PROFESSOR NAME : CHARLES LO

STUDENT NAME: QAVIUDDIN MOHAMMED

STUDENT ID:982458

SUBJECT:ECONOMICS

 

 

 

REFLECTIVE JOURNAL

 

Article 1

Topic: Labour Turnover: Causes, Consequences, and Prevention

Author(s): Oladele John Akinyomi

Date: 5th January 2016

Reference: Akinyomi, O. J., 2016. Labour Turnover: Causes, Consequences, and Prevention. Fountain University Journal of Management and Social Sciences, Jan, 5(1), pp. 105-112.

Source:https://www.researchgate.net/publication/307545809_LABOUR_TURNOVER_CAUSES_CONSEQUENCES_AND_PREVENTION

This article focuses upon recurrent challenge related to employee turnover that has made many businesses face issues while working in a globalized work environment which means ratio at which individuals quits their jobs. It represents the relative ratio at which organization losses or gains employees. It can also be said that the total number of employees being replaced and leaving within a specific time, generally a year, which is been expressed in the percentile of the entire labor force from the beginning of the work period. Although employee turnover acts as a natural process in businesses, employee turnover can sometimes arise issues in business enterprises as it produces unfavorable consequences. Financial and non-financial burdens are often realized due to uncontrolled labor turnover costs. Though private and government companies hold diversified labor turnover rates, privately-owned companies tend to face higher turnover rates comparatively.

The authors categorize labor turnover into five categories: dysfunctional and functional where functional employee turnover are the ones in which employee leaves the organization after performing poorly whereas, in dysfunctional turnover, employees performing excellently quits the firm. Voluntary employee turnover takes place when employees leave organization willingly while involuntary turnover refers to the termination of employees where they do not have any choice. Skilled turnover refers to risks observed by companies when any skilled employee quits whereas unskilled turnover takes place due to incompetence seen among employees. Avoidable and unavoidable refers to employee turnover that takes place due to circumstances taking place. Internal and external employee turnover takes place when employees get into a new position, leaving behind old ones within the same organization. Whatsoever the case is, contemporary organizations need to take a stand to eliminate employee turnover issue. Though eliminating the issue may not be possible for every organization, it can be reduced to some extent by observing facts and reasons behind such consequences. After presenting various reasons behind increased employee turnover like poor remuneration and poor work environment, the author provides with some strategies that can address employee turnover issue like improved remuneration and conducive work environment among various others.

 

Article 2

Topic: The globalization of banking: How is regulation affecting global banks?

Author(s): José María Álvarez, Javier Pablo García, and Olga Gouveia

Date: 8th August 2016

Reference: Álvarez, J. M., García, J. P. & Gouveia, O., 2016. The globalization of banking: How is regulation affecting global banks?. Global Economic Watch, 08 August.pp. 1-19

Source: https://www.bbvaresearch.com/wp-content/uploads/2016/08/The-globalisation-of-banking.pdf

The research made in this article reveals that globalization seen within financial services since 1990 have driven many forces like deregulation, technology, and integration of financial institution in many countries. Nowadays, banks have expanded globally due to four basic reasons like risk diversification and new opportunity realization., improved economic efficiency by gaining economies of scale, transparent and interventionist frameworks and to join corporate clientele. After revealing internationalization strategies and their determinants, the authors find how regulations might impact global banks internationalization strategies and how they can interact with businesses. Although different banks follow different resolution strategy to deal with business models, the new regulations may have a significant impact on the global bank’s overall behavior. Regulation and resolution can be separated from each other as resolution strategy can be chosen voluntarily unlike regulation. Nevertheless, few banks prefer selecting Single Point Entry (SPE) strategies rather than opting Multiple Point Entry (MPE) that leads to a reconsideration of resolution and operating strategies as per the economic structure of the country.

