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Journal of Economics and Allied Research (JEAR) Volume 4, Issue 4---October, 2020
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Journal of Economics and Allied Research (JEAR) is a peer-reviewed open access journal published by the Center for Contemporary Economics and Allied Research, Department of Economics in collaboration with the University Press, University of Nigeria. The journal accepts state of the art research in the following areas: All areas of mainstream economics as well as other areas such as environment, health, economics geography, social and cultural issues, petroleum and energy economics, political economy and public policy. The journal publishes articles quarterly. Articles involving cross sectional, cross country, time series and panel studies are welcome. In selecting articles for publication (from articles that have passed the review process) the journal will try to strike a balance among the subject areas and methodological approaches. In order to facilitate the speed of acceptance, articles addressing current economic problems or challenges with specific policy relevance will be given priority. Articles can be submitted online or as attachment any time to the email of the journal editor as shown below:
(Email: jeareconunn@gmail.com)
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This paper investigates the effect of unemployment and inflation on economic growth in Nigeria between 1986-2010 through the application of Augmented Dickey-Fuller technique in testing the unit root property of the series and Granger causality test of causation between GDP, unemployment and inflation. The results of unit root suggest that all the variables in the model are stationary and the results of Causality suggest that unemployment and inflation cause RGDP and not RGDP causing unemployment and inflation. The result shows a one-way causation running from unemployment and inflation to RGDP. The Johansen cointegration result shows that despite no causation between unemployment and inflation, but there existed 2 cointegrating equation, implying the existence of long run relationship between economic growth, unemployment and inflation. The results also revealed that unemployment and inflation possessed a positive impact on economic growth. The result also shows that unemployment does not significantly affect economic growth, but a good performance of an economy in terms of per capita growth may therefore be attributed to the rate of inflation in the country. A major policy implication of this result is that concerted effort should be made by policy makers to increase the level of output in Nigeria by improving productivity/supply in order to reduce unemployment and the prices of goods and services (inflation) so as to boost the growth of the economy. Another policy implication of this study is that government should embark on labour intensive technique of production as against capital intensive and also close the border to some extent which is the likely measure to reduce unemployment and Inflation and increase domestic output level (GDP).
Innovation is known to be used by some businesses to help them differentiate their trading position within a specific locale. Research has also proven that by adopting a strategy, aims can be achieved and turnover increased. This study will endeavour to use these two key areas to evaluate how, they are used and to what extent they can improve business performance. The study was carried using 145 Micro and SME business, located within the rural county of Lincolnshire. The businesses were taken from specific locations on a random basis which included rural, remote rural and urban settings. Initial findings found that businesses situated within remote areas performed better than those within the other test areas, leading to the conclusion that they use innovation as a strategy to outperform their business rivals.
The outbreak of coronavirus disease (COVID-19) has severely affected the global and Pakistani economy. Major victims of the COVID-19 outbreak are Micro, Small, and Medium-Sized Enterprises (MSMEs). This article aims to assess the impact of COVID-19 outbreak on these businesses and provide policy recommendations to help MSMEs in reducing business losses and survive through the crisis. We adopted an exploratory methodology with comprehensively reviewing the available literature, including policy documents, research papers, and reports in the relevant field. Further, to add empirical evidence, we collected data from 184 Pakistani MSMEs by administering an online questionnaire. The data were analyzed through descriptive statistics. The results indicate that most of the participating enterprises have been severely affected and they are facing several issues such as financial, supply chain disruption, decrease in demand, reduction in sales and profit, among others. Besides, over 83% of enterprises were neither prepared nor have any plan to handle such a situation. Further, more than two-thirds of participating enterprises reported that they could not survive if the lockdown lasts more than two months. The findings of our study are consistent with previous studies. Based on the results of the research, different policy recommendations were proposed to ease the adverse effects of the outbreak on MSMEs. Although our suggested policy recommendations may not be sufficient to help MSMEs go through the ongoing crisis, these measures will help them weather the storm.
As the world is struggling to fight off the COVID-19 pandemic, counties are witnessing unprecedented economic
slowdowns and shutdowns. In Nigeria, the financial crisis is affecting the stability of small and medium scale
enterprises (SMEs). As the pandemic continues to ravage the country, SMEs are struggling to survive due to the
decline in the production volumes and harsh market conditions. Our findings revealed that the cessation of movement,
the reduction in consumer spending power, and decrease in imports is negatively affecting Nigerian SMEs. However,
there are government policies set in place to protect SMEs, but there is a need for more efforts and interventions to
enable them to survive the consequence of the pandemic. However, SMEs should be more proactive in adapting to
this new situation.
