The simple macroeconomics of an oil-dependent economy

This paper constructs and analyzes a simple macrodynamic model of a small economy that is completely dependent upon OPEC for oil imports. The impact and dynamic behavior of wages, prices, output and exchange rates is analyzed under several alternative scenarios. Initially, it is assumed that oil is denominated in dollars and the consequences of an increase in oil prices are investigated under a system of free floating. In later sections, the effects of this disturbance are re-examined under various kinds of ‘managed float’ systems.     

Recreating heritage in the southwest of Scotland

This paper studies the role of heritage tourism in the creation of uniform identity. The recently developed heritage tourism products in the southwest of Scotland are encouraging the promotion of the dominant heritage of Scotland, largely marginalising the regional one. This paper examines the cases of the heritage of Robert the Bruce that stresses Scotland's militaristic tradition, the eventful organisation of the Border Gathering which showcases Highland culture and the marginalisation of the Covenanting heritage of the region. The data are gathered through a questionnaire survey, in-depth interview, non-participant observation, archival records and other secondary sources. It shows how tourism is gearing towards recreating and establishing heritage which is largely new to the region. The paper argues that the promotion of dominant heritage is meaningfully directed towards forming a uniform and homogenous identity. The introduction of the dominant heritage in the region is important because it encourages commonality within Scotland, which plays an enormous part in advancing Scottish nationalism. This study helps us understand how tourism can be a medium to advance a nationalistic message.     

Labour Use and its Adjustment in Indian Manufacturing Industries

Abstract

This study provides an empirical investigation of the adjustment process of labour in Indian manufacturing industries, which evolved through structural transformation in the era of globalization. The analysis is based on a dynamic model applied to a panel of 22 two-digit manufacturing industries for the time period of 22 years covering 1980/1981 to 2001/2002. It is assumed that as competition increases industries adjust their employment to a desired level which is both industry and time specific. The results indicate that the manufacturing sector has shown a considerable dynamism in adjusting its workforce. The long-run labour demand responds greatest to the output, followed by capital and least by wages. It is observed that Indian manufacturing is not inefficient in labour use as modest speed of adjustment has led employment size closer to the optimal level.     

Image Repair Campaign Strategies Addressing Race: Paula Deen,Social Media,and Defiance

This multi-method study examines how the use of social media in a crisis campaign involving race-related issues may affect a public figure’s credibility and perceived response appropriateness. First, image repair theory is used to analyze Paula Deen’s image repair campaign in the wake of the National Enquirer’s revelation that she admitted to using the “N-word” during a lawsuit deposition. Our analysis shows her response strategies were unsuccessful because her apology did not center on the allegations, and she was contradictory in her bolstering, minimization, and mortification strategies. We build on the Deen case study results by exploring the effectiveness of tweeted message strategies in a race-related crisis via Twitter. We use a mixed-design experiment examining how public figure type (politician v. TV celebrity) and response strategy (moral defense, performance defense, defiance defense, no defense) affect perceptions of a female public figure’s credibility and perceptions of the appropriateness of the response. Results show that any of the three responses are better than no response when addressing charges of racial insensitivity. A defiance defense, as newly tested strategy, and moral defense worked better for the TV celebrity condition than the politician condition. Implications are discussed.     

Materials price increases and aggregate adjustment in an open economy: A Stochastic Approach

This paper develops a stochastic macroequilibrium frameworks to analyze the differing implications of alternative types of input price disturbances. The distinctions between expected and unexpected, permanent and transitory, nominal and real disturbances are considered. The introduction of input disturbances involves a more elaborate modelling of the supply side of the economy. Both constant returns to scale and decreasing returns to scale technologies are considered. The analysis highlights the sensitivity of the macroeconomic impacts of input price shocks to their specific type. The analytical results obtained are not unambiguous and are supplemented with numerical simulations.     

