Power And Global Economic Institutions

What is the relationship between states\u27 economic power and their formal political power in multilateral economic institutions? Why do we see variation in states\u27 formal political power across economic institutions of the same era? In this book, Ayse Kaya examines these crucial under-explored questions, drawing on multiple theoretical traditions within international relations to advance a new approach of \u27adjusted power\u27. She explains how the economic shifts of our time, marked by the rise of Brazil, Russia, India, China and other emerging economies, have affected and will impact key multilateral economic institutions. Through detailed contemporary and historical analyses of the International Monetary Fund, the World Bank, the G20, and the International Trade Organization, Kaya shows that the institutional setting mediates the significance of the underlying distribution of economic power across states. The book presents both case studies and key statistics

Incomplete Contracts, Incentives and Economic Power

This paper formalizes ideas from classical and radical political economy on task allocation and technology adoption under capitalism. A few previous studies have attempted this, but the framework and results in this paper are different. I model labor contracts that are incomplete owing to unforeseen/indescribable contingencies, leading to Pareto-improving renegotiation and a hold-up problem. Given path dependence, the allocation is sub-optimal, with the extent of inefficiency depending upon the degree of incompleteness. This model captures insights from the above literature on the microeconomic roots of inefficiency and power. It also provides a concrete setting where indescribable contingencies do (or dont) matter - a much-debated issue.Incomplete Contracts, Unforeseen/Indescribeable Contingencies, Hold-Up, Classical and Radical Political Economy

Development Power and Derivative Process-A Model and Theory for Macroeconomy Analysis

Stating from the basic characteristics of economic development process and based on the partial distribution [F.Dai, 2001], this paper advance the concept of development power, give its basic models, and try to establish a theory of describing and analyzing the macroeconomy ©¤ the development power and derivative process. By means of the development power theory, we can explain and solve some important problems in macroeconomic researches, such as how the economic cycle be formed, what is the reason that economic outputs vary violently, etc. And by the derivative process model, we can give out the indexes of valuating development power and development vitality in economic process, analyze the macroscopic course of economic development, and compute the beginning time and ending time of the economic cycle depending on the accumulating and releasing development power. Finally, we analyze emphatically the DP movement in economic development of China and USA in recent several decades, in order to show the realistic background and the creditability of development power and derivative process.partial distribution, macroeconomy, development power (DP), derivative process, analytic model

Adaptive Robust Optimization with Dynamic Uncertainty Sets for Multi-Period Economic Dispatch under Significant Wind

The exceptional benefits of wind power as an environmentally responsible renewable energy resource have led to an increasing penetration of wind energy in today's power systems. This trend has started to reshape the paradigms of power system operations, as dealing with uncertainty caused by the highly intermittent and uncertain wind power becomes a significant issue. Motivated by this, we present a new framework using adaptive robust optimization for the economic dispatch of power systems with high level of wind penetration. In particular, we propose an adaptive robust optimization model for multi-period economic dispatch, and introduce the concept of dynamic uncertainty sets and methods to construct such sets to model temporal and spatial correlations of uncertainty. We also develop a simulation platform which combines the proposed robust economic dispatch model with statistical prediction tools in a rolling horizon framework. We have conducted extensive computational experiments on this platform using real wind data. The results are promising and demonstrate the benefits of our approach in terms of cost and reliability over existing robust optimization models as well as recent look-ahead dispatch models.Comment: Accepted for publication at IEEE Transactions on Power System

The soft notion of China's 'soft power'

· Although debates over Chinese soft power have increased in recent years, there is no shared definition of what ‘soft power’ actually means. The definition seems to change depending on what the observer wants to argue. · External analyses of soft power often include a focus on economic relations and other material (hard) sources of power and influence. · Many Chinese analyses of soft power focus on the promotion of a preferred (positive) understanding of China’s interests and identities overseas. · Unpacking broad and inclusive definitions of soft power allows for the identification of different types and sources of power including national image promotion, normative power promotion and ‘imagined power’. · China’s emergence as an alternative economic partner seems to be the major source of attraction for other developing states, though it remains difficult to separate hard material factors from softer attraction to values and world-views

A new approach to secure economic power dispatch

This article presents a new nonlinear convex network flow programming model and algorithm for solving the on-line economic power dispatch with N and N−1 security. Based on the load flow equations, a new nonlinear convex network flow model for secure economic power dispatch is set up and then transformed into a quadratic programming model, in which the search direction in the space of the flow variables is to be solved. The concept of maximum basis in a network flow graph was introduced so that the constrained quadratic programming model was changed into an unconstrained quadratic programming model which was then solved by the reduced gradient method. The proposed model and its algorithm were examined numerically with an IEEE 30-bus test system on an ALPHA 400 Model 610 machine. Satisfactory results were obtaine

Power and wealth: indicators & trends in the global political economy

The aim of this first ‘Power & Wealth’ Report is to kick off a new research project that aims to explore, in a historical perspective, trends in the distribution of wealth and economic power among states and global regions. Part of this research project aims at the creation of a new index measuring economic strength, which can be used as a device to analyse the changing geometry of power & wealth at a global level