Keywords: COVID-19; Pandemic; Economic; Nigeria; Small and Medium Scale Enterprises
In a country of about 200million people, the government has over the years constituted various initiatives to address the issue of unemployment, food security, and youth involvement in agriculture. However, the impact of these initiatives has been minimal due to the inconsistency in government policies, changes in government, inadequate implementation mechanism amongst others. This study, therefore, evaluated the impact of the N-power Agro Program on youth employment and income generation through agribusiness in Nigeria. Six hundred and forty-five respondents were randomly selected from the database of N-Power. Structured questionnaires were used in obtaining the data. The statistical analysis of collected data applied descriptive methods, logistic regression model, and regression discontinuity design. The value of ATE of the regression discontinuity design of the income of the participants of N-Power Agro is greater by N30,191.46 than for the nonparticipants. The result of the logistic regression model shows that age, level of education, years of agribusiness experience, and employment status significantly influenced the choice of creating employment through agribusiness and of participating in the N-Power Agro program. The impact of the N-Power Agro program for Nigeria's young men and women on employment and income generation for participants was shown to be effective and positive with the RDD recording an increase in the beneficiaries' income and a discontinuity in the design. Upscaling this program and wider implementation in other countries in collaborations with youth, rural communities and private sectors will ensure that the government can bridge the skills deficit in Africa's youth, develop their capacities for entrepreneurship, and hence, increase jobs creation.
The negative effect of the invisible enemy is ravaging the entire world populace, leading to global economic crisis. Businesses across the globe are feeling the negative impact of the coronavirus COVID-19 pandemic threatening their going concern status. SMEs in Nigeria are not left out in the share of this negative effect of the invisible enemy, as their survival is being threatened and the government is not helping. We reviewed literature on the impact of COVID-19 on SMEs and subsequently proposed a model to help them win the fight alongside with the federal government in flattening the curve. We concluded that SMEs can triumph in this turbulent time following the laid down health advice, and we pray the world heals of this pandemic in no distant time.
It is urgent that educators in social studies and science (among other disciplines) consider the ethical imperative of teaching the climate crisis—the future is at stake. This article considers a barrier to teaching this contentious topic effectively: existential threat. Through the lens of terror management theory, it becomes clear that climate catastrophe is an understandably fraught topic as it can serve as a reminder of death in two ways. As will be explained in this article, simultaneously such discussions can elicit not only mortality salience from considering the necrocene produced by climate catastrophe, but also existential anxiety arising from worldview threat. This threat can occur when Western assumptions are called into question as well as when there is disagreement between those with any worldviews that differ. After summarizing relevant aspects of terror management theory and analyzing the teaching of the climate crisis as an existential affair, specific strategies to help manage this situation (in and out of the classroom) are explored: providing conceptual tools, narrating cascading emotions, carefully using humor to diffuse anxiety, employing language and phrasing that does not overgeneralize divergent groups, and priming ideas of tolerance and even nurturance of difference.
In an attempt to examine the influence of inflation on the growth prospects of the Nigerian economy, the study employs the autoregressive distributed lag on the selected variables, i.e. real gross domestic product (GDP), inflation rate, interest rate, exchange rate, degree of economy`s openness, money supply, and government consumption expenditures for the period 1980–2018. The study findings indicate that inflation and real exchange rate exert a significant negative impact on economic growth, while interest rate and money supply indicate a positive and significant impact on economic growth. Other variables in the model depict no influence on the economic growth of Nigeria. The causality result shows the unidirectional relationships between interest rate, exchange rate, government consumption expenditures and gross domestic product. However, inflation and the degree of openness show no causal relationship with gross domestic product. As a result, the study recommends that a more pragmatic effort is needed by the monetary authorities to target the inflation vigorously to prevent its adverse effect by ensuring a tolerable rate that would stimulate the economic growth of Nigeria.
Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change, but our estimates suggest that as much as $800 billion is still excluded from U.S. published data (as of 2003), and that this leads to the exclusion of more than $3 trillion of business intangible capital stock. To assess the importance of this omission, we add intangible capital to the standard sources-of-growth framework used by the BLS, and find that the inclusion of our list of intangible assets makes a significant difference in the observed patterns of U.S. economic growth. The rate of change of output per worker increases more rapidly when intangibles are counted as capital, and capital deepening becomes the unambiguously dominant source of growth in labor productivity. The role of multifactor productivity is correspondingly diminished, and labor's income share is found to have decreased significantly over the last 50 years.