Macroeconomic Determinants of Economic Growth in Zimbabwe

The study used time series data for Zimbabwe (1975-2012) to: (i) empirically determine the link between economic growth and four macroeconomic variables (Foreign Direct Investment, volume of trade, Inflation and capital accumulation) (ii) analyze the impact of these macroeconomic variables on economic growth (iii) test if innovations in macroeconomic variables influence on the rate of economic growth and vice versa and (iv) establish the major drivers of economic growth. Using the Vector error correction approach findings showed that inflation and openness had a significant negative and positive impact on economic growth respectively. Inflation converged to long run equilibrium with growth and causal relationships were found among other variables in the short term. The response of economic growth to shocks in gross fixed capital formation, trade openness and foreign direct investment was effective even beyond the 30 year period while shocks from inflation were ineffective. The major driver of growth was its previous performance and the rate of inflation in the long term. Overall our findings are consistent with theory. Policy makers should focus on increasing the degree of openness, incentivizing export oriented firms and maintaining low levels of inflation to enhance growth. Keywords: Economic growth, Trade Openness, Inflation, Gross fixed capital formation, Vector error correction, Vector Autoregression, Impulse response function, Forecast error variance decomposition.

Important research is being left behind: here’s how a change to the funding system could help

With Christmas not far off, universities will be hoping for some early presents in the form of good results in the UK’s long-awaited assessment of the quality of university research. Although the funding formula upon which university research is based won’t be published until the new year, in many ways universities already know the financial outcomes of the Research Excellence Framework (REF) results – because the status quo is unlikely to shift. The Higher Education Funding Council for England (HEFCE) will allocate its research funding depending on quality research rated as four-star or three-star in the REF exercise. Four-star is awarded to research deemed to be “world-leading” and three-star to be “internationally-excellent”. The great majority of the £2bn a year of research funding is likely to continue to go to the top six institutions as identified recently by HEFCE: Cambridge, Imperial, King’s College London, UCL, Manchester and Oxford. Most of what remains will go to the next 20 institutions and the scraps will be divided among the remaining 100 or so. It is unlikely that any of the post-1992 universities that grew out of old polytechnics, or have developed since, will receive more than 10% of their HEFCE-related income (including fees) through funding linked to research rated as four-star or three-star

Credit to private sector in Southern Africa Development Community (SADC): Determinants and the role of institutions

The study used annual panel data (1996-2010) for eleven SADC countries to establish the determinants of credit to private sector; the possibility of a crowding out effect of government debt and the contribution made by institutional quality. The study used both the fixed effects and dynamic model based on GMM estimations. There is strong evidence suggesting that financial development, economic growth, trade openness and domestic credit by banks were important in explaining growth in credit to the private sector. Government debt was insignificant while institutional factors play a complementary role. Extension of financial resources to the private sector is enhanced by keeping low levels of corruption, improving government effectiveness as well as the regulation quality. Reduction in the risk profile for investments allows banks to release more financial resources to the private sector. Monetary policy initiatives like favorable credit rationing policies play a key role in developing financial markets. Keywords: Panel Data, Credit to Private Sector, Institutions, SADC, Economic growth, Financial developmen

A Descriptive Study of Native Americans Participation in HIV Testing in Montana

Since reporting first began in Montana in 1985 there have been few, if any, significant changes in regard to HIV/AIDS case rates as well as the demographic characteristics and risk behaviors of Native Americans infected with HIV/AIDS. The fact HIV/AIDS does not appear to have had a disproportionate impact on Montana’s American Indian population at the present time is somewhat surprising given other markers of potential HIV risk, such as the increase in both teen pregnancies and other sexually transmitted disease rates like Hepatitis C, suggest an increased level of risk among American Indians when compared to non-Indian populations. Epidemiologic reports, however, indicate that incidence and prevalence of HIV in the population has remained relatively constant. The purpose of this study was to provide a more accurate picture of Native Americans and their participation in HIV Counseling and Testing (HIV C&T) in Montana. Four data sources used include, 1) The Behavioral Risk Factor Surveillance Survey (BRFSS); 2) Montana state Epidemiological HIV/AIDS records; 3) HIV C&T Intake Forms from state funded testing sites in 2007; and 4) A questionnaire assessing barriers to HIV testing. The four sources were used to collect numbers, demographic characteristics, risk behaviors, and the real and perceived barriers to HIV C&T of Native Americans (NA) being tested for HIV in off-reservation testing sites in Montana. A synthesis of results from each source revealed the following three conclusions: 1) It appears that NA in Montana are being tested for HIV at about the same rates as Whites. Whites report being tested more in private clinics while NA report testing in public clinics; 2) the epidemic among NA in Montana does not seem to be changing over time, since reporting began in 1985; and 3) there does not appear to be a hidden epidemic among NA living in Montana. Results from this study will assist state funded HIV C&T sites and Urban Indian Centers in their efforts to target high risk populations and to improve access to HIV C&T for Montana’s Native American population