Factors explaining global bank retreats include changes seen in business strategies to increase income stability or profitability, effective allocation of resources, economic, social and political stability or for new technological changes. Regulation remains one determining factor common to all and an increase seen in regulation can impact overall banking methods including making changes in liquidity requirements and stricter capital investments. Therefore, all the globalized banks reconsider their strategies impacting activities that helps in recurring revenues and legal formation of operations to hold centralization of business models. However, differences seen in regulations can lead to regulatory arbitrage that may prevent banks from emerging into other developed countries as they remain subject to indifferent regulations. Moreover, such process may exclude banks from receiving public support during crisis and thus, regulatory harmonization progress must be made on a global scale that can avoid comparative advantage based on origins and establishments of the host country.

 

Article 3

Topic: Advancing innovation in the public sector: Aligning innovation measurement with policy goals.

Author(s): Anthony Arundel, Carter Bloch, and Barry Ferguson

Date: April 2019

Reference: Arundel, A., Bloch, C. & Ferguson, B., 2019. Advancing innovation in the public sector: Aligning innovation measurement with policy goals. Research Policy, 48(3), pp. 789-798.

Source: https://www.sciencedirect.com/science/article/pii/S0048733318302956

This article author claims that public sector contains public-administration entities, general government and publicly-owned corporates such as healthcare, education, and security. In developed and high-income nations, the public sector alone provides 20-30% of total GDP where the highest has been recorded in Scandinavia according to the research made in the article. This is more than share provided by manufacturers GDP that presently holds 10% less in various OED nations like Australia, the UK, and the US. Due to the economic weight is given, the growing interest in public corporations encourages innovation within the public sector even that can ensure future growth and efficiency alongside effectively maintaining available resources. Technological advancements made will not only improve the quality of public services but also address diversified societal challenges like demographic pressure, climatic change, economic inequality, and urban congestion. Two separate disciplines have been studied by the authors based on economies of innovation and management perspectives to make a comprehensive research of innovative advancements in the public organizations. Majority of the research made uses case studies and interviews that identify alternative spheres of public sector innovations alongside theoretical development that confirms innovation within public firms. Study based on economies of innovative advancements in the commercial sector, though investigators within this sphere finds that economies of innovation largely depends upon OECD’s Oslo rules that confirm innovative advancements in the commercial sector.

The authors draw upon management theories reflecting innovative advancements in public sector to develop an appropriate model for collecting data at micro-level for enabling valuable research comprising public sector regulations and sustenance innovation in it. The policy issued and surveys made of public interest benchmarks prevalence of activities involving innovative measurements and thus it can be said that the universal interpretation of innovation does match with Oslo’s guidelines. Nevertheless, public sector policy interests further extend to the raised topics like strategic management and governance that reflects nuts and bolts about ways public organizations innovate. The author concludes after suggesting data-driven research to support a diversified range of policies in the public sector which considers roles, motivation, responsibilities and participants contribution to optimizing resource allocation processes and optimal outcomes. Furthermore, experimentation can also assist economists while exploring innovative schemes that could illuminate diversity in sources of ideas concerning potentiality and innovations for providing high-quality data before making innovation-related investments.

 

Article 4

Topic: The Economic Impacts of Climate Change

Author(s): Richard S. J. Tol

Date: 12th January 2018

Reference: Tol, R. S. J., 2018. The Economic Impacts of Climate Change. Review of Environmental Economics and Policy, 12 Jan, 12(1), pp. 4-25.

Source: https://academic.oup.com/reep/article/12/1/4/4804315

The author of this article stresses on the remarkable agreement made between economists concerning climatic policies. Although the continuous debate is be seen regarding climatic targets, most of the economists find it sensible to introduce a climate policy and accelerate it modestly. Despite making general agreements in the past concerning GHG emissions reduction, many economists believe that climatic change has become unusually negative majorly because of polarization of climate policy and research. In particular, marginal impact estimates done on climatic change varies widely due to which initial carbon price becomes more political than economic conversation. Thereby, this article aims at examining economic impacts occurring due to climatic change which is done by authors after examining total economic interactions made between climate change and economic development reviews to analyze social expenditure related to carbon. The authors find that climatic change may vary from place to place and to determine whether these changes are large or small, detrimental or beneficial, time and location is been regarded. However, the literature related to climatic changes impact makes the core study more confused as various climatic effects are been analyzed during overall investigations made. For instance, crops getting decreased due to drought, cold stress decreasing, increase in sea level, the spread of infectious diseases, increase cooling objects demand and decrease of heat energies, etc.

