Latest Papers

The latest papers published in the World Economics Journal.



The Drivers Behind Corruption in Official Statistics The Drivers Behind Corruption in Official Statistics: Who wants to control the mirror to society and why
Andreas V Georgiou, World Economics, March 2022
The manipulation of official statistics is grand corruption and political corruption. There is a mechanism that gives rise to phenomena of corruption in official statistics and has component parts: the drivers, the enabling conditions, the modalities and methods used to ... More


Nigerian Statistical Data and their Trustworthiness Nigerian Statistical Data and their Trustworthiness: Its Implication for Economic Planning and National Development
Keziah, Y. Ayuba & Panshak Yohanna, World Economics, March 2022
As at 2020, the population of Nigeria was said to be about 200 million (World Bank, 2020). However, the actual population of Nigeria remains a subject for national debates, since there are no databases for birth or death rates. To ascertain the trustworthiness of the st ... More


Exercising Economic Sovereignty in Today’s Global Financial World Exercising Economic Sovereignty in Today’s Global Financial World: The Lessons from John Maynard Keynes
Biagio Bossone, World Economics, March 2022
In this article, I argue that current macroeconomic models do not recognise the role that "global investors" play in determining the space for effective macroeconomic policies. These important players must be placed at the center of macroeconomic analysis if we are to u ... More


Not Cyclical but Secular Not Cyclical but Secular
Andrew Smithers, World Economics, March 2022
Classical economics assumed that interest rates would adjust, or could be adjusted, to ensure that there was no mismatch between private sector intentions to save and invest. Interest rates were therefore assumed to be the sole policy tool needed to maintain full employ ... More


Diversity and Inclusion Diversity and Inclusion: Charactering the Pace of the Labor Market Recovery by Race and Gender
Azhar Iqbal, World Economics, March 2022
This study employs the natural unemployment rate as a benchmark to characterize the state of the US labor market by race and gender. In our analysis, we find that the COVID recession produced asymmetric economic damages to some segments of the population and that the pa ... More


Total Factor Productivity Growth in Indian Manufacturing Total Factor Productivity Growth in Indian Manufacturing
Abhijeet Bag & Sarbapriya Ray, World Economics, March 2022
Research findings suggest that the trends in total factor productivity (TFP) are highly cyclical across years during the pre-reform period and have shown a similar cyclical trend during the post-liberalisation period in all three measures—GO based, A based and KLEMS mea ... More


Evolving Indian Policy Evolving Indian Policy: It’s not USA vs China, It’s USA, China and Others!
Siddhartha K. Rastogi, World Economics, March 2022
As the world reorients into a bipolar power struggle between the USA and China, India is often touted to be the counterbalancing force to China, mainly due to geographical proximity, size and population. In the post-USSR world and since economic reforms in 1991, India b ... More


Governments Manipulate Data Governments Manipulate Data
Bruno S. Frey, World Economics, December 2021
Governments widely manipulate official economic and social data—but the public tends to disregard this fact. There is extensive empirical evidence that governments extensively manipulate official data. National statistical offices should be independent of their governme ... More


Was the Impact of COVID on UK GDP Real or Statistical? Was the Impact of COVID on UK GDP Real or Statistical?
Colin Ellis, World Economics, December 2021
The COVID-19 pandemic, and measures to fight it such as lockdowns, took a significant toll on economic activity around the world. In many instances, declines in GDP were the steepest on record, with the UK standing out among advanced economies. However, the extent of th ... More


Rules of Origin as Trade Barriers Rules of Origin as Trade Barriers: Towards a Welfare-oriented Economic Society
Olufunlola Rotimi, World Economics, December 2021
On 2 July 2021 the Kingdom of Saudi Arabia clarified, and by so doing fundamentally changed, the rules determining when goods can be said to be a national product originating from within Gulf Cooperation Council (GCC) countries. In other words, it changed its rules of o ... More


The Belt and Road Initiative in an Era of the COVID-19 Pandemic The Belt and Road Initiative in an Era of the COVID-19 Pandemic
Adams Bodomo, World Economics, December 2021
The Belt and Road Initiative (BRI), as launched by China since 2013, is the country’s massive signature infrastructure programme, also called One Belt One Road (OBOR) (in Chinese ????). Through the BRI, China has constructed or is constructing about 2,000 infrastructur ... More


