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Beyond the Economic Horizon: Delving into the Deep Roots of...
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Beyond the Economic Horizon: Delving into the Deep Roots of Economic Development

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: 30 June 2025 | Viewed by 21688

Special Issue Editor

Dr. Pantelis Kostis

E-Mail Website
Guest Editor
Department of Economics, National and Kapodistrian University of Athens, 157 72 Athens, Greece
Interests: economics analysis; economic development; economic growth; applied economics; economic policy analysis; European Union; European integration; cultural economics
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Economic development emerges as a rich, complex tapestry, woven from more than mere policy initiatives or market strategies. Its roots are deeply embedded within diverse societies' cultural, geographical, and institutional fibers. This Special Issue is dedicated to peeling back the layers to reveal the deeper underpinnings of economic development, casting a wide net to encompass a myriad of determinants including, but not limited to, cultural background, institutions, geographical nuances, inherent uncertainties, economic complexity, shifting expectations, along with the vibrant arenas of innovation and entrepreneurship. Through a meticulous and holistic exploration, the aim is to spotlight the complex, intertwined network of elements that catalyze sustained economic progress. With this Special Issue we seek to highlight the dynamic interplay of these factors and foster a deeper understanding and appreciation of their collective impact on global economic trajectories. By promoting a dialogue that integrates diverse perspectives and insights, this Special Issue aspires to forge a new pathway in economic discourse, presenting a rich, comprehensive canvas that illustrates the multifaceted nature of economic development in the contemporary world. The objectives are as follows: to explore the role of cultural background in shaping economic development trajectories; to analyze the influence of institutions and governance structures on economic progress; to investigate the impacts of geographical factors on economic development; to examine the role of uncertainty and expectations in economic decision making; to scrutinize the implications of economic complexity for development outcomes; to identify the key drivers of innovation and entrepreneurship in fostering economic growth.

Dr. Pantelis Kostis
Guest Editor

Manuscript Submission Information

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Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • economic development
  • cultural background
  • institutional frameworks
  • geographic factors
  • uncertainty and expectations
  • economic complexity
  • innovation and entrepreneurship
  • holistic approach
  • societal tapestry
  • policy initiatives
  • market dynamics
  • global trajectories
  • economic evolution
  • development catalysts
  • diverse perspectives

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Published Papers (4 papers)

