THE QUEEN ASKED: STATE OF MAINSTREAM ECONOMICS

The neoclassical economics owes its development to Alfred Marshall and Leon Walras in the late 19th century. Marshall is also attributed with the partial equilibrium theory. Walras is known for his general equilibrium theory. Both Marshall and Walras are also attributed with the introduction of mathematics in their explanations of economic phenomenon. Since their time mathematical economics has reached new heights. Marshall, a British economist relied on the Ceteris paribus assumption principle. Walras, a French mathematician used laissez-faire as his assumption principle. Neoclassical economics saw major changes post the Great Depression. The 1929 Great Depression changed the economic views of John Maynard Keynes who was the ardent fan and star pupil of Marshall. Over time, the rational behaviour of agents and value proposition helped change the various proposed models in mainstream economics. The 2008 global financial crisis jolted the sensibilities of the entire world. Since the last decade trillions of dollars have been pumped into the global financial systems to ensure that the mega-financial institutions do not fail. Several Nobel Laureates in Economics including other prominent economists have questioned the mainstream academia’s ethical position and their inability to predict the 2008 financial crisis. Her Majesty the Queen of England called the crisis ‘Awful’. Her Majesty is known for her remarkable ability to clad public display of emotions. This paper aims to examine the failings of the mainstream economics in light of the existing scholarly literature on the topic. The authors believe that the mainstream economic is in dire need of overhaul

THE QUEEN ASKED: STATE OF MAINSTREAM ECONOMICS

The neoclassical economics owes its development to Alfred Marshall and Leon Walras in the late 19th century. Marshall is also attributed with the partial equilibrium theory. Walras is known for his general equilibrium theory. Both Marshall and Walras are also attributed with the introduction of mathematics in their explanations of economic phenomenon. Since their time mathematical economics has reached new heights. Marshall, a British economist relied on the Ceteris paribus assumption principle. Walras, a French mathematician used laissez-faire as his assumption principle. Neoclassical economics saw major changes post the Great Depression. The 1929 Great Depression changed the economic views of John Maynard Keynes who was the ardent fan and star pupil of Marshall. Over time, the rational behaviour of agents and value proposition helped change the various proposed models in mainstream economics. The 2008 global financial crisis jolted the sensibilities of the entire world. Since the last decade trillions of dollars have been pumped into the global financial systems to ensure that the mega-financial institutions do not fail. Several Nobel Laureates in Economics including other prominent economists have questioned the mainstream academia’s ethical position and their inability to predict the 2008 financial crisis. Her Majesty the Queen of England called the crisis ‘Awful’. Her Majesty is known for her remarkable ability to clad public display of emotions. This paper aims to examine the failings of the mainstream economics in light of the existing scholarly literature on the topic. The authors believe that the mainstream economic is in dire need of overhaul

Role of green technology innovation and renewable energy in carbon neutrality: A sustainable investigation from Turkey

After the Paris Climate Conference (COP21), many countries start progressing towards carbon neutrality targets. In doing so, green technology innovations (GTIs) and clean energy are the essential factors that can help to achieve the carbon neutrality goal. Therefore, this paper examines the linkages between green technology innovation and renewable energy and carbon dioxide emissions based on the STIRPAT model in Turkey during the time of 1990–2018. The study used testing like “unit-root” to verify the variables' integrative properties containing the information for structural breaks. Also, the bootstrapping ARDL-bound testing technique is used to analyze the relationship between the variables. The causal relationship between green technology innovation, energy consumption, renewable energy, population, income per capita, and carbon dioxide emissions is tested through a Granger causality test. The empirical findings show that green technology innovation, renewable energy, energy consumption, population, income per capita, and carbon dioxide emissions are co-integrated for the long-term association. Additionally, green technology innovation and renewable energy decline carbon dioxide emissions, whereas energy consumption, population, and per capita enhance carbon emissions. This paper helps the policymakers design a comprehensive policy for strengthening environmental sustainability through green technology innovation and renewable energy, specifically in the region of Turkey

Türkiye'de Katılım Bankalarının Müşteri Perspektifinden Performanslarının İncelenmesi: Kocaeli İli Örneği

