Collaborative Consumption Studies in the Less Affluent World: the Problematic Legacy of the Less Affluent World Traits
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Assessing Ricardian Equivalence
WORKING PAPERS ASSESSING RICARDIAN EQUIVALENCE Roberto RICCIUTI* Dipartimento di Economia Politica, Università di Siena Piazza San Francesco 7, 53100 Siena, Italy E-mail: [email protected] ABSTRACT This paper reviews the literature on Ricardian equivalence. This hypothesis may be interpreted as a generalisation to the short and the long run of the theories which put no weight on the real effects of public policies on aggregate demand. We argue that Ricardian equivalence relies on both permanent income hypothesis and the fulfilment of the intertemporal government budget constraint. The theoretical literature emphasises several reasons for departures from this hypothesis. However, the empirical literature is inconclusive. When Ricardian equivalence is tested in a life-cycle framework the hypothesis is usually rejected, while when the empirical analysis is based on optimising models, it is usually accepted. JEL Classification: E62 – H31 – H62 – H63 Keywords: Fiscal Policy, debt, taxes, goverment spending * Simon Wren-Lewis introduced me to the topic. Alberto Dalmazzo, Peter Diamond and John Seater provided useful comments. I thank them retaining the property rights of any mistakes. March 2001 In point of economy, there is no real difference in either of three modes: for twenty millions in one payment, one million per annum for ever, or 1,200,000 for 45 years, are precisely the same value; but people who pay taxes never so estimate them, and therefore do not manage their private affairs accordingly. We are too apt to think that war is burdensome only in proportion to what we are at the moment called to pay for it in taxes, reflecting on the probable duration of such taxes. -
Convenience Matters Serving the New Mexican Consumer
The Retail and Consumer Industry in Mexico May 2016 Convenience matters Serving the new Mexican consumer In this report 2 Mexico: Stability amidst global volatility 4 More than just tequila: Significance of the retail and consumer sector 8 More pesos in the pocket: The sector takes off 12 Convenience matters 16 In the shadows: The vast informal market 22 Building capability muscles and aligning your operating model 29 The winning concoction: Local knowledge, global expertise 31 Unlocking the enablers for growth www.pwc.com/gmc Foreword As the world’s developing markets face a Arguably, retail and consumer reflects There are excellent examples of such time of volatility, Mexico stands out as the opportunities emerging from the companies in Mexico. A retailer like one of the key markets weathering the duality of the Mexican economy better FAMSA has managed to properly storm. It is doing so through sustained than any other sector: balance the risk required to serve this evolution and slow but steady growth more informal segment of consumers, in many dimensions. The retail and • Modern format retail stores and through a combination of deep consumer sector is one industry which multinational franchises such as consumer knowledge and alternative has the potential to exceed Mexico’s Walmart and Starbucks are constantly contact channels, while also leveraging average national future growth. This growing and developing, alongside its traditional stores and offerings, not will be driven by a combination of the resilient traditional ‘changarros’ just to gain access to these new economic and socio-demographic and adapted concepts such as OXXO consumers, but also to earn increased trends, the progressive implementation and Farmacias Similares. -
Navorsingsverslag Research Report