De-Carbonising the World Economy De-Carbonising the World Economy
Julian Gough, World Economics, December 2021
Global temperatures for most of the first two decades of the twenty-first century remained on plateau, showing little response to the 13% rise in the concentration of carbon dioxide in the atmosphere. De-carbonising the world economy, by reducing the burning of fossil f ... More


Analysing the Dynamic Relationship Between Foreign Direct Investment and Trade Balance Analysing the Dynamic Relationship Between Foreign Direct Investment and Trade Balance
Taleb A. Warrad & Ade S. Nimri, World Economics, December 2021
The purpose of this article is to examine the dynamic relationship between FDI and the trade balance in Jordan, by using time series data over the period 1975–2020. In it we used two main variables – Jordan’s trade balance (TB) and foreign direct investment net inflows ... More


ESG: The Unsustainable Investment Opportunity…? ESG: The Unsustainable Investment Opportunity…?
Simon Cole, World Economics, December 2021
Corporate prowess in environmental, social and governance (ESG) has little or no merit as an indicator of superior economic returns. The evidence is considerable, pursuit of performance creates cost to the firm and is a constraint to investment opportunity. ESG measurem ... More


Making the AfCFTA Work for ‘The Africa We Want’ Making the AfCFTA Work for ‘The Africa We Want’
Hippolyte Fofack, World Economics, December 2021
The African Continental Free Trade Agreement (AfCFTA) has been touted as an economic and globalisation game changer because it has the potential to transform African economies and significantly raise Africa’s share of global trade to position the region as an increasing ... More


The Case of Andreas Georgiou: A Travesty of Justice The Case of Andreas Georgiou: A Travesty of Justice
Miranda Xafa, World Economics, September 2021
After facing prosecution for a decade Andreas Georgiou, former President of Greece’s statistical agency (ELSTAT), is now liable to pay damages for defamation to those who produced the infamous ‘Greek statistics’! ... More


How Do Broad Money and the Stock Market Interact in Times of Crisis and of Calm? How Do Broad Money and the Stock Market Interact in Times of Crisis and of Calm?
David Cronin, World Economics, September 2021
The relationship between the components of the US M2 money stock and the US stock market, represented by the Wilshire Index, between 1980 and early 2021 is considered. Consistent with retail money funds (RMFs) acting as a ‘gateway’ for portfolio adjustment, the results ... More


GDP and GPI Concepts Are Complementary GDP and GPI Concepts Are Complementary: Towards a Welfare-oriented Economic Society
Mitsuhiko Iyoda, World Economics, September 2021
This article explores the relationship between GDP and the genuine progress indicator (GPI) and examines the possibility of reconciling the two measures. GDP is not an indicator of well-being: to address the welfare perspective, the measure of economic welfare (MEW) was ... More


Would a Patent Waiver for COVID-19 Vaccines Help Achieving Vaccine Equity? Would a Patent Waiver for COVID-19 Vaccines Help Achieving Vaccine Equity?
Giovanna Maria Dora Dore, World Economics, September 2021
The COVID-19 pandemic reignited a long-running debate about whether pharmaceutical companies should waive intellectual property (IP) rights for the greater good. Activists, and low- and middle-income countries contend that WTO rules on intellectual property limit develo ... More


Household Consumption and Income Inequality Household Consumption and Income Inequality
Vighneswara Swamy, World Economics, September 2021
This article seeks to explore the extent to which household consumption causes income inequality and addresses the questions: (i) is there a linear relationship between household consumption expenditure and income inequality? (ii) what is the causal relationship between ... More


Japan: Investment and Growth Japan: Investment and Growth
Andrew Smithers, World Economics, September 2021
The Japanese economy has been growing at less than 1% over the past 20 years. This is a marked fall from its previous trend. This decline cannot be explained by any weakness in business investment, which is little changed as a percentage of GDP. I show that the explanat ... More


USA–India FTA USA–India FTA: Trade and Strategic Considerations
Siddhartha K. Rastogi, World Economics, September 2021
Free Trade Agreements have gained momentum in a world with a flailing multilateral system of negotiations. The increased might of China has also pushed the global North including the EU and the USA to fall back on increasing direct trade linkages with the global South t ... More


The Convergence of Business and Economics Principles The Convergence of Business and Economics Principles
Michael Chibba & John M. Luiz, World Economics, September 2021
How did Starbucks grow from its origins as a purveyor of roasted coffee beans to its ubiquitous presence, in a few decades, as the leading global coffee chain? What are the business and economics principles of its phenomenal growth? The firm’s rise rests on the mantra a ... More