Economics in the high school with a suggested functional course

Thesis (M.A.)--Boston University, 1937. This item was digitized by the Internet Archive

Three Essays on the Limits and Possibilities of Economic Sovereignty in the Eurozone

Title from PDF of title page, viewed January 25, 2023Dissertation advisor: Randall WrayVitaIncludes bibliographical references (pages 112-116)Dissertation (Ph.D.)--Department of Economics, Department of Mathematics and Statistics. University of Missouri--Kansas City, 2022There is no disputing Germany’s dominant economic role within the eurozone (EZ) and the broader European Union. Economic leadership, however, entails responsibilities, especially in a world system of monetary production economies that compete according to political and economic interests. The first paper looks at the historical context of the US’s undisputed leadership among monetary production economies following the end of World War II to help frame the broader discussion on the financial requirements of the leading economy in the new system of states after the war. It goes on to discuss how certain constraints regarding the external balance do not apply to the leader of the monetary production economies, the United States. In addition, the paper presents Hyman P. Minsky’s proposal for a shared burden between the hegemon and other core industrial economies in maintaining the stability of the international financial system as a multilateral financial framework to alleviate the burden of hegemonic responsibility in stabilizing the international economy. The second paper makes use of European economic traditions reliant on statecraft to revisit the region's integration under the leitmotiv of economic sovereignty as a continental project. Specifically, it looks at the work of List, Keynes, and the Chartalists. The work of F. List sets European economic unification in its historic place as a strategy founded in large part on exploiting economies of scale (demand and supply-side) by political and economic aggregation of smaller non-self-sustaining economies into one market. Keynes’s international economics serves as the most useful orienting blueprint to begin to address the particularity of economic unification among sovereigns absent political unity. Chartalist insights into the political nature of central banks can assist in framing the European Central Bank's often clumsy attempts to hold together the Union. The third paper explores how the Great Financial Crisis overturned the equilibrium between debtor and creditor members in the EU. Violators of Maastricht Treaty quantitative limits (for instance, Germany was in breach of the limit on government deficits from 2001-2005) were not paraded as irresponsible freeloaders. The ‘macroeconomic imbalances’ within Europe and the world were not overly concerning, as financial sector participants chased yields in the periphery and the non-traded sectors absorbed capital. Nonetheless, ever since the sovereign debt crisis in Europe tested the political and financial infrastructure of the currency union, the coexistence between the different growth regimes has faltered as creditor nations have become increasingly hostile towards those carrying a trade deficit. The paper looks at how trade tendencies within the EZ and the broader EU have in fact consolidated Germany’s grip on the economic destiny of the continent. It goes on to critically assess the potential for sovereign solvency within a currency union built over a highly competitive industrial infrastructure.German economic dominance within the Eurozone and Minsky's proposal for a shared burden -- The odd fiscal "implicit bargain" in the Eurozone, a continental view of sovereignty: List, Chartalism, and Keynes' international economics -- NTRA-EU trade trends and demand-side economies of scale: the new coexistence between growth regimes in Europ

The conception of New Venture Ideas by novice entrepreneurs: A question of nature or nurture?

This research aims to further understanding around the cognitive mechanisms lying behind the generation of entrepreneurial New Venture Ideas (NVIs). It assesses the extent to which this competency is innate or one which is capable of being proactively developed. This has particular salience in the context of novice entrepreneurs, a group lacking the knowledge corridors and cognitive frameworks of their serial or portfolio counterparts. Innovative in nature, NVIs represent the first candidate concepts for new means-end relationships. Existing as cognitive products at the very start of the entrepreneurial journey, significant academic attention has focused on the cognitive micro-foundations that influence their conception. Nonetheless, notable gaps in this body of work remain, not least in how different cognitive antecedents impact upon NVI quality. This thesis looks at these issues through three independent but inter-related studies. The first undertakes a systematic literature review of the existing empirical research to elucidate the extent, and associated transmission methods, through which entrepreneurship education and training (EET) supports opportunity identification. The second takes a quantitative approach to observe how an individual’s innate cognitive capabilities, notably those aspects of intelligence related to executive functioning, explain significant inter-person performance differences when it comes to entrepreneurial ideation. The third adopts an experimental methodology, to assess the extent to which the use of cognitive heuristics, in this case analogical reasoning, impacts on performance outcomes in the conception of NVIs, and the extent to which it can be supported. Collectively this study finds that EET interventions, innate cognitive capabilities, and cognitive heuristics all contribute to NVI quality. It highlights the potency of nurturing interventions but simultaneously illustrates their limitations. With different cognitive antecedents shown to exude varying degrees of malleability, this research has relevance to both the structure, and expectations, of EET programmes dedicated to the ‘fuzzy front’ end of entrepreneurship

