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Objective and Subjective Factors in Economy and Economics
Issue:
Volume 10, Issue 1, June 2021
Pages:
1-9
Received:
21 December 2020
Accepted:
6 January 2021
Published:
25 January 2021
Abstract: The paper is aimed to substantiate that in modern economy, besides the market, a public sphere exists and develops according to its inherent non-market logic. This issue is regarded from the point of view of correlation between objective and subjective factors in the economy. The author expounds his conception of these factors’ correlation, the evolution of scientific insights in their role in society, explains the specificity of subjective forces’ functioning judging from the positions of methodological dualism, which combines the principles of individualism and collectivism. The dual nature of human personality combining contradictory fundamentals of instinctive individualism and collectivism acquired in society explains people’s substantial behavioral differences under market conditions and in the public sphere. In the paper the differing importance of objective and subjective factors in the market and non-market spheres of economy is substantiated: the market area is managed mainly by objective regularities, which reduce people’s subjective actions to a common denominator, whereas in the public sphere, on the contrary, the leading role is played by subjective notions of public interests, of benefit and mischief resulting from any intentions, of further development goals and ways. In the final part of the research the author presents his characteristic of the public sphere, which functions besides the market but with the latter demands in view, and therefore requires an in-depth study of its inherent regularities, including the state fulfilling its regulating role in market economy.
Abstract: The paper is aimed to substantiate that in modern economy, besides the market, a public sphere exists and develops according to its inherent non-market logic. This issue is regarded from the point of view of correlation between objective and subjective factors in the economy. The author expounds his conception of these factors’ correlation, the evo...
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Analysing the Welfare Impacts of an RTA Between China and Nigeria
Issue:
Volume 10, Issue 1, June 2021
Pages:
10-17
Received:
1 January 2021
Accepted:
13 January 2021
Published:
28 January 2021
Abstract: Regional trade agreement is a tool for economic integration between two or more nations. It takes several forms and there exists different types of agreements depending of its purpose. Just like any trade blocks it has advantages and shortfalls especially if the trading partners are not natural partners. Regional Trade Agreements (otherwise known as RTA) yield welfare benefits in form of consumer surplus, trade creation, revenue and income to the trading partners This paper analyses the welfare impacts of a possible RTA between Nigeria and China. There is huge trade flow between the two countries The major commodities traded and covered in this paper include fuels, machineries and transport. equipment and chemicals. Using data sourced mainly from the World Integrated Trade Solutions (Comtrade, WTO/IDB, WTO/CTS) the paper uses descriptive statistics in measuring the welfare impacts of the agreement The paper reveals that Nigeria possess a Revealed Comparative Advantage (RCA) of export of fuels to China while China possess an RCA of textile, clothing and foot wears export. Its further reveals that if the two economies could focus on trade in the goods with highest RCA, trade will be created and welfare achieved. More so, the RTA leads to deep economic integration. The paper recommends Nigeria and China should hasten the signing of RTA agreement for mutual benefits.
Abstract: Regional trade agreement is a tool for economic integration between two or more nations. It takes several forms and there exists different types of agreements depending of its purpose. Just like any trade blocks it has advantages and shortfalls especially if the trading partners are not natural partners. Regional Trade Agreements (otherwise known a...
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Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective
Eneji Chris-Valentine Ogar,
Ajor Joseph Okuta,
Eneyo Eyo Okon,
Acha Joseph Odama
Issue:
Volume 10, Issue 1, June 2021
Pages:
18-27
Received:
18 January 2021
Accepted:
26 January 2021
Published:
10 February 2021
Abstract: This study is designed to assess the socioeconomic effects of covid-19 pandemic on small and medium scale business enterprises’ sustainability, with focus on Nigerian youths. Three research questions were raised and a null hypothesis was formulated to guide the study. The survey inferential research design was adopted, the study population are the Nigerian youths engaged in small and medium scale business enterprises across the 36 states of Nigeria. Using the multistage random sampling and accidental/purposeful techniques, a sample of 6000 respondents were selected for the study. The researchers designed structured questionnaire divided into three sections to cover the three questions raised was used for data collection. The administration of the instrument was done within eight weeks. Data was analyzed using simple percentage and Pearson Product Moment Correlation Analysis to test the null hypothesis. The result shows that 25 small and medium scale business enterprises were categorized and used for the study, out of the 6000 respondents used for the study, 3791 respondents (63.2%) were males, while 2209 (36.8%) were female entrepreneurs. The result further identified 14 ways the covid-19 pandemic affected the socioeconomic activities of small and medium scale business enterprises among the youths. The result of the correlation analysis yielded a calculated r-value of 0.688 and a table value of 0.176 at 0.05 significance level and a degree of freedom of 5998, indicating that Covid-19 pandemic has significant effects on SMEs’ sustainability in Nigeria. Based on this, it was concluded that the covid-19 pandemic has caused very severe significant effects on small and medium scale business enterprises, the major players in this sector are the youths, hence covid-19 pandemic has dealt a devastating effect on SMEs. It is therefore recommended among others that there should be the strict observation of all preventive -control protocols as prescribed by the agencies concerned in Nigeria and world over. It was further recommended that government and other agencies can make palliative capitals as soft loans for those whose businesses were badly affected to start all over again or continue from where they stopped.
Abstract: This study is designed to assess the socioeconomic effects of covid-19 pandemic on small and medium scale business enterprises’ sustainability, with focus on Nigerian youths. Three research questions were raised and a null hypothesis was formulated to guide the study. The survey inferential research design was adopted, the study population are the ...
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