This paper addresses the issue of causality in the relationship between various types of institutions—namely, political and economic freedom—and long-run economic growth. It is shown that existing empirical studies of these relationships provide evidence of correlation, but not causation. Granger causality tests of freedom vs. growth, and freedom vs. investment are conducted using aggregate mea...

The theoretical richness and variety of the new growth literature can make it difficult to capture the essence of growth models. With this paper, we wish to provide one possible integrating view of the nature of the growth generating processes. Revisiting the models that constitute the core of growth theory, we expose analytically the main mechanisms through which long-run growth can be deliver...

The main purpose of this paper is to investigate the optimal retailer’s replenishment decisions for deteriorating items under two levels of trade credit policy to reflect supply chain management situation within the economic production quantity (EPQ) framework. In this paper, it is assumed that the retailer maintains a powerful decision-making right and can obtain the full trade credit offered ...

This article explores policy applications of ‘new institutional economics’ theory in relation to markets and economic development. It argues for application of an analytical framework which instead of looking at institutions primarily in terms of their contributions to making competitive markets work better, sees such markets as one form of institution fulfilling exchange and co-ordination func...

The main purpose of this paper is to investigate the retailer’s optimal cycle time and optimal payment time under the supplier’s cash discount and trade credit policy within the economic production quantity (EPQ) framework. In this paper, we assume that the retailer will provide a full trade credit to his/her good credit customers and request his/her bad credit customers pay for the items as so...

The main purpose of this paper wants to investigate the optimal retailer’s lot-sizing policy with two warehouses under partially permissible delay in payments within the economic order quantity (EOQ) framework. In this paper, we want to extend that fully permissible delay in payments to the supplier would offer the retailer partially permissible delay in payments. That is, the retailer must mak...

An order level inventory system for deteriorating items has been developed with demand rate as a ramp type function of time. The finite production rate is proportional to the demand rate and deterioration rate is time proportional. The unit production cost is inversely proportional to the demand rate. The model with no shortage case in inventory is first solved. The inventory shortage is discus...

While deterioration models consider the gradual reduction in quality and quantity of products over time, amelioration models assume the opposite. This paper is based on an earlier work by Hwang for finding an optimal economic order quantity solution for items subject to amelioration in a Weibull distribution. Hwang solved the problem with a graphical procedure. In this paper, a rigorous analyti...

Existing theories predict the income gradient of individual body weight to change sign from positive to negative in process of economic development. However, there are only few empirical studies which test this hypothesis. This paper adds to the literature on that topic by investigating the case of China. Using individual and community data from 1991 to 2009 waves of the China Health and Nutrit...