Dr. Maria Ciurea
Associate Professor,
Department of Economics Sciences, Faculty of Sciences, University of Petrosani, Romania.

ISBN 978-93-91215-78-1 (Print)
ISBN 978-93-91215-86-6 (eBook)
DOI: 10.9734/bpi/mpebm/v1

This book covers key areas of economics, business and management. The contributions by the authors include deindustrialization, industrial stagnation, integrated farming, poverty alleviation, nutritional security, income generation, governance, economics, green and smart cities, computer programs, green frame, medium industrial cities, international macroeconomics, money demand, Keynesian macroeconomics, macroeconomic history, Say’s Law, liquidity trap, gold standard, depression, foresight, strategic planning, priority setting, STI policy, Islamic economy, dimensions of worship, balance, standard of living, productive management, experiential value, perceived risk, online shopping, trade union revitalization, power resources, acquisition and utilization of power resources, economic development, unfreedom, envelopment, tourism, technological orientation, performance, conventional, Islamic banking, Kenyan banking, Economic Infrastructure, Economic Effectiveness, infrastructure, net income, capital investment, economic development, human resource management practices, career satisfaction, employee turnover intention, social exchange theory, online learning, higher education scenario. This book contains various materials suitable for students, researchers and academicians in the field of economics, business and management.


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Increased Imports and Brazilian Industrial Stagnation: The Role of Class C in this Process

Edmir Kuazaqui, Teresinha Covas Lisboa

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 1-9

The research that brings you here analyzes the impacts promoted the growth of class C in the freezing process of the Brazilian industry and increased imports. This emerging market, known as Class C, incorporated some of the low income segment, has distinct characteristics and needs, and rightfully so eventually burden in the short term the production of Brazilian companies, who felt the need to opt for imported commodities, semi-manufactured and manufactured in order to maintain market share and return on their investments. This fact is actually part of a trend of global economic transformation, but here is also due to many irregular actions of the Brazilian government against the political need for short-term. From quantitative and qualitative data were sought to better understand the profile of this consumer and draw some recommendations for organizations to better facearem this new demand. It also sought to know the actions taken by a major cosmetics company that has part of its products for the class C.

Integrated Fish Farming

Abhishek Majhi

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 10-15

Integrated farming is a sustainable and powerful device for enhancing rural financial system because of its cumulative fee effectiveness, low funding and better profitability. It optimizes the farm productiveness in keeping with unit location thru incorporation of recycling wastes and residues from one farming machine to the alternative with due environmental consideration. With boom in populace in Purulia, Integrated fish farming remained a key participant in agricultural businesses due it sustainability and makes a specialty of varied agricultural manufacturing with emphasis on fish. Integrated fish farming has potentials of Job introduction especially the unemployed children in Purulia and might enhance the usual of dwelling amongst women. The machine additives fishery and animal Husbandry (Duckery) are complementary wherein duck droppings act as nutrient supply for Fish subculture. This look at is primarily based totally on number one records and performed for the duration of the months of October 2016 to November 2016. To look at the socio-monetary popularity of the agricultural included duck cum farmers, a pattern of 20 respondents became carved out randomly from the 4 villages in Purulia-I Block of district Purulia in West Bengal. The generated records had been computed and analyzed thru statistical gear and average monetary go back in phrases of productiveness of the fishery and duckery practices, their gross go back, internet go back and final B:C ratio. It became discovered that higher manufacturing and sustainable monetary go back may be executed thru crossbred duckery and fish subculture in pond primarily based totally included farming practices.

World Development Vector-green and Smart Cities

Lyudmila Nikolaevna Medvedeva, Larisa Semyonovna Shakhovskaya

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 16-31

The article discusses issues that reveal the prospects for the development of "green" and "smart" cities in Russia. It is shown that the concept of "smart and green" cities is not static, but rather a process or sequence of steps by which cities become more livable, resilient and therefore able to respond to new technologies and the demands of society. A significant number of researchers reduce the concept of a "smart city" to the use of information and communication technologies, and the model of "green cities" to saturation with plants. The study provides arguments opposing such an interpretation, offering a progressive and holistic vision of green and smart cities, technological and engineering solutions that are consistent with human preferences and personality, and further progress in socio-economic relations. The purpose of the study was to critically understand the outlined conceptual approaches to understanding the models of "green" and "smart" cities, to study the possibilities of implementing one of the models on the site of medium-sized industrialized cities of Russia, and progress in the relationship between society and nature. The main conditions, criteria and indicators for the development of cities of the future are presented; the areas of application of green and IT technologies have been substantiated; the role of governing bodies in the formation of new models of cities, focused on the application of the achievements of scientific and technological progress for the benefit of man and his future, has been determined. The necessity of developing computer applications for managing various sectors of the urban economy, increasing the efficiency of urban construction, and developing human potential at the site of "green" and "smart" cities has been proved.

