Abstract: The concept of financial inclusion has been tabled in the whole world where practitioners, academicians, policy makers and economists are working hard to look for the best possible opportunities in order to enable the whole society to be in the banking cycle. The Islamic banking system is considered to be one of the said opportunities. Countries like the United Kingdom, United States of America, Malaysia, Saudi Arabia, the whole of the United Arab Emirates and many African countries have accommodated the aspect of Islamic banking in the conventional banking system as one of the financial inclusion strategies. This paper tries to analyse the current state of affairs of the Islamic Banking system in Tanzania in order to understand the improvement of the provision of Islamic banking products and services in the said country. The paper discusses the historical background of the banking system in Tanzania, the level of penetration of banking products and services and the coming of the Islamic banking system in the country. Furthermore, the paper discusses banking regulatory bodies, legal instruments governing banking operations as well as number of legal challenges facing Islamic banking operations in the country. Following a critical literature review, the paper discovered that there is no legal instrument which talks about the introduction and provision of Islamic banking system in Tanzania. Furthermore, the Islamic banking system was considered as a banking product which is absolutely incorrect because Islamic banking is considered to be as a banking system of its own. In addition to that, it has been discovered that lack of a proper regulatory system and legal instruments to harmonize the conventional and Islamic banking systems has resulted in the closure of one Islamic window in the country, which in the end affects the credibility of the newly introduced banking system. In its conclusive remarks, the paper suggests that Tanzania should work on all legal challenges affecting the smooth operations of the Islamic banking system. This can be in a way of adopting various Islamic banking legal models which are used in countries like Malaysia and others, or a borrowing legal harmonization process which has been adopted by the UK, Uganda, Nigeria and Kenya.
Abstract: With this contribution, we want to show a successful example of the application of the Design Thinking methodology, in the European project 'Technology transfer of Remotely Piloted Aircraft Systems (RPAS) for the creative industry'. The use of this methodology has allowed us to design and build a drone, based on the real needs of prospective users. It has demonstrated that this is a powerful tool for generating innovative ideas in the field of robotics, by focusing its effectiveness on understanding and solving real user needs. In this way, with the support of an interdisciplinary team, comprised of creatives, engineers and economists, together with the collaboration of prospective users from three European countries, a non-linear work dynamic has been created. This teamwork has generated a sense of appreciation towards the creative industries, through continuously adaptive, inventive, and playful collaboration and communication, which has facilitated the development of prototypes. These have been designed to enable filming and photography in interior spaces, within 13 sectors of European creative industries: Advertising, Architecture, Fashion, Film, Antiques and Museums, Music, Photography, Televison, Performing Arts, Publishing, Arts and Crafts, Design and Software. Furthermore, it has married the real needs of the creative industries, with what is technologically and commercially viable. As a result, a product of great value has been obtained, which offers new business opportunities for small companies across this sector.
Abstract: It is widely recognised that the assets portfolio development is helping to enhance economic growth, productivity and competitiveness. While numerous studies and reports certify the positive effect of investments in large infrastructure investments on the local economy, still, the methodology to estimate the contribution in economic development is a challenging issue for researchers and economists. The key question is how to estimate those economic impacts in each economic system. This paper provides a compact and applicable methodological framework providing quantitative results in terms of the overall jobs and income generated into the project life cycle. According to a deterministic mathematical approach, the key variables and the modelling framework are presented. The numerical case study highlights key results for a new motorway project in Greece, which is experienced economic stress for many years, providing the opportunity for comparisons with similar cases.
Abstract: Scholars and development economists believe that the development of an economy depends largely on the creative and innovative ingenuity of its entrepreneurs. Others however, are of the opinion that the lack of entrepreneurs or entrepreneurial activities is not a constraint to economic development in any economy, particularly Nigeria. This paper sets out to explore the connectivity between entrepreneurship and economic development from a theoretical point of view, principally in Nigeria. A desk research approach was adopted where a conglomerate of literatures was reviewed on how entrepreneurship can spur economic growth or otherwise. The findings reveal that entrepreneurship is vital to the development of Nigeria and that, universities and other Higher Education Institutions must play the vital role of educating the people on entrepreneurship skills and competences. However, the problems and difficulties entrepreneurs face in Nigeria and the same problems suffocating the growth and development of its economy. Therefore, entrepreneurship cannot be said to be the sole cure for economic under-development in Nigeria but rather other factors such as empowering and granting the institutions autonomy and the provision of infrastructural capability, such as consistent electricity generation and supply, good system of transportation, implementing proposed economic policies in an effective and efficient manner etc., the cultural beliefs and mindset of the citizenry, was also found to be key in the development of any economy.
Abstract: This paper presents a method of evaluating the effect
of aggregate angularity on hot mix asphalt (HMA) properties and its
relationship to the Permanent Deformation resistance. The research
concluded that aggregate particle angularity had a significant effect
on the Permanent Deformation performance, and also that with an
increase in coarse aggregate angularity there was an increase in the
resistance of mixes to Permanent Deformation. A comparison
between the measured data and predictive data of permanent
deformation predictive models showed the limits of existing
prediction models. The numerical analysis described the permanent
deformation zones and concluded that angularity has an effect of the
onset of these zones. Prediction of permanent deformation help road
agencies and by extension economists and engineers determine the
best approach for maintenance, rehabilitation, and new construction
works of the road infrastructure.
Abstract: The choice of studying economics instead of another subject should be motivated by the fact that economics training equips students with skills and knowledge that other disciplines do not provide. Which are these skills and knowledge, however, is not always very clear. This article clarifies such issue by first exploring the philosophical foundations and the defining features of the discipline, and then by investigating in which ways these are transferred to the students. In other words, we study what is meant by the 'economic way of thinking' that is passed on to the students.
