The classical economic production quantity (EPQ) model assumes that items produced are of perfect quality and the production rate is constant. However, production quality depends on the condition of the process. Due to process deterioration or other factors, the production process may shift and produce imperfect quality items. These imperfect quality items sometimes can be reworked and repaired...

The purpose of this paper is to investigate the short-run and long-run causality between renewable energy (RE) consumption and economic growth (EG) in nine OECD countries from the period between 1982 and 2011. To examine the linkage, this paper uses the autoregressive distributed lag (ARDL) bounds testing approach of cointegration test and vector error-correction models to test the causal relat...

Industrialisation has always constituted a major objective of development strategy and government policy. Through industrialisation, developing nations aspire to achieve higher economic growth, and to eventually attain developed nation status. Yet, it remains doubtful whether the approach of industrial policy-making in developing countries has indeed been successful in transforming their econom...

Our general pattern of deficits and debt has much in common with that of many other Organization for Economic Cooperation and Development (OECD) countries, including the United States—that is, a very high ratio of debt to GDP coming out of the Second World War, followed by a rapid decline of the debt ratio as the military was demobilized, as economic growth took off, and as the effective intere...

Over the last fifty years, the income gap between rich and poor countries has grown. Between 1950 and 2000, annual per capita income in OECD countries tripled from US$7,300 to US$23,000, while income in Latin America only doubled, from US$3,000 in 1950 to US$6,200 in 2000. This is largely due to widening gaps in knowledge and technology. The North has continued to generate new technologies that...

In this paper, we present a simple model that offers a unified framework for the analysis of economic growth and economic development. In our model, the transformation of production relationships, a key feature of the process of economic development, goes hand-in-hand with economic growth. The main driving force of this pattern is that economic growth in relatively backward economies is associa...

Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Cooperation and Development (OECD) shall promote policies designed: − to achieve the highest sustainable economic growth and employment and a rising standard of living in member countries, while maintaining financial stability, and thus t...

This paper presents the effects of climate, topography, and natural ecology on public health, nutrition, demographics, technological diffusion, international trade and other determinants of economic development in Africa. The goal of this paper is to emphasize the need for intensified research on the issues at the intersection of ecology and human society. Geography was given emphasis because ...

The race to economic superiority is increasingly occurring on a global scale. Competitors from different countries are employing new types of growth strategies in attempts to win that race. The United States cannot, therefore, continue to rely on outdated economic growth strategies, which include an inability to understand the complexity of the typical industrial technology and the synergies am...

The EOQ model will have a century of its discovery in two years, and recently still, many researchers have been using alternative approaches to model and solve inventory systems. The EOQ/EPQ models have been developed using different optimization methods. However, in many of the works that deal with the EOQ/EPQ with backorders only linear backorders cost is considered. This paper proposes anoth...