Some Ethical Issues in Computation and Disclosure of Interest Rate and Cost of Credit

Although the mathematics of interest is very precise, the practice of charging computing and disclosing interest or cost of credit is full of variations and therefore often questionable on ethical grounds. The purpose of this paper is to examine some of the prevalent practices which are incorrect, illogical, unfair or deceptive. Both utilitarian and formalist schools of ethical theory would find these practices to be inappropriate. The paper will specifically look at unfair practices in the areas of estimation of intrayear rates, use of 360 days in a year, the "rule of 78th", interest rate ('APR') advertising, and computation of unpaid balance by credit card issuers to figure interest costs.The current practices are not in the best interest of the average consumer. There is, therefore, an urgent need for new legislation, change in regulatory code and disclosure requirement for eliminating these unethical practices. The author recommends that the Truth in Lending Code of the Federal Reserve should require the disclosure of the effective APR if the periodic rate is determined by dividing the 'APR' by the number of payment period in a year; the use of 360 days in a year methods and the "Rule of 78ths" should be immediately discontinued; Deceptive advertising, which tend to understate the true cost of credit or hides hidden costs and fees should be outlawed; interest should be payable with the same frequency as the frequency of compounding and credit card holders should be provided with a comparative example of various methods of balance computation.     

Some pitfalls in open economy model building

This paper examines the nature of adjustment paths implied by a popular open macromodel embodying exchange rate expectations. It is shown that the ad hoc expectational scheme utilized in this kind of model may involve it in a rationality paradox if stability is to be preserved. Specifically, the implied exchange rate paths may be such that actual depreciation is accompanied by expected appreciation (and conversely) on a continuing basis.     

A relational perspective to knowledge creation: Role of servant leadership

Knowledge creation is a dynamic activity where new ideas and meanings are created through coaction and interactive relationships. However, due to overemphasis on competitive spirit and individualistic orientation, knowledge organizations ignore the significance of people and relationships. Extending a relational perspective, this article proposes a model of servant leadership for facilitating knowledge creation through sharing leadership responsibilities with followers resulting in mutual influence and direction, and inculcating caring relationships. It ensures greater exchange of ideas, experiences, and expertise between servant leaders and followers that result in the generation of new knowledge. By constructing this model we have explained various processes with several propositions showing relationships between servant leadership and shared leadership, shared leadership and knowledge creation, servant leadership and caring relationships, and caring relationships and knowledge creation.     

Tourism in Nepal: post-monarchy challenges

Monarchy has remained a stimulus in the touristic representation of Nepal. Recent political changes in Nepal abolished the traditional monarchy and declared Nepal a Federal Democratic Republic. Since Nepal's national identity was closely intertwined with the Hindu religion and monarchy, their absence indicates a reason sound enough to bring about a change in the traditional representation of Nepal in tourism. This paper first contextualises the role of monarchy in Nepalese tourism. It then looks into the challenges perceived by the tourism industry arising from the absence of the institution of monarchy. Data collected through interviews and questionnaires from the industry representatives and other library-based resources show that the biggest challenge ahead would be to the future of Nepal's existing tourism imagery. This is because, first, monarchy has a role in projecting Nepal as an exotic and mystic destination. Second, because the urge to diversify Nepal's tourism activities due to the increased quest for newly emerging regionalism means the traditional representations in tourism would not remain uncontested. These results lead us to a conclusion that the stereotypical image of tourism tends to be challenged in a new cultural climate brought about by a major change in the political regime.     

Vergleichende Analyse der technisch-wirtschaftlichen Bedingungen von PV-Anlagen Mit Süd- und Ost-West-Ausrichtung

PV power plants with east-west-orientation have a lower energy production per installed kW_p due to their orientation than those facing to south. Thus they need a reduction of costs to compensate the lack of energy production and to have the same cost effectiveness as PV plants with south-orientation. This paper tries to show, how and if PV plants with east-west-orientation can be more profitable than PV plants with south-orientation. Therefore, the energy production was simulated for PV plants with an orientation to east-west and to south with different inclinations in a place with high irradiation (Freiburg) and a place with low irradiation (Hamburg). A calculation of profitability was made for each PV plant including energy production as well as ascertained costs. This are the main outcomes:

The profitability of PV plants with east-west-orientation is not better than the profitability of PV plants with south-orientation.

The profitability of PV plants with east-west-orientation is better than the one of PV plants with south-orientation when the costs of mounting systems are much lower for east-west mounting-systems than for mounting-systems with south-orientation and the costs of grid-connection and rent are high too.

The profitability of PV plants with east-west-orientation is higher in regions with low irradiation.