NAVORSINGSVERSLAG RESEARCH REPORT 2001 INHOUDSOPGAWE / TABLE OF CONTENTS Bladsye / Pages VOORWOORD / FOREWORD i-ii GIDS TOT KATEGORIEË GEBRUIK / GUIDE TO CATEGORIES USED iii-iv FAKULTEIT LETTERE EN WYSBEGEERTE / FACULTY OF ARTS 1-58 FAKULTEIT NATUURWETENSKAPPE / FACULTY OF SCIENCE 59-115 FAKULTEIT OPVOEDKUNDE / FACULTY OF EDUCATION 116-132 FAKULTEIT LANDBOU- EN BOSBOUWETENSKAPPE / 133-173 FACULTY OF AGRICULTURAL AND FORESTRY SCIENCES FAKULTEIT REGSGELEERDHEID / FACULTY OF LAW 174-180 FAKULTEIT TEOLOGIE / FACULTY OF THEOLOGY 181-190 FAKULTEIT EKONOMIESE EN BESTUURWETENSKAPPE / 191-217 FACULTY OF ECONOMIC AND MANAGEMENT SCIENCES FAKULTEIT INGENIEURSWESE / FACULTY OF ENGINEERING 218-253 FAKULTEIT GENEESKUNDE / FACULTY OF MEDICINE 254-342 FAKULTEIT KRYGSKUNDE / FACULTY OF MILITARY SCIENCE 343-350 ALGEMEEN / GENERAL 351-353 Redakteur / Editor: JP Groenewald Senior Direkteur: Navorsing / Senior Director: Research Universiteit van Stellenbosch / University of Stellenbosch Stellenbosch 7602 ISBN 0-7972-0907-7 i VOORWOORD Die jaarlikse Navorsingsverslag bied 'n omvattende rekord van die navorsingsuitsette wat in die betrokke jaar aan die Universiteit gelewer is. Benewens hierdie oorkoepelende perspektief op navorsing word jaarliks ook ander perspektiewe op navorsing in fakulteitspublikasies aangebied. Statistieke omtrent navorsingsuitsette word in ander publikasies van die Universiteit se Afdeling Navorsingsontwikkeling aangegee. Die Universiteit se navorsingspoging is, soos in die verlede, gesteun deur 'n verskeidenheid van persone en organisasies binne sowel as buite die Universiteit. Die US spreek sy besondere dank uit teenoor die statutêre navorsingsrade en kommissies, staatsdepartemente, sakeondernemings, stigtings en private indiwidue vir volgehoue ondersteuning in dié verband. Wat die befondsing van navorsing betref, word navorsers aan Suid-Afrikaanse universiteite - soos elders in die wêreld - toenemend afhanklik van nuwe bronne vir die finansiering van navorsing. -
Nber Working Paper Series Consumption and Saving
NBER WORKING PAPER SERIES CONSUMPTION AND SAVING: MODELS OF INTERTEMPORAL ALLOCATION AND THEIR IMPLICATIONS FOR PUBLIC POLICY Orazio P. Attanasio Guglielmo Weber Working Paper 15756 http://www.nber.org/papers/w15756 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2010 We are grateful to a very large number of people for a number of different reasons. Our thinking about the issues discussed in this paper has been particularly influenced by a set of people, several of whom have been co-authors in several projects. They include: Rob Alessie, James Banks, Richard Blundell, Martin Browning, Angus Deaton, Hamish Low, Tom MaCurdy, Costas Meghir and Luigi Pistaferri. We have discussed many of the issues covered in this paper (and sometimes disagreed) with them. We certainly learned a lot from them. We are very grateful to three referees for comments and suggestions, and to the editor, for comments, suggestions, and incredible patience! The first author’s research was partly financed by the ESRC Professorial Fellowship RES-051-27-0135. The second author thanks ESRI, Cabinet Office, Tokyo, for hospitality, and many useful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2010 by Orazio P. Attanasio and Guglielmo Weber. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. -
China's Consumer Market
China’s Consumer Market: Opportunities and Risks A Deloitte Research Study Table of Contents Introduction .................................................................................. 1 The consumer economy .............................................................. 1 The distribution sector .............................................................. 14 Changing landscape for distribution ....................................... 17 Strategic requirements for success .......................................... 20 Concluding thoughts ................................................................. 20 About Deloitte Research Deloitte Research, a part of Deloitte Services LP, identifies, analyzes, and explains the major issues driving today’s business dynamics and shaping tomorrow’s global marketplace. From provocative points of view about strategy and organizational change to straight talk about economics, regulation and technology, Deloitte Research delivers innovative, practical insights companies can use to improve their bottom-line performance. Operating through a network of dedicated research professionals, senior consulting practitioners of the various member firms of Deloitte Touche Tohmatsu, academics and technology specialists, Deloitte Research exhibits deep industry knowledge, functional understanding, and commitment to thought leadership. In boardrooms and business journals, Deloitte Research is known for bringing new perspective to real-world concerns. 26 Deloitte Research – China’s Consumer Market: Opportunities and -
