Trade Liberalization Sequence for Sustained Economic Growth

This paper delivers a simple model to generalize the successful trade liberalization experiences in East Asian countries as a strategy for attaining inclusive and sustained economic growth. The sequential approach, based on preserving existing production units while liberalizing export-oriented sectors, can be understood as a way to promote international interactions and learning by practice, to extend the limit of market and to introduce market incentive and pressure on all related agents for attaining dynamic efficiency. It provides a regular liberalization sequence to ignite and sustain economic growth for most lagged economies.Trade liberalization, Sustained economic growth

Entrepreneurs, Sticky Competition and the Schumpeterian Cobb-Douglas Production Function

In this paper, we institute the role of entrepreneurs in technical progress and the mechanism of tools multiplication into the Cobb Douglas Production Function. After the advancements, the technology component in the function has technical meaning and is potentially observable. Unlimited technical progress becomes possible and automatic under sticky competitive markets. The coexistence of sustained growth, decline and stagnation across countries and time becomes obvious and the target of public policies for achieving sustained growth is also clear and precise.Entrepreneur, Sticky Competition, Cobb-Douglas Production Function, Endogenous Growth, Technical Progress, Tools Variety

Minimum Wage Legislation and Economic Growth: Channels and Effects

Despite decades of experience and research, the effects of minimum wage legislation (MWL) on long-run economic performance have rarely been studied since Stigler’s (1946) classic exposition about the shortcomings of MWL. In this study, we use a novel method to estimate the magnitude and transmission channels by which MWL affect productivity and GDP growth. Our results suggest that countries with MWL have a growth rate of about 20 to 30 percent lower than the sample mean. Although the initial impacts are small, in the ‘steady state’ where the marginal effect of the legislation years equals zero, a country will have a growth rate of about 30 to 38 percent lower than the average.minimum wage, GDP growth, private investment, government size, government investment, population growth

International Human Trafficking: Theory and Solution

In this paper, we build a simple model to explain the choice of migration method and the root causes of international human trafficking (IHT). Our analyses result in several implications on the problems related to IHT. First, IHT is driven by poverty and international productivity/living quality disparities. Second, the existing humanitarian and/or suppressive approaches cannot solve the problem. Third, the best option for solving the problem is setting up the ‘reciprocal direct investment’ (RDI) scheme between leading and lagged economies.The RDI scheme can facilitate improvements in the quality of public governance in lagged economies and directly promote international competition, efficiency, trade liberalization and division of labor. The resulting convergence in global living quality at a higher level across nations will eliminate the root causes of illicit migrations.human trafficking, global development, income disparities

Institutions, Entrepreneurship and Channels to Sustained Economic Growth

In this paper, we build a simple model to integrate the findings and/or hypotheses in the diverse literatures related to economic development and growth. They include the literature on institutions attributed to Douglas North (1990), on entrepreneurs, innovations and technical progress attributed to Schumpeter (1934) and on the driving factors of economic growth in various theoretical and empirical contributions. The effort results in a comprehensive theory that is flexible enough to understand broad strategic lessons from diverse growth experiences across country and time. It is also specific enough to reveal the factors, channels, mechanism and the key to sustained economic growth.Institution, Entrepreneurship, Tools Variety, Technology, Economic Growth

Rational Democracy:A Political System for Universal Interest

In this paper, we formulate a political system that can satisfy certain desirable characteristics that include democratic participation, serving for universal interest, public sector efficiency, and sustainable by incentive compatibility and virtuous cycles. The system comprises a set of rules and organizations that provide motivations and supports to the participants for enhancing universal interest. It is a political structure that serves the people, rules by rationality, strives for efficiency and is sustainable. They will drive the society toward harmony and rapid growth in the quality of life for all.Political System Design, Economic Development