To have an uninterrupted growth performance of participation banks may beonly possible by sustainable development strategies that are consistent withmarket dynamics. Investigating the reasons why customers prefer theseinstitutions, what their expectations are, and analyzing the data obtained fromthese researches are critical in developing strategies. Comprehensive fieldresearch covering all provinces of Turkey which aims to determine the reasonsfor customer preference of participation banks may provide policy implicationsfor the policymakers. As the first step towards carrying out such research, it wasaimed to investigate the reasons for preferring participation banks in Kocaeliprovince. In the study, the required data were collected and analyzed with thehelp of quantitative and qualitative research methods. Firstly, an in-depthinterview method was applied in qualitative research to obtain the data from 12customers working with participation banks in a long period of time. Secondly,the questionnaire method was used to collect data from a wider customer sampleregarding the factors that are important for working with the participationbanks. 407 questionnaires were analyzed and interpreted. 5 main factors, suchas religious factors, service quality variables, social environment effect, financial variables, and marketing mix variables were found to be effective in preferringparticipation banks. The findings of this exploratory study are consistent withthe related literature and it is expected to guide to future studies.Katılım bankalarının büyüme performansının belirli bir eşikten sonra sekteye uğramaması, sürdürülebilir ve piyasa dinamikleri ile tutarlı stratejilerin geliştirilmesi ile mümkün olabilir. Müşterilerin bu kurumları hangi gerekçeler ile tercih ettiği ve beklentilerinin neler olduğu konusunun araştırılması ve bu araştırmalardan elde edilen verilerin analiz edilmesi tutarlı stratejilerin geliştirilmesi açısından önem arz etmektedir. Türkiye genelinde yapılacak kapsamlı bir araştırma ile müşterilerin katılım bankalarını tercih etme gerekçeleri tespit edilerek geliştirilecek politika uygulamalarına dayanak oluşturulabilir. Böyle bir araştırmanın gerçekleştirilmesine yönelik bir adım olarak Kocaeli özelinde katılım bankalarının tercih edilme gerekçelerinin araştırılması amaçlanmıştır. Çalışmada nicel ve nitel araştırma yöntemleri yardımıyla gerekli veriler toplanarak, analiz edilmiştir. Öncelikle nitel araştırma kapsamında derinlemesine görüşme yönteminden yararlanılarak uzun süreli katılım bankaları ile çalışan 12 müşteriden gerekli bilgiler elde edilmiştir. İkinci olarak, anket yöntemi ile daha geniş bir müşteri örneğinden katılım bankalarının tercih edilmesinde önemli olan faktörlere yönelik bilgiler toplanmıştır. 407 adet anket formu analiz edilerek, yorumlanmış ve dini faktörler, hizmet kalitesi ile ilgili değişkenler, sosyal çevre etkisi, finansal değişkenler ve pazarlama karması ile ilgili değişkenler şeklinde 5 temel faktörün katılım bankası tercihinde etkili olduğu görülmüştür. Keşifsel bir araştırma özelliği taşıyan bu çalışmanın bulguları, literatür ile uyumlu sonuçlar vermekte olup, gelecek çalışmalara yol göstereceği düşünülmektedir

Assessing Ecosystem Services Delivered by Public Green Spaces in Major European Cities

In the last decades, there was a significant population growth in urban areas. In this regard, the European major cities are not an exception; in fact, they are even still more affected by that populational exodus and consequently for an urban growth. Therefore, and considering that the urban parks in the cities are not growing at the same pace, a question is raised: “Are the public green spaces in the European major cities still able to provide the needed ecosystem services to their populations?” Based on the above-mentioned question, the present chapter aims to provide the first insights and answers to this question. Contextually, the study uses a case study research (CSR) method over several European major cities. Besides, GIS tools crossing statistical data are also used to analyze the data and consequently understood and establish a state of the art regarding this relevant issue

“Welfare State” and “Economic Development Thought” With in the Framework Ibn Khaldun’s Comprehension State

