Cárdenas-Barrón (2010) applied algebraic methods to EOQ and EPQ models without referring to differential equations, allowing researchers without backgrounds in calculus to understand inventory models with ease. In this note, we point out that the derivation for EPQ model can be obtained by a transformation of the EOQ model and then we provide a further simplification of his approach such that f...

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...

The Georgia Institute of Technology has been a catalyst for economic growth in the Southeast United States since its founding in 1885. Over the past 30 years, it has become known as one of the top technological universities in the world. As part of a strategic planning effort in mid2009, it sought to strengthen its thought leadership and impact through the implementation of a global innovation ...

The main purpose of this paper is to investigate the optimal retailer’s replenishment decisions under two levels of trade credit policy within the economic production quantity (EPQ) framework. We assume that the supplier would offer the retailer a delay period and the retailer also adopts the trade credit policy to stimulate his/her customer demand to develop the retailer’s replenishment model ...

In many economies, wealth is strikingly concentrated. Entrepreneurs--individuals with ownership in for-profit enterprises--comprise a large portion of the wealthiest individuals, and their behavior may help explain patterns in the national distribution of wealth. Entrepreneurs are less diversified and more heavily invested in their own companies than is commonly assumed in economic models. We p...

This paper divides economic institutions into three categories—coordination institutions, property rights institutions, and contracting institutions— and from this perspective, analyzes the role of government in Korea’s economic development from the 1960s to the 1980s. This analysis suggests that the Korean development experience is not in line with the conclusions of Acemoglu, Johnson, and Rob...

The role of health in economic development is tested using three empirical approaches: a direct labour productivity effect, an interactive effect, and an incentive effect. Using proxies for health such as access to sanitation facility, clean water, immunisation, and adult male mortality, higher levels of health are hypothesised to promote higher economic growth as healthier workers are more pro...

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...