Culture,entrepreneurship and uneven development: a spatial analysis

Interest in the proposed connection between culture and entrepreneurship has grown significantly in recent years. However, less attention has been given to the nature of the overall impact of this proposed association on development outcomes, particularly at the local level. In response, this paper analyses the relationship between the nature of the culture, entrepreneurship and development experienced across localities, proposing that the link between culture and development is mediated by entrepreneurship. It focuses upon the concept of community culture, as well as embracing a notion of development incorporating both economic and social well-being outcomes. Drawing upon a multivariate spatial analysis of data from localities in Great Britain, the findings indicate that differences in rates of entrepreneurship are strongly influenced by the community culture present in these localities. Furthermore, a bidirectional relationship is found to exist between entrepreneurship and economic and social development outcomes. It is concluded that the embeddedness of local community culture presents a significant challenge for those places seeking to promote entrepreneurially driven development.     

Micro Convergence and Macro Convergence: Factor Price Equalization and Per Capita Income

Factor price equalization implies the equality of prices of the same productive factors across countries owing to free trade. The present paper examines the relationship between factor price equalization and the equality of per capita (per worker) incomes in the contexts of the static Heckscher–Ohlin trade model and the dynamic two-sector neoclassical growth model. Factor price equalization is shown to be neither necessary nor sufficient for equality of per capita incomes across trading countries.     

The value of informal learning within work-based learning: The economic benefits of WBL

Recent updates to federal policy governing career and technical education (CTE) in the United States have emphasised the need to include work-based learning (WBL) experiences as central components of CTE programming. Many of these experiences showcase an informal learning component which has strong ties to early career success as suggested by the Human Capital Theory. This study explores the following questions: What is the relationship between WBL and early career income? Are there differential relationships based on the type of WBL experience? The Education Longitudinal Study of 2002 (ELS) includes nationally representative data for student participation in WBL and early career income. We used school-fixed effects and propensity score matching techniques to respond to our questions regarding the potential relationship between WBL participation and early career income. We found that students who participated in at least one WBL experience in high school could expect to have an average 7% higher income compared to non-WBL participants. With respect to specific WBL experiences, job shadowing, community service, and mentoring had the largest positive relationship to higher early career income. Findings from this study indicate that participation in WBL experiences can have a positive impact on a high school graduate's college and career readiness as measured through early career income. Given the differential relationships observed for different types of WBL, schools, policymakers, and students should explore WBL options that best align with their personal goals.     

Impact investing in biodiversity conservation with bonds: An analysis of financial and environmental risk

Impact investments have the dual goals of generating profit and environmental and/or social impact from the same project or enterprise. This article examines recent impact investments in biodiversity conservation—specifically, debt finance in the form of conventional bonds and impact bonds. The proceeds of these bonds finance projects aiming to enhance forest management, sustainable agriculture, endangered species protection, ecosystem service provision, and nature-based solutions to climate change such as REDD+. The article scrutinises whether these dual goals are achievable by evaluating the financial risks and impact risks within each bond's theory of change. Risks stem from projects with vague cashflow forecasts, project sites with low or ambiguous threat statuses, and simplified impact metrics that may measure activities or outputs—rather than impact. Risk mitigation strategies involve using baselines and counterfactuals to establish additionality, and guarantors to protect investors if revenues are insufficient. Implications for biodiversity management and for-profit conservation are discussed.