Effectiveness of Modern Teaching Methods; Evidence from Digital Learning Model of Modern Teaching Methods

This paper elucidates the efficacy of three selected modern and innovative methods of learning by taking a group of 80 students of economics class at university level. Their opinion regarding three selected modern teaching methods was obtained through a questionnaire and statistical analysis of their opinion was carried out which indicated strong tendency towards mutual practice method as 40 out of 80 students (50%) declared it as very effective method of learning in the practice stage. On the other hand, 30 students (37.5%) opined that controlled practice method is moderately effective and 28 (35%) students opined that team practice method is slightly effective. After this analysis, students were put to practically learn use of econometric software ‘E Views’ through the same three selected methods. The digital model for their learning process was created using Computer Assisted Qualitative Data Assisted Software (CAQDAS). The statistical analysis of students’ opinion and digital analysis of practical learning process indicated that mutual practice is the most effective method of practice. It is because students learn better and fast when they are allowed to use their initiative and judgment. At the end, guidelines for effective teaching have been suggested

Hello Folk: We Are Responsible for What We Will Face in 2025; Evidence from Philosophical Underpinnings of Social Capital

Social capital is a very important facet of society and has strong relevance to economic landscape of a country. There are different theories about the nature, accumulation, growth and validity of social capital as an instrument of economy. This paper explains the philosophical context of social capital and validate through a model using Berg, Dickhaut and McCabe trust game that we all transfer a set of values to our next generation, which ultimately manifest as social capital in the real world. The transferred values affects each agent‟ decision whether to trust other members of the society and participate in a socio-economic exchange or not. If he trusts, he reaps substantial gains from exchange, and ultimately social capital will be concreted. But if he does not, he will face a major loss and overall social capital will be dented. A distrustful ancestor will further induce agents to withdraw from the market and not to invest. This will lead a society to an overall mistrust paradigm and eventual downfall. On the other hand, the level of cooperation in the members of society increases as the good experience is transferred across generations. Economic impacts of social capital have been elucidated using Leonhard Euler function and Newton Leibniz integration processes. The ethical framework for society and role of literature in transfer of beliefs, values and culture from one generation to other has also been discussed at length. The paper is a unique study of how we all will be responsible for the kind of social capital will have in 2025. JEL Classification: D71, D72, Z11, Z12, Z13 Keywords: Social, Capital, Model, Transfer, Generations, Values, Trust, Beliefs, Cooperation, Ethics, Literatur

Socio-Economic Analysis of Household Energy Security: Evidence from 3D Energy Losses Surface Maps (ELSMs) of a Town Using Conjuncture of Factors Matrix, Digital and Mathematical Analysis

Pakistan is facing perpetual and worsening energy crisis. For vision 2025, the most important litmus test is to overcome energy crisis and ensure energy security by imaginative and innovative energy alternatives. In the same context, scientists, experts and researchers have been focusing on renewables and non-renewable energy generation alternatives, but have largely ignored the flip side. The extravagant use of energy, unlawful connections and losses in distribution system are contributors to ongoing energy crisis. For energy security in a developing country like Pakistan, elimination of energy losses seems a viable option, alongside generation of energy. Therefore, there is a need to have socio-economic analysis of energy losses. In this paper, energy losses for electricity were estimated for Lali Bagh Town of Peshawar, Khyber Pakhtunkhwa Province using a versatile and innovative socio-economic framework. This framework was based on factors matrix comprising socio-economic, environmental and energy factors pertaining to households. Within the factors matrix approach, three methods were used for analysis of energy losses; the statistical analysis to obtain trend and ratings of electricity losses, digital analysis of the data by computer assisted qualitative data analysis software (CAQDAS) to get the digitally iterated and attenuated models along with representative equations and mathematical analysis of equations by Newton-Leibniz integration process to obtain numerical value of the ratings. Based on the results obtained, three dimensional energy losses surface maps (ELSMs) were prepared for Lali Bagh Town of Peshawar, Khyber Pakhtunkhwa Province. At the end, policy recommendations have been given in the context of vision 2025. Paper is a unique combination of theoretical, mathematical and digital cum spatial economics. JEL Classification: O22, Q21, Q31, Q41. Keywords: Socio-economic, Analysis, Energy, Security, Electricity, Losses, Factors, Matrix, Digital, Maps