EXAMINING THE FEASIBILITY OF SMALL MODULAR NUCLEAR REACTORS AS THE LEADING GLOBAL SOURCE OF ENERGY GENERATION

Small modular nuclear reactors have emerged as a potential source of clean energy as the effects of climate change have become more severe, and the need to reduce greenhouse gas emission from fossil fuels is greater than ever. Nuclear energy has provided a significant amount of the energy for the United States and the rest of the world for the last 60 years, but it has inherent flaws that keep it from growing. Many have turned to renewable energy like wind and solar power even though they cannot meet global energy demands in their current state. SMRs are designed to address the issues that conventional reactors face to make nuclear energy more appealing. This research uses quantitative and qualitative analysis to compare SMR technology with conventional nuclear reactors, fossil fuels, and renewable energy. The findings show that, in most categories, small modular reactors do improve upon conventional reactors. The size makes for more placement options and reduced costs through mass production. The modularity means that SMRs can be built to fit any project. Compared to wind and solar energy, SMRs are still expensive, but they offer efficiency and energy output that would require massive wind or solar farms. Small modular reactors still have flaws that could keep them from reaching mass deployment. The inability for researchers to focus on one or two designs could lead resources being spread thin, and capital costs for manufacturing make many hesitant to in the early stages of SMRs. Some experimental SMR designs have shown promise, such as the Fast Neutron Reactor and the Molten Salt Reactor. If the technology continues to develop and SMRs can improve on conventional reactors, they could see increased usage for energy generation

Against "Values": Reflections on Moral Language and Moral Education

It is increasingly popular to ask educational institutions to do something about values. It is also becoming possible to take substantive moral positions in schools. We have become increasingly concerned about the morals of our children. Much of the discussion of values is incoherent. Many educators contribute to the public babble about ethics because of how they talk about moral questions; they have acquired a dysfunctional and obfuscating vocabulary ("values speak") for describing ethical phenomena and ethical issues. Assertions about values are distinct from assertions about character. The question of how to form democratic character is a crucial question that society has almost stopped asking. We do occasionally put the question as one about democratic values. While "values speak" seems initially liberating, nevertheless, it easily contributes to an authoritarian outlook. Four pieces of advice to educators are offered: 1) do not let "values speak" make you deaf to the nuances of the complex moral vocabularies; 2) learn to think of a liberal arts education as part of professional training; 3) an essential moral practice is dialogue; 4) support those trends in educational reform that increase opportunities for conscientious moral dialogue among members of school communities

Trusted advisers build business success

The role of the trusted and most loyal adviser has been a crucial one to family concerns throughout the ages. During the Korean Joseon Dynasty, Kim Cheo-Seon, a eunuch, advised successive kings wisely. Sir Francis Walsingham, Principal Secretary to Queen Elizabeth I of England, is remembered still by history as a powerful adviser unwavering in his loyalty to the throne. Popular culture portrayed the role dramatically in the film The Godfather in which the character Tom Hagen serves as consigliere to the Corleone family’s underworld empire

Centralized Goal Formation and Systemic Reform

This paper asks whether there are reasonable concerns about liberty raised by standards driven systemic reform. Part I explores three kinds of concerns, students' interests in autonomy and authenticity, academic freedom, and pluralism. Part II explores two ways of conceptualizing the balance between liberty and various public interests, neo-classical economics and contemporary conservative thought. The paper draws two major conclusions about standards driven systemic reform: (1) This picture of reform raises serious questions about liberty. It may be inconsistent with some liberty interests of students. It is likely to pose serious questions about academic freedom and about pluralism. These concerns should make us cautious about systemic reform and should motivate us to a broader discussion of its assumptions and consequences. (2) The best defense of public sector reform efforts against their market oriented competition is one that emphasizes the importance of political goods such as citizenship. However, standards driven reform needs to avoid linkage with any nationalistic form of communitarianism. In order to do this it needs to seek ways to balance the demands for centralized goals and an educational system with an equal concern for local democracy, pluralism and community. A view of standards and accountability that is narrowly focused on clear public interests is crucial. The paper concludes with an argument that we need to focus attention on the question of what makes for good educational communities, a discussion that is not abetted by debating issues of reform in a framework that poses choices between public sector and market approaches