Did Keynes Make His Case? An Argument

Clark Johnson

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 32-43

Paper considers Keynes" case for fiscal stimulus under depression conditions – a case that remains prominent in both policy and academic literature.  It highlights four specific real-history instances where, Keynes argued, monetary measures alone would not have restored prosperity and, hence, where fiscal activism would have been desirable.  These were: 1) the depression of the 1890s; 2) the onset of the Great Depression in 1930; 3) the Roosevelt Recovery in 1933; and 4) the 1937-38 contraction in the US.  But evidence from all four instances, gathered here, undermines Keynes" claims...  Paper then shifts to Keynes" theoretical rationale, where it turns out that the frequently-cited “liquidity trap” argument was only one of several he advanced for monetary policy ineffectiveness.  And it was not the one he most-often emphasized, while his own texts raise doubt about its coherence.  Keynes view of Depression was intertwined with the stagnationist temper of economic theory during the middle 1930s, and with his own cultural and aesthetic distaste for “capitalist individualism.” The weakness of Keynes" real-history illustrations reflects in part his’ flawed underlying critique of “classical” theory, including of Say’s Law – a critique that, because it was so prominent, has often set back understanding.  Keynes did not make his case. The irony is that Keynes, the acclaimed revolutionary of Depression economics, had so little to say about the uses of monetary policy when interest rates fell to historic lows and anticipated returns on investment went even lower.

Foresight as a Tool for the Planning and Implementation of Future Scenarios Based on the Involvement of the Social Capital

Yelena V. Shevchenko, Vitaly M. Pomogaev, Victor F. Stukach, Danil S. Nikulin

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 44-58

The article discusses several aspects of incorporating foresight into the science, technology, and innovation (STI) policy planning process, as well as a set of recommendations for managing uncertainties and ensuring policy alignment with society's future needs. The goal of this study is to investigate the role of technology foresight in decision-making and to develop recommendations on how to effectively integrate national foresight into the process of STI policy planning. Innovation has emerged as a key driver of global economic development, and it continues to be at the forefront of technological breakthroughs. Developed countries are increasingly focusing their efforts on research and development (R&D) in areas that will determine megatrends of technological and social progress in the coming decades. To identify key priority areas foresight brings together key agents of change and various sources of knowledge. Foresight is not aimed at providing an accurate prediction of the future, but allowing to design alternative scenarios of possible futures and to elaborate policies and strategies to achieve "the desired scenario".

The paper states that foresight provides a basis for STI policy planning by identification of key areas for long-term investments and assessing long-term perspectives of science, technology, economy and society development.

Economic Studies and Its Activities in Islamic Religion Point of View

. Syihabudin

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 59-68

Economic activities in the view of Islam are suggestions and demands of life that have a religious dimension. If viewed solely from the goal, there is no difference between the Islamic economic system and other economic systems. This is because all economic systems, including the Islamic economic system in it, work for the same goal, namely fulfillment of various needs of life, both personally and society as a whole. In Islamic economics, this material gain is merely an intermediary for a greater goal and a higher ideal, namely the prosperity of the earth and prepares it for human life. In general, Islamic economics aims to prosper the earth and improve the standard of human life that is decent, just and balanced between self-interest and other people, between material and spiritual, and between rights and obligations. Apart from the above objectives, Islamic economics with the instruments of zakat, infaq, alms, grants and waqf, with productive management, aims to eradicate poverty which is not absolute.

