Economics of Engineering: A New Fabric from Some Old Threads

Three axioms are used to present the basic fundamental ideas of engineering economics. These axioms are then used to derive a generalization of present value that includes both a local and global perspective. The relationship between the local and global concepts is derived and then used to solve cash flow problems that involve flows placed arbitrarily in time.     

Participatory budgeting,community engagement and impact on public services in Scotland

ABSTRACT

The institutional engagement and analysis needed to effectively integrate the requirements of equality legislation into participatory budgeting (PB) processes requires a transformational approach. Equality processes appear to exist in parallel with PB activity, rather than being operationalized as integral to the objectives and character of PB activity at local level. This paper proposes that PB and the Public Sector Equality Duty (PSED) in the Equality Act 2010 share a transformative intent and potential, but that this is undermined by siloed thinking on equalities and enduring discriminatory behaviour and practices. The paper concludes with propositions for aligning the conceptual links between equality and community empowerment and, thereby, participation in local financial decision-making in practice.     

The Southeast Asian Economies in the Age of Discontent

This paper investigates the effects on and responses of five middle‐income Southeast Asian economies to the current global environment of authoritarian populism, the retreat from economic liberalism, and the appeal of anti‐globalization movements. While the political histories and institutional capabilities of the five – Indonesia, Malaysia, Philippines, Thailand and Vietnam – vary greatly, these economies have a history of at least moderately fast economic growth for extended periods, and of increasing regional and global economic integration. We argue that most of the factors behind the discontent with globalization in the rich economies are not present to the same degree in these countries, and that there has therefore been no major retreat from the economic policy settings that have underpinned their past economic success. However, there are no grounds for complacency. Economic growth is slowing in some of the countries, economic insecurity remains widespread, and the development of durable independent institutions has lagged economic growth.     

FARM TENURE AND FARMING PRACTICE

The performance of wholly owned, wholly rented and mixed tenure farms in the Farm Management Survey sample for England and Wales is compared on a range of criteria, controlling farm size and type. Mixed tenure farms are found to perform noticeably better than ‘pure’ tenure types. Possible explanations for inter-tenure differences in performance are reviewed under the headings of capital provision, farmer motivation and resource mobility. Evidence from the FMS and from interviews with 48 farmers provide only weak support for hypotheses relating performance to capital endowments, the ‘spur’ of market rents or asset appreciation. Findings on changes in farm size and tenure, however, suggest that tenure could be determined by, rather than being a determinant of, farm performance.     

Adapting consumer products to lesser-developed markets

Different types of modern consumer products require substantially different amounts and types of adaptation in preparing them for marketing in Lesser-Developed Countries (LDCs). This study reports conclusions drawn from an empirical study of 174 products marketed by 61 subsidiaries of multinational corporations operating in 22 different LDCs. Some product categories, such as foods and drinks, require adapting to fit them more appropriately for LDC marketing conditions. Other categories, such as cosmetics, undergo few adaptations, as their makers seek to reap the benefit of their products' established images in LDCs. Still other categories, such as pharmaceuticals, undergo minimal adaptations, because of the substantial advantages their makers attach to global standardization.