Consumer Choice: Rhetoric and Reality
2 CONSUMER CHOICE: RHETORIC AND REALITY The figure of the consumer occupies a prominent place in contemporary social life, economic analysis, and political rhetoric. Within economic analysis consumption has long been presented as the end or point of pro- duction and the interest of the consumer promoted as taking precedence over that of the producer (Smith 1976[1776]). As J.K. Galbraith noted, within ‘virtually all economic analysis and instruction, the initiative is assumed to lie with the consumer’ (1969: 216). The growth in productive capacity that accompanied the development of industrial capitalist econo- mies in the late nineteenth century and through the twentieth century led to understandable concern being expressed about the need to gen- erate effective consumer demand for the rapidly increasing range and volume of goods and services becoming available. As productive capac- ity increased and consumer culture grew in intensity and reach, within economic analysis and political rhetoric, increasing reference began to be made to the importance of the consumer being able to exercise choice and pursue his or her interest in and through the market. ECONOMIC AN A LYSIS A ND TH E SOV E R E IGN CONSUM E R SUBJ E C T In some formulations within economics the consumer has been repre- sented as ‘sovereign’. The notion of consumer ‘sovereignty’, drawn from the political realm, was employed initially within neo-classical economics but returned to prominence late in the twentieth century in neo-liberal CONSUMER CHOICE: RHETORIC AND REALITY 31 economic and political thought when renewed emphasis was placed on the importance of adhering to free market principles and keeping state intervention to a minimum (Harvey, 2005: 20–2). -
A LONG HARD SLOG: DEBT and ECONOMIC RECOVERY Scott Wallace, Ph.D., Professor of Economics Randy F
A LONG HARD SLOG: DEBT AND ECONOMIC RECOVERY Scott Wallace, Ph.D., Professor of Economics Randy F. Cray, Ph.D., Professor of Economics and Chief Economist, Central Wisconsin Economic Research Bureau INTRODUCTION Over the last several years, the United States economy has faced the deepest reduction in real GDP and the slowest recovery since the Great Depression. Though the economy has experienced twenty five consecutive months of net job growth, economic growth has been sluggish and unemployment remains stubbornly high. Why was the drop off in economic activity so steep? What accounts for the slow pace of recovery? In their ambitious book This Time is Different, economists Kenneth Rogoff and Carmen Reinhart have empirically investigated a wide variety of financial crises endured by sixty-six countries over the last eight centuries (Reinhart and Rogoff, 2009). Their research indicates that economic downturns that follow financial crises are more severe and persist much longer than typical recessions. It “typically takes an economy more than four years just to reach the same per-capita income level that it had attained at the pre-crisis peak” (Rogoff, 2011). They argue that our current economic miseries are largely the result of the recent housing crisis and the large fiscal imbalances that have built up over the last decade. While many economists have portrayed the economic crisis as “The Great Recession,” Rogoff and Reinhart have called it the “Second Great Contraction” (with the Great Depression being the First Great Contraction). The authors contend that this “contraction applies not only to output and employment, as in a normal recession, but to debt and credit, and the deleveraging that typically takes many years to complete” (Rogoff, 2011). -
A Research on Practical Significance of Productivity Theory In