The Place of Experiential Value in the Virtual Space

Ines Soltani, Jamel-Eddine Gharbi

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 69-85

The purpose of this study is to see how the eight aspects of experiential value and perceived risk affect people's attitudes regarding internet purchasing in developing nations. An average of 204 valid questionnaires were collected from a Tunisian internet consumer sample. The items of each scale were subjected to exploratory factor analysis. All of the variables' dimensions were subjected to principal component analysis employing varimax rotation in SPSS. The different dimensions of scales were analyzed and the items that did not have good loadings (superior to 0.5), have contributions higher than 0.3 on many factors, and that they do not have any contribution higher or equal to 0.5 to one of the principal and identified components were eliminated. The site's experience value is a strong predictor of how people will feel about purchasing there. 31.9 percent of the intention to buy from the site is explained by attitude. This latter, however, only represents 3.3% of the online shopping behavior. Perceived risk fails to significantly predict the attitude towards online shopping (p=.158). This study's conclusions have ramifications for consumer educators. They could, in fact, utilise these data to figure out how to make the customer decision-making process easier in the context of e-commerce. Consumer education programs should take into consideration the major facilitators factors and their antecedents when focused on the attitude towards shopping from the site. This study is the first to evaluate the impacts of eight experiential values on attitudes regarding online buying, which is a theoretical contribution to knowledge.  The non significance of the perceived risk on the attitude and consequently its failure as a factor that inhibits the online shopping for the Tunisian sample bring us to look for other variables explaining the non adoption of the online shopping. Only, the self-oriented value dimension (aesthetics, playfulness, efficiency, and excellence) was taken into consideration by the majority of studies in the online context.

The Acquisition and Utilization of Power Resources: Kenyan Trade Union Revitalization

Jacob Omolo

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 86-99

In trade union studies, it has become clear that trade unions are not exclusively at the mercy of big societal trends, but that they always have the option of adopting strategic decisions to revive and improve their members' socioeconomic well-being. The key question is, which power resources and means of exerting such power are available to trade unions in the different context they face to reposition and revitalize themselves? The power resources technique is used in this study to determine the power resources that the Kenya National Private Security Workers Union acquired, developed, and used to revitalise.  The revitalization process began in 2011, and since then, the union has gone from being characterised by leadership squabbles, coups, demarcation conflicts, and low membership density to one with a relatively high membership, stronger cohesion and solidarity, and unity among the leadership and rank and file members.  The revitalization of the Kenya National Private Security Workers Union, according to the analysis, reinforced the conclusion that associational power is best sustained through institutional power. The revitalization process also served a dual purpose, allowing the union to gain public sympathy and relevance while also providing it the internal articulation capabilities to bring together national officials, shop stewards, and rank-and-file members. Between 2011 and 2017, the union's density increased nearly tenfold as a result of these changes. It also helped the union grow into a powerful, unified, and energetic organisation capable of turning challenges into opportunities.

Tourism and Development in the Senian Context in Aruba: Does It Help or Hurt SIDS?

Don Taylor

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 100-109

Tourism development has been a significant factor in the economic growth of Aruba since the closing of its oil refinery in 1986 and the recognition of its status within the Dutch Kingdom.  Tourism is the lifeblood of many small island independent states and those categorised as small non-independent jurisdictions (SNIJs), such as Aruba. The question addressed in this paper is whether and how tourism helps or hinders island development. The economic consequences of tourism have been studied in a worldwide perspective; however, we chose to focus on one destination, Aruba, and contextualise our findings by placing them in the context of other Caribbean islands. The reasoning behind this is that tourism is more important to the Caribbean in terms of economic dependence and tourism intensity. Because of the density of tourism in Aruba and its mono-economical development paradigm this makes for an ideal case study.1 Our approach is based on an ontological examination of the relationship between tourism and economic development, which employs a contextualised concept of development that is consistent with Amartya Sen's philosophical position. In that context, prosperity was defined not only in terms of GDP growth, but also in terms of improved social welfare for its citizens, as well as distance from unfreedom in the Senian sense. For the purposes of this paper, the concept of unfreedom is based on the extent to which there is an inertia to shift paradigms, even if the existing paradigm increases vulnerability, fragility, and limits opportunities for its citizens. As a result, despite its economic impact in terms of foreign exchange, investments, and employment, there are significant and pervasive externalities that should be considered when conceptualising tourism's total impact on economic and social development.

Influence of Technological Orientation on Performance of Conventional and Islamic Banking in Kenya: A Non-experimental and Causal Approaches

Saleh Anyango Osore, Patrick Karanja Ngugi, Kennedy Ogollah

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 110-123

Background: Information technology has contributed to increasing the probability of success of online marketing by increasing the possibility of advertising new and current services at any time and everywhere. It has contributed to connecting the ground to some and thus increasing the user segment.

Purpose: The research was done to establish the influence of technological orientation on performance of Conventional and Islamic banking in Kenya.