Media Capture and Information Monopolization in Japan

In this paper, we investigate the unique institution of the Japanese press industry called kisha club system, which is deemed as the symbol of media capture by the government, and collusion in the media industry. By tracing through its history, we show how the institution has developed as a result of the government's attempt to control the media, and the media's incentive to use the alluring opportunity provided by the government to limit the rivalry within the industry. We find that the distribution of political power is a major factor behind the collusive press-politics relationship. By providing a simple model that links the distribution of political power and the media capture, we explain why this institutional arrangement has been so persistent in Japan.Media Capture

Investigation on the Deformation of Cutaneous Blood Vessel in Relation to Pressure Ulcer Formation by Computational Modelling

Pressure ulcer is a serious injury which affects the skin integrity of patients and is a financial burdens to healthcare providers worldwide. Pressure ulcers are usually caused either by excessive stress or ischemia which appears as deep tissue injury and superficial pressure ulcers respectively. Some of the pressure ulcers are known to be caused by the application of medical devices. These medical device related pressure ulcers are usually superficial and contribute to a significant numbers of the total number of pressure ulcers. The engineering community often focuses on the aetiology of excessive stress by developing computational models and investigating the in vivo conditions when a patient is subject to high loads. Limited attempts have been made on developing computational models for the aetiology of ischemia. Hence, it is the aim of the study to develop computational model to investigate the deformation of the cutaneous blood vessels in relation to the formation of superficial pressure ulcers. This study provides information on the magnitudes of interface pressure experienced by patients in clinical setting experimentally by using pressure mapping system on both static and dynamic mattresses. Computational models are developed to demonstrate the in vivo cutaneous conditions and the relationship of mechanical loadings and the deformation of cutaneous blood vessels is established. The computational results is further correlated to a set of physiological data acquired by using laser Doppler technique to enhance the clinical relevance. The computational models and the established correlation is applied in three situations including; evaluating the effect of oxygen facial delivery masks on patients’ skin; understanding the effect of same magnitude mechanical load on different skin conditions, and converting an external parameter, interface pressure from mattresses testing, into a physiological parameter. The overall study provides a novel tool for the medical device developers in evaluating the effects of their devices on patients’ skin in relation to the formation of superficial pressure ulcers. The computational models and the established correlation with the physiological data allows the clinicians to understanding the in vivo cutaneous conditions of patients rather than just evaluating an external parameter

Effects of severity of the residual stenosis of the infarct-related coronary artery on left ventricular dilation and function after acute myocardial infarction

AbstractObjectives. This study was designed to evaluate the relation between the severity of the residual stenosis of the infarct-related artery and changes in left ventricular volume and function after a first anterior myocardial infarction.Background. Although thrombolytic therapy improves clinical outcome after acute myocardial infarction, the relations between the severity of the residual stenosis of the infarct-related artery and postinfarction left ventricular remodeling and function are unclear.Methods. Fifty-eight patients with a first anterior myocardial infarction and significant disease only in the left anterior descending coronary artery on arteriography performed after 7 to 10 days were evaluated. All patients received thrombolytic therapy. Residual stenosis of the infarct-related artery was measured with quantitative coronary arteriography. Left ventricular volumes and ejection fraction were measured by echocardiography and radionuclide angiography, respectively, 7 to 10 days, 6 months and 1 year after infarction. End-diastolic and end-systolic left ventricular volumes were measured by two-dimensional echocardiography and normalized to body surface area. Patients were classified into three groups according to baseline residual stenosis severity: total occlusion (Group I), minimal lesion diameter <15 mm (Group II) and minimal diameter ≥1.5 mm (Group III).Results. Group I patients had significantly greater left ventricular end-diastolic and end-systolic volumes at 6 months and 1 year than did the other groups. Group II patients had greater end diastolic and end-systolic volumes than did Group III patients at 1 year. In addition, Group 1 patients had a lower ejection fraction at 1 year than that of the other groups. The minimal lesion diameter was significantly correlated with percent change in end-diastolic volume at 1 year.Conclusions. The severity of the baseline residual stenosis of the infarct-related artery is an important predictor of change in left ventricular volumes in the 1st year after infarction. Tolal occlusion of the infarct-related artery is associated with greater left ventricular dilation and functional impairment