Spatial Distribution of Socio-economic Inequality: Evidence from Inequality Maps of a Village in Tribal Region of Pakistan

Economic and social inequality is consistently persisting in tribal region of Pakistan. People in the tribal region of Pakistan are living in deprived state whereby they lack even basic necessities in their lives. As described by Gul, the tribal areas are different than the rural areas because tribal areas are located in far flung mountainous terrain where accessibility to basic amenities is much lower than the rural areas [Gul (2013)]. In recent times, the Government of Pakistan initiated many efforts for provision of basic amenities in tribal areas as an essential component of development in the context of Millennium Development Goals (MDGs). However, according to John the desired state is yet to be achieved in tribal areas [John (2009)]. Tribal life is characterised by hardship and great insecurity especially for poor labour. Given the income vulnerabilities, the long run welfare is forgone for short run securities. Interruption, reduction or loss of earnings from the contingencies such as unemployment, underemployment, low wages, low prices and failure to find the market for the produce, old age, ill-health, sickness, disability etc. are the situations which call for social security and protection. As concluded by Talbot, this constant state of deprivation has generated deep rooted inequalities in the tribal society [Talbot (1998)]. People take rescue measures such as sending their earners to urban areas and if possible to foreign countries. Those who have lands and doing agriculture are the blessed one, although, the earning pattern is distorted due to law and order situation. To have an assessment of the overall economic inequality in the tribal region, author conducted a study in a small village Naryab which is located in the tribal region. Primary data was collected from the households physically and it was thoroughly analysed to conclude the pattern of inequality. This inequality was then mapped using latest mapping software “SURFER”

URMI and its Integration into a framework for Ethics in Economics

Utility, Rationality and Methodological Individualism (URMI) are the dominant aspects which determine the paradigm of ethics applicable in economic decision making process. Generally, in traditional economics the decision-making process for individuals has no significant space for ethics as individuals are only interested in maximizing their profits. URMI is a very important concept the formulation of which into various combinations determines different functions for ethics in economics. Economists have used different definitions for the constituents of this concept but there can not be sighted noteworthy effort to integrate these multi dimensional phenomena into a framework for ethics in economics. This paper integrates different approaches about URMI and chalk out a framework for incorporating ethics into economics

Economic Evaluation of Project Site Using Cardinal Numbers Approach

Selection of suitable site for construction project is essential since it has strong linkage with service life of the project. Recent fast developments in construction technology consider only the technical suitability of the project site but ignore the economic suitability. There can be many instances when a site may be suitable from technical point but not from economic point of view and vice versa. This research is about finding economic suitability of three different project sites located in Liberia. Cardinal approach was used for the study. A multi-prong comprehensive research methodology was adopted to accomplish the task. Detail economic features of each site were studied and thorough economic evaluation was carried out. Finally, based on economic factors, an economic suitability map was created for the area with the latest and state of the art computer software. The research is first of its kind to map the features of economic evaluation

Economic Risk Exposure of Selected Projects and Risk Attitude of Investors; Evidence from Liberia