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Research

21 pages, 502 KiB  
Article
Τhe Political Economy of Green Transition: The Need for a Two-Pronged Approach to Address Climate Change and the Necessity of “Science Citizens”
by Antonios Angelakis, Manolis Manioudis and Anthi Koskina
Economies 2025, 13(2), 23; https://doi.org/10.3390/economies13020023 - 22 Jan 2025
Cited by 2 | Viewed by 1891
Abstract
Given the need to strengthen responses to the growing challenges posed by climate change, the purpose of this paper is to explore innovative approaches and interdisciplinary perspectives for tackling these issues, focusing on the role of the institutional framework, emerging technologies, and the [...] Read more.
Given the need to strengthen responses to the growing challenges posed by climate change, the purpose of this paper is to explore innovative approaches and interdisciplinary perspectives for tackling these issues, focusing on the role of the institutional framework, emerging technologies, and the necessity to also encourage the involvement of small-scale actors (such as citizens). The main approaches of this paper involve, first, the technological developments spurred by the necessity to effectively address climate change problems, emphasizing macro-level dimensions in terms of the political economy of green transition and the technological components of climate solutions. Parallel to that, it provides results and presents key elements of the legal context that promoted the sustainable transition, such as the establishment of a science-based policymaking process, the development of scientific data and tools, and efforts to encourage the participation of all relevant actors in sustainable economic development. Against this background, this paper puts forward the idea that a combined approach is required to address climate change issues, integrating top-down, e.g., macro-policy approaches with bottom-up strategies (with the latter allowing for a more dynamic participation of citizens and individuals), in order to complement current institutional, legal, policy, and technological measures. The result of the analysis is that this paper provides evidence for the introduction of guidelines strengthening macro-economic approaches in addition to the concept of a “science citizen” as a major component of new problem-focused solutions. The principal results and findings offer interpretations and insights while encouraging further discussion on transitioning to a sustainable science society. In this context, the analysis results elucidate that there is evidence for an increased policy emphasis on technology development (economy-based approaches) rather than on technology diffusion and assessment, and/or the integration of key small-scale actors, such as citizens. Thus, this paper provides evidence for the need to incorporate “science citizens” as a key parameter into the technology and innovation chain (e.g., data provision) and the public policy domain. Overall, this paper outlines a holistic analysis of the international economic, technological, institutional, legal, and policy environment regarding innovation, sustainability, and the climate crisis. Full article
(This article belongs to the Special Issue Beyond the Economic Horizon: Delving into the Deep Roots of Economic Development)
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37 pages, 2298 KiB  
Article
Effects of the Minimum Wage (MW) on Income Inequality: Systematic Review and Analysis of the Spanish Case
by Manuela A. de Paz-Báñez, Celia Sánchez-López and María José Asensio-Coto
Economies 2024, 12(9), 223; https://doi.org/10.3390/economies12090223 - 23 Aug 2024
Cited by 1 | Viewed by 5229
Abstract
The minimum wage has become a standard measure in the economic and social policies of countries all over the world. The primary objective of this measure is to guarantee that workers receive a minimum wage that allows them to lead a decent life, [...] Read more.
The minimum wage has become a standard measure in the economic and social policies of countries all over the world. The primary objective of this measure is to guarantee that workers receive a minimum wage that allows them to lead a decent life, thereby reducing inequality and poverty. However, studies on the minimum wage have not focused on assessing the effects on these dimensions but only on employment. The objective of this study is to address this research gap by analysing the effects of minimum wage increases on income inequality and poverty. To this end, firstly, a systematic review of the empirical analyses was conducted using the PRISMA methodology, with a view to ensuring that all empirical evidence was available. Secondly, the Spanish case was examined. The significant increase in minimum wage in Spain in 2019 (21.3% in real terms) presents an invaluable opportunity to utilise this event as a natural experiment to generate new evidence. A difference-in-differences approach was employed to assess the impact of this phenomenon in the period 2018–2019 with microdata from European Statistics on Income and Living Conditions (EU-SILC for Spain). In doing so, two basic scientific contributions were made. The first one, a systematic, exhaustive, and up-to-date literature review (up to June 2024), as there is, to our knowledge, no recent systematic review of this relationship (minimum wage vs. inequality). The available evidence indicates a clear inverse relationship between the minimum wage and inequalities and poverty. The second one, regarding the Spanish case, there has been a dearth of scientific studies on this subject. Thus, this paper provides new scientific evidence demonstrating that a significant increase in the minimum wage can significantly improve the income of low-wage earners, thereby reducing income inequality and in-work poverty. Furthermore, there is evidence of a spillover effect towards income groups closer to the treatment group. Full article
(This article belongs to the Special Issue Beyond the Economic Horizon: Delving into the Deep Roots of Economic Development)
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21 pages, 340 KiB  
Article
Enhancing Internal Control Mechanisms in Local Government Organizations: A Crucial Step towards Mitigating Corruption and Ensuring Economic Development
by Paraskevi Boufounou, Nikolaos Eriotis, Theodoros Kounadeas, Panagiotis Argyropoulos and John Poulopoulos
Economies 2024, 12(4), 78; https://doi.org/10.3390/economies12040078 - 28 Mar 2024
Cited by 4 | Viewed by 5271
Abstract
Corruption poses a significant challenge to economic development and governance worldwide, with its detrimental effects permeating various levels of society. In the context of Greece, where corruption has been a longstanding issue, the role of internal audit mechanisms within local government organizations (LGOs) [...] Read more.
Corruption poses a significant challenge to economic development and governance worldwide, with its detrimental effects permeating various levels of society. In the context of Greece, where corruption has been a longstanding issue, the role of internal audit mechanisms within local government organizations (LGOs) emerges as paramount. This paper presents a comprehensive analysis of the internal control landscape within LGO revenue departments, focusing on factors influencing its effectiveness and proposing strategies for improvement. Drawing upon survey data and regression analyses, this study highlights the crucial role of robust internal control mechanisms in combating corruption and fostering economic development. The findings underscore the importance of competent personnel, legislative compliance, interdepartmental collaboration, and technology utilization in enhancing internal control practices. Despite existing legislation, gaps in internal control implementation persist, including understaffing, inadequate procedures, and limited access to information. This study emphasizes the transformative potential of effective internal audit measures in mitigating corruption at the local level, thereby contributing to broader economic growth and societal well-being. Recommendations for strengthening the internal control structures within LGOs include the formal establishment of internal audit functions, adherence to professional standards, and the promotion of information system utilization. By addressing the corruption and inefficiencies within LGOs, this research underscores the pivotal role of institutional effectiveness in promoting transparency, accountability, and sustainable economic progress. Full article
(This article belongs to the Special Issue Beyond the Economic Horizon: Delving into the Deep Roots of Economic Development)
24 pages, 1317 KiB  
Article
The Dual Pillars of Progress: Institutional and Cultural Dynamics in Economic Development
by Kyriaki I. Kafka
Economies 2024, 12(4), 76; https://doi.org/10.3390/economies12040076 - 27 Mar 2024
Cited by 3 | Viewed by 7736
Abstract
This study examines the critical interplay between institutional and cultural backgrounds and their collective impact on economic development, suggesting that their synchronized evolution—timing, pace, and direction—boosts economic development, while misalignment hinders it. It seeks to determine if these backgrounds complement or substitute each [...] Read more.
This study examines the critical interplay between institutional and cultural backgrounds and their collective impact on economic development, suggesting that their synchronized evolution—timing, pace, and direction—boosts economic development, while misalignment hinders it. It seeks to determine if these backgrounds complement or substitute each other in fostering economic development. The analysis employs an unbalanced panel dataset encompassing 113 countries across four decades (1980–2019) through a fixed-effects model enhanced by robustness checks (adding control variables, using alternative analysis methods, and applying adjustment criteria). The analysis uncovers a synergistic relationship between institutional and cultural backgrounds in which each element reinforces the other’s impact on economic development. Countries with robust institutional and cultural backgrounds exhibit the highest levels of economic development, whereas those with weaker backgrounds experience diminished economic progress. This study further reveals that the influence of institutional background on economic development is more pronounced than that of cultural background. However, this effect is significantly amplified when both institutional and cultural backgrounds are considered. Considering these insights, this study recommends that effective development strategies prioritize simultaneously nurturing institutional and cultural backgrounds. This approach is essential for crafting a successful and comprehensive development roadmap. Full article
(This article belongs to the Special Issue Beyond the Economic Horizon: Delving into the Deep Roots of Economic Development)
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