually significant in each G7 country. In the United States, we rule out explanations based on trading frictions, information dissemination, and higher moments. There is strong covariation in the low returns to high-idiosyncratic-volatility stocks across countries, suggesting that broad, not easily diversifiable factors lie behind this phenomenon.
Direct capture of CO2 from air is a concept that, if successfully implemented, could lead to capture of CO2 from disperse sources. We have developed process models to consider the viability of ...adsorption-based air capture technologies. Our models focus on using an amino-modified silica adsorbent, TRI-PE-MCM-41, and a structured monolithic contactor unit. We have studied several different temperature swing adsorption processes using the purity of CO2 and annual product throughput as metrics for comparing process performance. This analysis identifies some of the operational parameters, adsorbent characteristics, and other factors that have a significant effect on the performance of the process. Using the total energy requirement of the process and available sources of energy, such as low pressure steam and electricity, we carry out an economic analysis to obtain a net operating cost for air capture of CO2. We identify a process with a daily throughput of ∼1.1 t CO2 at 88.5% purity using standard shipping container sized air capture units. The total energy required (6745 MJ/t CO2) is dominated by the parasitic lossessensible heat requirements of the contactor (40%) and the adsorbent (28%) and not by the mechanical energy associated with air flow (∼5%). On the basis of our analysis of factors such as source of electricity, availability of low pressure steam, and geographic location, the net operating cost of capture is estimated to be ∼$100/t CO2. These cost estimates do not include capital expenses necessary to construct or maintain the air capture units. Potential strategies for further reducing the energy and monetary cost of these processes are identified. Our analysis supports continued work to establish the technological and economic feasibility of adsorption-based air capture.
Ferdigheiter i samfunnskunnskapsemne skal setje elevar i stand til å delta i samfunnet på like vilkår, men vi veit lite om korleis dette skjer i praksis. For å skaffe meir inngåande kunnskap om ...ulikskap i ferdigheitstileigning har eg med inspirasjon frå Bourdieu (1985, 1977) sitt teoritilfang om sosial klasse og kulturell kapital og Barton (2015) intervjua elevar om fem undervisingssituasjonar eg har observert dei i. To oppgåvetypar viste seg særleg relevante for å få fram ferdigheiter: klasseromsdiskusjonar og drøftingsoppgåver. Problemstillinga er: Har elevar med ulik sosial klassebakgrunn ulik oppleving og verdsetjing av samfunnsfaglege ferdigheiter? Middelklasseelevar sine opplevingar av ferdigheiter til å skrive drøftingsoppgåver verka meir prosessorienterte ved at drøfting handla om å utforske ulike sider av ei sak. Samanlikna var arbeidarklasseelevane meir resultatorienterte og opptatte av å skrive korrekt faktainnhald. Når det kom til klasseromsdiskusjonar, opplevde middelklasseelevane desse som interessante der deltaking handla om å utforske og lære i samtale med andre. Samanlikna opplevde arbeidarklasseelevane oftare deltaking som stressande, og om å presentere rett svar. Desse skilja blir relaterte til kunnskapskulturelle forventingar om danning som i hovudsak middelklasseelevane oppfattar. I tillegg fortel middelklasseelevane at dei får betre karakterar enn arbeidarklasseelevane som fokuserer på fullføring av skulefaget. I tråd med Bourdieu og Passeron (1990) fortel middelklasseelevane om korleis dei lærer ferdigheiter heime, og verkar ha ein meir omfattande læringsprosess enn arbeidarklasseelevane. Vidare forsking bør tydeleggjere kva ferdigheiter er og utvikle undervisinga for studie-, yrkes- og samfunnsdeltaking.
This book provides an up-to-date reading of Capital Volume I, emphasizing the relevance of Marx's analysis to everyday twenty-first century struggles. Harry Cleaver's treatise outlines and critiques ...Marx's analysis chapter by chapter. His unique interpretation of Marx's labour theory of value reveals how every theoretical category of Capital designates aspects of class struggle in ways that help us resist and escape them. At the same time, while rooted within the tradition of workerism, he understands the working class to include not only the industrial proletariat but also unwaged peasants, housewives, children and students. A challenge to scholars and an invaluable resource for students and activists today.
Venture capital (VC) syndicates involve repeated transactions among partners and therefore possess network‐like characteristics. Although networks provide access to important externalities, extant ...literature has not studied the effects of the focal firm's resource needs on performance benefits arising from different network structures. We investigate the impact of two proxies for firm‐level resources, namely maturity and status, on the relationship between network cohesion and VC performance. We find that mature and high status VCs benefit less from network cohesion. We also show that maturity and status simultaneously determine the performance effects of network cohesion.
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