While focussing upon aggregate indicators, the authors find that climatic change impacts on economic welfare along with hampering the distribution of such welfares. At present, a total of 27 estimates has been published publicly that reveals estimates of climatic change impacts made by 22 studies. All the estimate made indicates that global mean temperature rose by 2.5C, making an average human being feel as if he/she has lost around 1.3% income individually. Therefore, it can be said that climatic change does have a direct impact on economic condition and that existing frameworks are neither transparent nor appropriate to deliver qualitative perceptions. The authors conclude on the notion that the development of a complementary strategy is a must to address poverty that is vulnerable to climatic change. Any trade-offs made between lower emissions and slower economic growth needs to be taken care while considering impacts over economic growth rates. This makes climatic change appear as an important issue majorly because of remote probability, distant future and faraway lands.

 

Article 5

Topic: The Impacts of Transportation Infrastructure on Sustainable Development: Emerging Trends and Challenges.

Author(s): Luqi Wang, Xiaolong Xue, Zebin Zhao, and Zeyu Wang

Date: 5th June 2018

Reference: Wang, L., Xue, X., Zhao, Z. & Wang, Z., 2018. The Impacts of Transportation Infrastructure on Sustainable Development: Emerging Trends and Challenges. International Journal of Environmental Research and Public Health, 05 June, 15(1172), pp. 1-24.

Source: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6025045/pdf/ijerph-15-01172.pdf

This article finds that transportation substructure has converted into a multifaceted network in which metropolises get connected, accommodating human beings who undertake economic, social and environmental activities as per population growth and urbanization of the area. Since the transportation system contributes immensely to the socio-economic development of the nations, the augmented urban life due to intra-city networks have made sustainable development of transport network a hot topic for discussion among academicians and researchers. Additionally, goals like low-carbon emissions and prevention of global warming have raised many questions against transportation network expansion. In other words, development of transportation infrastructure in cities have led urban diffusion and aggregation that boosts national and regional economics; however, irrational planning can generate negative impacts like increased traffic accidents, ecological destruction, and climatic changes. To identify negative impacts of transportation infrastructure, the authors made a scientometric review of 2500 publication that got published between 2000-2017 and finds that complex impact mechanisms make an in-depth understanding of the consequences more difficult. The excessive infrastructure construction emerges intense pressure in an ecological and natural environment also while meeting with social enhancement and economic development needs. Though transportation infrastructure helps in providing necessary condition required for economic development, some spillover left brings in contamination like the release of CO2 emissions from global production networks, change in the flow of water and ecological destruction due to biological habitat fragmentation.

Since the Environmental Impact Assessment Act published by the US in 1969, various environmental issues have been considered while formulating policies and law alongside gaining wide attention globally. This implies the transport sector to consider environmental impacts while analyzing cost-benefits, investment analyses, and design evaluation. The authors pinpoint about a few systematic and universal methods for evaluating environmental performances like meta-analysis, multi-criteria model, value equilibrium and ecological footprint index. The transportation infrastructure remains almost negative from an environmental perspective and thus, minimizing environmental impacts become very significant for developing social responsibility among citizens. Although increased job opportunities and income distribution factors take place after huge capital investment made in infrastructure plans, land exploration, and health hazards, climatic damages must not be ignored completely. Nevertheless, economic externality remains significant due to which social and environmental impacts remains neglected many times and utmost value is given to sustainable development in the transportation industry. According to the authors, traditional decision models like cost-duration-quality and indicators can be used to measure and identify transportation sustainability like multi-criteria designs on panel data like fuzzy logic assessment and multivariate co-integration. Other than it, optimizing network infrastructure with spatial relationship analyzation of operations can promote urban stability and economic development without impacting transportation infrastructure negatively.