anemonIn Ibn Khaldun's thought system the phenomenon of asabiyyah is the driving force for communities to build a state. Ibn Khaldun does not think the state as an economic decision-making mechanism. The state should provide safe and fair environment for executing the economic activity. The state protects civil society from external and internal dangers, and takes the authority from a strong military organization. The state provides a protection for a fair, rights and freedoms as a political authority and this protection is the determinant of economics welfare. As the state developes, and increases economic prosperity, the community has a comfort in the economic terms.  The state must manage to this process well, must avoid wastage. Otherwise, collapse of the state is inevitable afterwards the weaking of the state.The process of economic development creates a welfare society with integrating all cases socio-economic and cultural. One of the most important  elements feeding economic development process is values in the community. Especially in the period of which provided economic welfare and planned economic development moral values of society should not be ignored. Carrying out economic activity and protection of the moral values of society are important. If these values ara not taken into account, economic development plans which are lack of social aspects will appear.  Keywords: Ibn Khaldun, Muqaddimah, Asabbiyyah, State, Economic Development, Labor. Jel Classifications: B10, B31, N00, O10İbni Haldun’un düşünce sisteminde asabiyyet olgusu toplumların bir devlet kurmasının itici gücüdür. İbni Haldun devleti iktisadi hayatta karar alıcı bir mekanizma olarak görmez. Devlet iktisadi faaliyetlerin yürütülmesi için güvenli ve adaletli bir ortamın oluşturulmasını sağlamalıdır. Devlet, toplumu iç ve dış tehlikelerden korur ve otoritesini güçlü bir askeri örgütlenmeden alır. Devletin siyasi otorite olarak sağlayacağı adil, hak ve özgürlüklerin korunduğu ortam iktisadi refahın belirleyicisidir. Devletin geliştiği ve iktisadi açıdan refahın arttığı dönemde toplumda iktisadi açıdan bir rahatlık oluşur. Bu süreci devlet iyi yönetmelidir, israftan kaçınmalıdır. Aksi halde devletin zayıflaması sonrasında çöküşü ve yıkılışı kaçınılmaz olur. İktisadi kalkınma süreci, sosyoekonomik ve kültürel tüm olguları bütünleştirerek bir refah toplumu oluşturur. İktisadi kalkınma sürecini besleyen önemli unsurlardan bir tanesi, toplumdaki değerlerdir. İktisadi refah artışının sağlandığı, kalkınmanın planlandığı dönemlerde toplumun ahlaki değerleri göz ardı edilmemesi gerekmektedir. Ahlaki değerlerin korunarak iktisadi faaliyetlerin yürütülmesi önemlidir. Bu değerler dikkate alınmazsa, sosyal yönü eksik iktisadi kalkınma planları ortaya çıkar.  Anahtar Kelimeler: İbni Haldun, Mukaddime, Asabiyyet, Devlet, İktisadi Kalkınma, Emek.JEL Sınıflandırılması: B10, B31, N00, O102238

The vitamin B12 concentration in Turkish adult population: association with diabetes and prediabetes

AbstarctThis study was designed to reveal the vit-B12 and folate concentrations in different age groups, and determine the prevalence of deficiency. Also investigating the relation of vit-B2 deficiency with diabetes and prediabetes. Material Methods: A cross-sectional, population-based survey, 'TURDEP-II' included 9719 randomly sampled adults aged≥20years. The study participants were grouped into those with serum vit-B12 levels below 200 pg/mL and those with normal reference intervals (200-900 pg/mL). Serum vitamin B12 was measured by E170, and the routine biochemical parameters were determined with Roche Modular autoanalyzer. Results: The mean vit-B12 levels was 302.8 ±191.9 pg/ml. Of 9719 participants, 2477 (25.5%) subjects had vit-B12 levels below 200 pg/ml (24.7% in men and 26.8% in women, p=0.01). When clinical and laboratory parameters were compared between groups; in vit-D deficiency group, the mean age (p=0.001), BMI (p=0.016) and waist (p=0.01), and serum levels triglycerides (p<0.001) were significantly higher; but HDL-c (p<0.001), LDL-c (p=0.001) and folate levels (p=0.021) were significantly lower than in the vit-B12 sufficient group. The deficiency rate of urban and rural areas were 24.5% and 26.5%, respectively. When the study participants were stratified by 5-year age intervals, the deficiency rate increased significantly by age (p<0.001). The vit-B12 deficiency rate in subjects aged 20-34 years was 24.4%, where as in those over 65 years was 29.8% (p<0.001). The vit-B12 deficiency rate was also investigated for diabetes, prediabetes, obesity, and hypertension. Accordingly, 29.2% of newly diagnosed and 18% of previously known diabetes patients had vit-B12 deficiency. The deficiency rate did not differ between subjects with or without prediabetes, general, and central obesity or hypertension. Conclusion: Vit-B12 might help protect against chronic diseases including diabetes especially in geriatric population. Accordingly, fortifying foods with vit-B12 is of great importance in terms of preventive medicine