The Journal of Applied Business Research – March/April 2018 Volume 34, Number 2 A Research On Practical Significance Of Productivity Theory In Consumption Society Jifu Wang, University of Houston-Victoria, USA Yuzhu Diao, Linyi University, China Xisheng Li, Shandong University, China Liza Lybolt, University of Houston-Victoria, USA ABSTRACT This paper systematically elaborates the theory of productivity in consumption society, the mainstay theory in Dr. Bingxin Wu’s (Wu, 1997, 2008, 2011, 2013, 2015 & 2017) comprehensive consumption theoretical system. An analysis on history and current academic situation of the western consumption theory is employed to explore the defects and shortages of the existing consumption theory. The emphasis of the paper is on the academic significance and practical significance of the consumption society productivity. The paper also explains in detail the practical importance of productivity theory in guiding consumption society and provides evidences discovered from the continuous rapid development of the Chinese economy. Keywords: Consumption Theory; Consumption Society Productivity; Consumption Comprehensive Theoretical System INTRODUCTION rom an international perspective, with the rapid development of consumption society, the impact of consumption is becoming more and more obvious. The productivity created in the process of socialization of consumption, called consumption society productivity, does not only impact promotion For restriction on production, but also profoundly influences the lifestyle and consumption -
GLOBAL PROBLEMS and the CULTURE of CAPITALISM, 3/E © 2005 Richard H
GLOBAL PROBLEMS AND THE CULTURE OF CAPITALISM, 3/e © 2005 Richard H. Robbins ISBN 0-205-40741-2 (Please use above number to order your exam copy.) Visit www.ablongman.com/replocator to contact your local Allyn & Bacon/Longman representative. sample chapter The pages of this Sample Chapter may have slight variations in final published form. The colors in this document are not an accurate representation of the final textbook colors. Allyn & Bacon 75 Arlington St., Suite 300 Boston, MA 02116 www.ablongman.com CHAPTER ONE CONSTRUCTING THE CONSUMER The consumer revolution is a strange chapter in the ethnographic history of the species. For what may have been the first time in its history, a human community willingly harbored a nonreligious agent of social change, and permitted it to transform on a continual and systematic basis virtually every feature of social life. —Grant McCracken, Culture and Consumption The...metamessage of our time is that the commodity form is natural and inescapable. Our lives can only be well lived (or lived at all) through the purchase of particular commodities. Thus our major existential interest consists of maneuvering for eligibility to buy such commodities in the market. Further, we have been taught that it is right and just—ordained by history, human nature, and God—that the means of life in all its forms be available only as commodities.... Americans live in an overcommodified world, with needs that are generated in the interests of the market and that can be met only through the market. —Stephen Fjellman, Vinyl Leaves The culture of capitalism is devoted to encouraging the production and sale of commodi- ties. -
Understanding Chinese Consumers: Growth Engine of the World Special Edition
China consumer report 2021 Understanding Chinese Consumers: Growth Engine of the World Special edition 2020 November 2020 China consumer report 2021 Understanding Chinese Consumers: Growth Engine of the World Special edition Chief editors: Daniel Zipser, Felix Poh Authors: Antonio Achille, Caleb Balloch, Lambert Bu, Cherry Chen, Guang Chen, Lucille Chen, Will Enger, Johnny Ho, Xin Huang, Daniel Hui, Dymfke Kuijpers, Nick Leung, Lavonda Li, Joanna Mak, Joe Ngai, Felix Poh, David Pountney, Alex Sawaya, Steve Saxon , Jeongmin Seong, Sha Sha, Kay Tu, Jonathan Woetzel, Chenan Xia, Lei Xu, Hai Ye, Jackey Yu, Stefano Zerbi, Cherie Zhang, Jia Zhou, Daniel Zipser Managing editors: Glenn Leibowitz, Lin Lin, Zhijuan Lu Project management: Johnny Ho, Kay Tu, Pauline Chen, Hao Xu, Chloe Chan Copyright © 2020 McKinsey & Company China consumer report 2021 Understanding Chinese Consumers: Growth Engine of the World Special edition 2 China consumer report 2021 Contents Foreword 5 China: Still the world’s growth engine after COVID-19 Revving the engine: The COVID-19 impact 8 Fast forward China: How COVID-19 is accelerating 5 key 10 trends shaping the Chinese economy How COVID-19 has changed Chinese consumption 34 How Chinese consumers are changing shopping habits in 44 response to COVID-19 Winning the future of grocery retail in China 56 What can other countries learn from China’s travel recovery 68 path? A perspective on luxury goods companies during and after 80 coronavirus The driver’s seat: Leadership perspectives 88 Leading through a crisis: How McDonald’s -