The impact of the Johannesburg Stock Exchange's alternative exchange on listed firm's performance and entrepreneurship

This study’s primary objective is to determine the impact that the JSE’s AltX has on listed firm’s performance and the level of entrepreneurship in South Africa. Its secondary objective was to quantitatively determine whether there exists a link between increased capitalisation of the AltX and the expansionary drive of listed firms, as well as to ascertain the impact that the listing requirements of the AltX has on the broad-based black economic empowerment (B-BBEE) score performance of listed firms. In order to achieve the methodological objectives of this study, mixed methods was used to measure this phenomenon which led to the development of an integrated model for the JSE’s AltX listed firms, as well as for intending small and medium enterprises (SMEs) that might want to list. Accordingly, the researcher employed pragmatic research paradigm and conducted two types of analysis. Firstly, quantitative analysis which is based on primary and secondary data was conducted followed by a qualitative analysis based on a qualitative semi-structured case study. It was found that the JSE's AltX positively impacts on the performance of listed firms and the level of entrepreneurship in South Africa. Most especially as increased capitalisation levels was positively linked with the expansionary drive of these registered firms. And that the listing requirements of the AltX had a net positive effect on the B-BBEE score performance of these companies. Practically, by virtue of being listed many SMEs would generate enough capital and buzz to facilitate their expansion. This study also contributes to new knowledge by recommending that the JSE's AltX develop a custom-made business-friendly targeted listing procedure. Just as policy makers are encouraged to create a one-stop-shop investment portal which would streamline the activities of government agencies for the benefit of Small, Medium and Micro-Enterprises (SMMEs) in South Africa. The researcher proposes that future research would extend beyond South Africa, across the SADC, Africa or even across continents. Besides, a 3-level multi-level modelling (MLM) equation testing procedure was conducted to test the efficacy of firm listing, using IBM SPSS Statistics version 27 statistical software package. Quantitative analysis, comprising: quantitative analysis of primary data from survey questionnaire (investigated whether location or sector impacts on firm performance), and quantitative analysis of secondary data (determined if the number of both SMMEs and the JSE's AltX listed companies impacts on firm performance and the level of entrepreneurship in South Africa). Using participants' sample from sixty JSE's AltX listed firms who were either CEOs/directors/top management team members, and ten interviewees (i.e. for the qualitative analysis, comprising: qualitative analysis of primary data from semi-structured case study), this study's triangulated findings and conclusions became more valid and reliable. Evidence provided by the ensuing econometric analysis suggests that: Firstly, firms that are listed on the JSE’s AltX were more likely to perform better than their unlisted peers (i.e. both formal and informal SMMEs). Thus, this helped listed firms to improve their company’s performance, corporate profile, loan amount and profits, as well as assisted in securing a major investor for the firm. Besides, it was observed that the variation in the dataset occurred within sectors between the JSE's AltX variable parameters at Level 1. This positively impacted on the AltX market capitalisation, total number of employed personnel, foreign assets, as well as the total equity and liabilities of the JSE's AltX listed firms. Secondly, listing on the JSE’s AltX was found to be positively associated with the level of entrepreneurship in South Africa. There was evidence that listing boosted the level of creativity and innovation in South Africa, as well as encouraged entrepreneurial risk taking, and also increased business confidence levels. Furthermore, it was observed that the variation in the dataset occurred within sectors between the JSE's AltX variable parameters at Level 1. Likewise, the turnover, AltX market capitalisation, the total investments and loans, as well as the earnings yield of the JSE's AltX listed firms were positively linked with the level of entrepreneurship in South Africa. Thirdly, the rising share capitalisation of listed firms on the AltX was linked to an increased likelihood for company expansion. In addition, listing led to international firm exposure and industry position consolidation. However, the corporate bonds and equities sold by these listed firms on the AltX did not guaranty the long-term sustainability of their business. Also, it was observed that the variation in the dataset occurred within sectors between the JSE's AltX variable parameters at Level 1. Correspondingly, the qualitative case analysis indicated that listing on the AltX led to a high yield but with lower multiples, higher return on equity, joint ventures and acquisitions, share ownership dilution, debt reduction, more capital disbursement and risk diversification, and it also led to firm growth and economic development, which was good. Fourthly, higher compliance requirements for listing on the AltX, increased the likelihood that there would be improvements in quoted B-BBEE performance score. Equally, the implementation of good governance systems like the B-BBEE by listed firms made them more attractive to stakeholders. On the other hand, when the B-BBEE score of these listed firms becomes the regressand, listing had an undesirable effect on their value added, patents and trademarks in relation to company performance. This study therefore opens-up a new vista for examining the performance of listed firms in South Africa, which is a significant contribution to new knowledge.Business ManagementD. Phil. (Management Studies (Entrepreneurship)