Abstract: There are three distinct stages in the evolution of
economic thought, namely:
1. in the first stage, the major concern was to accelerate
economic growth with increased availability of material
goods, especially in developing economies with very low
living standards, because poverty eradication meant faster
economic growth.
2. in the second stage, economists made distinction between
growth and development. Development was seen as going
beyond economic growth, and bringing certain changes in
the structure of the economy with more equitable
distribution of the benefits of growth, with the growth
coming automatic and sustained.
3. the third stage is now reached. Our concern is now with
“sustainable development", that is, development not only
for the present but also of the future.
Thus the focus changed from “sustained growth" to “sustained
development". Sustained development brings to the fore the long
term relationship between the ecology and economic development.
Since the creation of UNEP in 1972 it has worked for
development without destruction for environmentally sound and
sustained development. It was realised that the environment cannot
be viewed in a vaccum, it is not separate from development, nor is it
competing. It suggested for the integration of the environment with
development whereby ecological factors enter development planning,
socio-economic policies, cost-benefit analysis, trade, technology
transfer, waste management, educational and other specific areas.
Industrialisation has contributed to the growth of economy of
several countries. It has improved the standards of living of its people
and provided benefits to the society. It has also created in the process
great environmental problems like climate change, forest destruction
and denudation, soil erosion and desertification etc.
On the other hand, industry has provided jobs and improved the
prospects of wealth for the industrialists. The working class
communities had to simply put up with the high levels of pollution in
order to keep up their jobs and also to save their income.
There are many roots of the environmental problem. They may be
political, economic, cultural and technological conditions of the
modern society. The experts concede that industrial growth lies
somewhere close to the heart of the matter. Therefore, the objective
of this paper is not to document all roots of an environmental crisis
but rather to discuss the effects of industrial growth and
development.
We have come to the conclusion that although public intervention
is often unnecessary to ensure that perfectly competitive markets will
function in society-s best interests, such intervention is necessary
when firms or consumers pollute.
Abstract: The Siemens Healthcare Sector is one of the world's
largest suppliers to the healthcare industry and a trendsetter in
medical imaging and therapy, laboratory diagnostics, medical
information technology, and hearing aids.
Siemens offers its customers products and solutions for the entire
range of patient care from a single source – from prevention and
early detection to diagnosis, and on to treatment and aftercare. By
optimizing clinical workflows for the most common diseases,
Siemens also makes healthcare faster, better, and more cost effective.
The optimization of clinical workflows requires a
multidisciplinary focus and a collaborative approach of e.g. medical
advisors, researchers and scientists as well as healthcare economists.
This new form of collaboration brings together experts with deep
technical experience, physicians with specialized medical knowledge
as well as people with comprehensive knowledge about health
economics.
As Charles Darwin is often quoted as saying, “It is neither the
strongest of the species that survive, nor the most intelligent, but the
one most responsive to change," We believe that those who can
successfully manage this change will emerge as winners, with
valuable competitive advantage.
Current medical information and knowledge are some of the core
assets in the healthcare industry. The main issue is to connect
knowledge holders and knowledge recipients from various
disciplines efficiently in order to spread and distribute knowledge.
Abstract: For decades financial economists have been attempted to determine the optimal investment policy by recognizing the option value embedded in irreversible investment whose project value evolves as a geometric Brownian motion (GBM). This paper aims to examine the effects of the optimal investment trigger and of the misspecification of stochastic processes on investment in real options applications. Specifically, the former explores the consequence of adopting optimal investment rules on the distributions of corporate value under the correct assumption of stochastic process while the latter analyzes the influence on the distributions of corporate value as a result of the misspecification of stochastic processes, i.e., mistaking an alternative process as a GBM. It is found that adopting the correct optimal investment policy may increase corporate value by shifting the value distribution rightward, and the misspecification effect may decrease corporate value by shifting the value distribution leftward. The adoption of the optimal investment trigger has a major impact on investment to such an extent that the downside risk of investment is truncated at the project value of zero, thereby moving the value distributions rightward. The analytical framework is also extended to situations where collection lags are in place, and the result indicates that collection lags reduce the effects of investment trigger and misspecification on investment in an opposite way.
Abstract: Green- spaces might be very attractive, but
where are the economic benefits? What value do nature and
landscape have for us? What difference will it make to jobs,
health and the economic strength of areas struggling with
deprivation and social problems? [1].There is a need to consider
green spaces from a different perspective. Green planning is not just
about flora and fauna, but also about planning for economic benefits
[2]. It is worth trying to quantify the value of green spaces since
nature and landscape are crucially important to our quality of life and
sustainable development. The reality, however, is that urban
development often takes place at the expense of green spaces.
Urbanization is an ongoing process throughout the world; however,
hyper-urbanization without environmental planning is destructive,
not constructive [3]. Urban spaces are believed to be more valuable
than other land uses, particular green areas, simply because of the
market value connected to urban spaces. However, attractive
landscapes can help raise the quality and value of the urban market
even more. In order to reach these objectives of integrated planning,
the Green-Value-Gap needs to be bridged. Economists have to
understand the concept of Green-Planning and the spinoffs, and
Environmentalists have to understand the importance of urban
economic development and the benefits thereof to green planning. An
interface between Environmental Management, Economic
Development and sustainable Spatial Planning are needed to bridge
the Green-Value-Gap.
Abstract: The aim of this paper is to express the input-output
matrix as a linear ordering problem which is classified as an NP-hard
problem. We then use a Tabu search algorithm to find the best
permutation among sectors in the input-output matrix that will give
an optimal solution. This optimal permutation can be useful in
designing policies and strategies for economists and government in
their goal of maximizing the gross domestic product.