Methodology: The study adopted a mixed methods research design based on descriptive, non- experimental and causal approaches. This study considered a census that targeted a population of all the forty three (43) commercial banks that were operational in Kenya as at 31st December 2016. The commercial banks also consist of Islamic banks which offer Shari’ah compliant products and services. This study used a questionnaire as the main instrument for primary data collection. Data preparation started start by coding and cleaning, the primary data obtained from the questionnaires were checked for omissions, legibility and consistency before being coded for analysis. Processed data was analysed by using both descriptive and inferential statistics. Stata version 15 was be used for statistical analysis and presentation tables of the results processed in Microsoft excel. Descriptive analysis was done for the observed indicators and presented as frequency, percentages, mean and standard deviation to reveal the distribution trends. The data collected was in the form of observed indicators of larger constructs thus multivariate dimension reduction techniques (factor analysis) was be used to form composite latent constructs. The latent constructs generated after dimension reduction were used for statistical modelling.

Results: The findings indicated that Technical Orientation was considered as an independent variable and dimension of Strategic Orientation. It was considered to have 3 dimensions Services, Products and Research and Development. The latent construct technical orientation yielded from factor analysis dimension reduction of the indicators was then used as an independent variable in a regression model fitted against firm performance which showed that it was not a significant level-2 random covariate but had a significant coefficient estimate at the respondent level (level-1). The coefficient of technical orientation on performance at level one was found to be 0.828 which implied that increasing the levels of TO by a unit would increase the banks Performance by 0.828 regardless of the banking system.

Conclusion: The researcher recommended that the Kenyan banking sector should embrace Technology in order to tap in the untapped market through innovations for the customers to be able to conduct banking businesses at their own convenience.

A Methodological Exploration for Estimating Economic Effectiveness of Economic Infrastructure

Gwang-Nam Rim, Chol-Ju An

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 124-137

Economic Infrastructure is a prerequisite for economic development. To this end, it is necessary to reveal the theoretical background for estimating the effectiveness of economic infrastructure and establish the methodology for estimating the effectiveness. Until now, there have been a number of qualitative and quantitative studies that investigate the effect of infrastructure on the economy. However, it can hardly say that there is an agreed upon methodology for estimating such effectiveness. The aim of this article is to solve methodological problems arising in estimating the effectiveness of infrastructure in terms of economic, physical-value, and spatio-temporal aspects. The first section of the paper discusses theoretical problems for estimating the effectiveness of economic infrastructure. For this, authors analyze the preceding studies on economic infrastructure as an economic concept and on this basis, systemize its specific features and roles in a new way. The second section illustrates the main indicators and methodology for estimating the effectiveness of economic infrastructure. In this section, authors apply various indicators related to physical and value aspects to suggest the methodology for estimating the space-time effectiveness of economic infrastructure. The findings are that the contribution of economic infrastructure to economy is interrelated with its economic effectiveness, but economic contents of these concepts are not same and therefore, it is reasonable to estimate its economic effectiveness using benefit to cost approach rather than functional approach. This study can be of significance in decision-making related to infrastructural investment for policymakers or investors.

Determinants of Employee Turnover Intention

Omar Jaber Aburumman, Khuzama Arabiat

Modern Perspectives in Economics, Business and Management Vol. 1, 29 June 2021, Page 138-147

This book chapter is divided into six sections and contains many papers related to employee turnover intention. These papers are independent and are not interrelated, and it's provided in different perspectives in terms of content and objective. Section One is an introduction that explains the content of the chapter. Section Two allows the readers to better understand employee turnover intention. Sections Three and Four present some factors that have the potential to influence employee turnover intention including human resource management practices (compensation, performance appraisal, promotion, and training & development) and career satisfaction. Section Five focuses on social exchange theory. This book chapter ends with section six which is also the conclusion that summarizes the content of this book chapter.

The COVID-19 pandemic has undoubtedly disrupted the higher education sector worldwide leading to the near-total closures of universities and colleges. This situation creates a series of challenges that can deepen inequalities across societies which now forced to move into the online realm. Almost all universities shifted face-to-face education to remote or online learning. Significant obstacles have been created for the global higher education community. This chapter focused on the challenges that faced the higher education sector in many countries worldwide during a COVID-19 pandemic and how the remote learning and related techniques, platforms, and other online implications were supporting the continuity of this utmost important sector during the new normal era. Challenges, advantages, and disadvantages of applying these technologies by instructors and students and how to overcome these negatives will also discuss herein.