Credit and Great Amounts of Money Involved, It Is Essential For
DOCUMENT RESUME ED 029 950 VT 007 114 Consumer Credit in Family Financial Management. Proceedings of a National Workshop (University of Wisconsin. October 9-12. 1967). American Home Economics Association. Washington. D.C. Pub Date May 68 Note-180p. Available from-American Home Econo. mics Association. 1600 Twentieth Street. NM. Washington. D.C. 20009 ($2.00) EDRS Price MF-S0.75 HC-S9.10 Descriptors-*Conference Reports. Consumer Economics. *Consumer Education. Credit (Finance). Financial Problems. Financial Service& *Home Economics Education. Money Management. Speeches. Teacher Workshops. Workbooks The social invention of consumer credit has expanded greatly during the past 20 years with resultingabuses such as personal overextension of credit or lenders taking an unfair advantage of less knowledgeable consumers. With the new types of credit and great amounts of money involved,itisessential for consumers. distributors, and educators to understand the role of consumer credit in our. economy. The viewpoints and commentsof 35 attorneys. family finance specialists. educators, government officials, business representatives, home economists, and experts in consumer credit were presented at a national workshop attended by 200 home economics leaders. Presentations are classified according to: (1) Consumer Credit in the United States Economy. (2) Problem Users of Credit. (3) Guidelines for Using Credit. (4) Teaching Consumer Credit in Money Management.. and (5) Overview. A workbook on consumer credit, a bibliography. charts and tables*, a roster of participants and a list of regional and state follow-up meetings are included in the document. (FP) U.S. DEPARTMENT OF HEALTH, EDUCATION & WELFARE OFFICE Of EDUCATION THIS DOCUMENT HAS BEEN REPRODUCED EXACTLY AS RECEIVED IRON THE PERSON OR ORGANIZATION ORIGINATING IT.POINTS OF VIEW OR OPINIONS STATED DO NOT NECESSARILY REPRESENT OFFICIAL OFFICE OF EDUCATION POSITION OR POLICY. -
The Prosumer Economy Being Like a Forest
3/16/2019 Prosumer Economy White Paper - Uygar Ozesmi - Google Docs The Prosumer Economy Being Like a Forest (v.1.2 January 1, 2019) by Dr. Uygar Özesmi Founder & Instigator, Good4Trust.org [email protected] +905336553689 Abstract : Planetary life support systems are collapsing due to climate change and the biodiversity crisis. We have a very short time. Within 3040 years, human civilisation may collapse if current trends continue. The rootcause is the existing consumer economy, coupled with profit maximisation based on ecological and social externalities. Trends can be reversed, civilisation may be saved by transforming the profitmaximising consumer economy into an ecologically and socially just economy, which we call “the prosumer economy”. Prosumer economy is a macroscale circular economy with minimum negative or positive ecological and social impact, an ecosystem of producers and prosumers, who have synergistic and circular relationships with deepened circular supply chains/networks, where leakage of wealth out of the system is minimised. In a prosumer economy there is no waste, no lasting negative impacts on the ecology and no social exploitation. The prosumer economy is like a lake or a forest, an economic ecosystem that is productive and supportive of the planet. We are already planting this forest through Good4Trust.org, started in Turkey. Good4Trust is a community platform bringing together ecologically and socially just producers and prosumers. Prosumers come together around a basic ethical tenet “the golden rule” and share on the platform their good deeds. These good deeds may include charity, volunteering, goods and services they bought on the Good4Trust online bazaar to support ecologically and socially just production.