Investment in long lived projects such as buildings are characterized by uncertainties regarding project life, operation and maintenance costs, revenues and other factors that affect project economics. Since the exact values of these variable factors are usually unknown, it is difficult to make economic evaluations with a high degree of reliability. A common approach to project investment analysis is to apply the economic methods for estimates of project input variables and to present results in single value, deterministic terms. Yet failures to account for uncertain input variables expose the decision makers to risk. Current research is about quantifying the economic risk exposure of the projects and willingness of investors to take a chance on an investment of uncertain outcome based on risk attitude. Paper explains typical investment situations of decision makers who do not know with certainty the outcome of their investment and illustrates with probability distribution a way of measuring risk exposure and introduces the use of utility functions to determine a decision maker’s risk attitude. It is concluded from the study that to determine the true value of investments for risk takers, economic analysis must account for increasing marginal satisfaction of higher payoffs with corresponding increases in marginal utility. A firm or institution can use utility theory in a normative or prescriptive role to establish risk policy for investments that support the firm’s or institution’s risk attitude. Overall the paper provides a useful study on economic risk exposure of projects and risk attitudes of investors in Monrovia, the capital of Liberia

Socio-Economic Context of Saving Biodiversity

Since the beginning of time mankind has depended upon the available natural resources for survival, although the contribution of biodiversity to the sustainable development has recently been acknowledged. The need for this recognition arose from the fact that biodiversity provides a variety of socio- cultural and economic services for the humankind such as food, water, shelter, medicines, energy and aesthetic value. Despite realization of biodiversity as essential factor for human life and welfare, we are facing problems of global nature. Pakistan is fortunate to have a rich biodiversity and is blessed with more than nine distinct ecological zones. These ecological zones provide a range of habitats to a great variety of flora and fauna, besides a vast variety of plant species having great medicinal and food value. However, deforestation, over development, lack of awareness and control measures have negative effects on biodiversity. These actions are leading to loss of species, habitats and degradation of ecosystems. Presently, the rate of regeneration of resources is much slower than the rate at which these natural assets are being consumed inducing a socio-economical recession. There is a need to adopt a sustainable approach towards biodiversity conservation and establish a balance between gains and loss to bridge this gap between resource generation and consumption. Preservation of biodiversity without sustainability could impact the overall economic conditions leading to further poverty and affect the quality of life of the people. This paper thoroughly reviews significance of biodiversity, its socio-economic benefits and problems currently being faced to save this natural wealth

Female Education and Per Capita Income of Households: Evidence from Three Dimensional Surface Maps of a Small Village

Woman has been the crucial socio-economic sufferer especially those living in the rural areas of developing countries. It has been established through extensive research that women represent the major percentage of poor on the global landscape. Why it is so? The answer is not very difficult. Gender biases, gender exploitation, low income, deprivation, violation of basic rights are all social ailments that female has to face in society. In this scenario, female education has significant role. With female education, poverty reduces and socio-economic status of the households improves. This paper investigates the critical linkage between female education and per capita income of households in a small village of Khyber Pakhtunkhwa Province of Pakistan. Computer Assisted Qualitative Data Analysis Software (CAQDAS) was used to develop three dimensional digital models of the female education and per capita income of the households. Based on the these models, three dimensional surface maps were prepared for female education and per capita income for the whole village which revealed that parts of village with higher female education had higher per capita income compared to parts of village with low female education. Paper clearly addresses the significance of female education to improve socio-economic fabric of the rural society of Pakistan. Keywords: Female, education, poverty, per capita, income, maps. JEL Classifications: D04, D31, I121, I12

Economic Suitability Mapping – a New Trend in Establishing Economic Suitability of Project Site

Selection of promising site for construction project is essential since it has strong linkage with service life of the project. Recent fast developments in construction technology demands a matching method for finding economic suitability since it has a strong connection with overall suitability of the project site; and when we characterize a site suitable for construction we definitely mean economic suitability, besides construction suitability. This research is about creation of economic suitability map of an area few kilometers north of Islamabad. A multi-prong comprehensive research methodology was adopted to accomplish the task. Subsurface soil investigation was done for complete 1 km x 1 km area to obtain geotechnical suitability of the site, thereafter, through economic evaluation of the project site was carried out and finally, based on economic factors, an economic suitability map was created for the area with the latest and state of the art computer software. The research is first of its kind to map the applied features of a social science