Search Results (32)

Financial channels only redistribute existing wealth rather than generating new wealth. Consequently, financialized gains for one person inevitably mean losses for others. However, the prevailing literature on housing financialization often emphasizes how investors earn excessive profits while neglecting how ordinary households bear corresponding losses. This study seeks to initiate a conceptual and empirical exploration of financialized loss within housing consumption. This study first clarifies what constitutes these losses. It then employs a comparative case study of Japan and Canada to highlight how certain housing characteristics are linked to major financialized losses for housing consumers. The findings can guide the design of more targeted housing policies to reduce housing consumers’ losses and, thereby, improve housing affordability for ordinary households. Ultimately, this study lays the groundwork for a new research agenda focused on financialized loss in housing consumption, thereby providing a novel perspective for understanding housing financialization. Full article

Food waste remains a critical sustainability challenge for the European Union (EU), with significant negative impacts on environmental resources, economic efficiency, and social equity. This paper presents a comprehensive analysis of food waste across EU member states during the 2020–2023 period, examining waste generation across five key sectors: households, food service (restaurants and catering), retail, food manufacturing, and primary agriculture. The study uses Eurostat statistical data, standardising measurements to kilograms per capita and absolute tonnage to enable cross-country comparisons. Particular attention is devoted to the impacts of the COVID-19 pandemic, which disproportionately affected the service and retail sectors. Beyond descriptive analysis, the research investigates potential relationships between major economic indicators (Gross Domestic Product [GDP], median income, and material deprivation) and food waste rates, employing Kruskal–Wallis statistical tests to examine sectoral and cross-national patterns. Contrary to conventional assumptions, analyses reveal no statistically significant direct correlation between economic prosperity and waste generation, suggesting that institutional design, infrastructure availability, consumer awareness, and education exert greater determinative influence than aggregate wealth. Results demonstrate that households are the largest source of food waste across the EU, accounting for approximately 50% of food waste. At the same time, sectoral variations reflect country-specific structural and regulatory factors rather than levels of economic development. The research concludes with actionable policy recommendations targeting three intervention levels: individual behaviour change (consumer education, digital tools, and purchase planning), community infrastructure (food redistribution networks and collective composting), and institutional reform (regulatory harmonisation, circular economy incentives, and extended producer responsibility). These recommendations align with EU strategic priorities, including the European Green Deal, Farm to Fork Strategy, and 2030 Circular Economy Action Plan, with the specific objective of halving food waste by 2030 to enhance both environmental sustainability and food security. Full article

Rapid economic development in the past four decades in China has brought about significant consequences for people’s livelihoods. Healthy social mobility is fundamental for equality of opportunity, economic vitality, and socioeconomic sustainability. This paper examines the intragenerational livelihood mobility of urban residents in recent decades based on a case study in Guangzhou City and Foshan City, Guangdong Province, Southeast China. Longitudinal livelihood trajectory surveys have been investigated to gain research data. The primary determinants of livelihood mobility were also elucidated through analysis of muti-logistic regression. The results show that five livelihood trajectories are summarized based on their vertical movements in social status. The results further indicate that class polarization exists in urban residents’ mobility. 48.2% of respondents have experienced upward mobility, and 33.6% of them have even stepped over social classes. Meanwhile, the livelihoods of the others remained unchanged or suffered downward mobility. Respondents with male gender, better educational attainments, positive personality, and lower hierarchies of first occupations are associated with a higher probability of upward mobility. These results suggest that wealth redistribution among different social groups should be implemented to promote the benefits of economic growth being shared more broadly, and ultimately to boost socioeconomic sustainability. Full article

South Africa has relatively recently transitioned from a condition of legislated racial stratification to a democracy in which all South Africans now enjoy political enfranchisement. While political emancipation has been achieved, economic and social emancipation remain elusive for the majority of Black South Africans who still bear the brunt of poverty and deprivation. South Africa’s white colonial communities, having relinquished political power, continue to retain and enjoy economic and social class privileges. Despite state-driven social cohesion and nation-building initiatives, the envisaged ‘rainbow nation’ (a metaphor coined by the late Archbishop Desmond Tutu) is becoming an increasingly fragile social aspiration. Historical legacies, especially regarding white affirmation, wealth accumulation, and the imperative for economic redistribution and land reform, have become key flashpoints in contemporary South Africa. This paper addresses the issue of how South Africa’s corrective justice and affirmative action policies are re-racialised into narratives of reverse racism, white persecution, and white genocide. It examines how racial arbitrage works where whiteness is systematically re-racialised and traded for its value in a different country context. It examines how disillusioned white South Africans leverage white racial and class privilege for transnational mobility and protections, white settler-colonial receptivity and white nationhood. It draws attention to the tensions and contradictions in global asylum regimes, illuminating transnational networks of privilege and economic superpower coercion. Full article

Since non-human animals also experience welfare, an increasing number of scholars advocate including non-human animal welfare in cost–benefit analysis. Recent proposals to achieve this through interspecies comparisons of welfare, however, are incompatible with the principles of positive welfare economics. Based on conceptual and theoretical analysis, this article argues that, to remain consistent with positive welfare economics, the monetary value of welfare changes should be set equal to the marginal costs of alternative options available to offset those welfare changes. This applies equally to human adults, small children, and non-human animals. The article further argues that monetary valuation is appropriate only in cases involving marginal changes in the risk of harm—for example, an increased mortality risk for birds and bats caused by windmills—but not in cases involving direct and certain harms, such as those inflicted on farm animals. Moreover, a key rationale behind cost–benefit analysis is that a positive outcome increases social wealth, thereby expanding the government’s capacity to enhance social welfare through redistribution or investment in public services. In the interspecies context, however, this rationale remains doubtful as long as governments fail to give equal consideration to non-human animal welfare in policy making. Full article

The theological rendering of economics in the Bahá’í Faith—particularly from ‘Abdu’l-Bahá—advocated progressive taxation, a strong welfare state, the abolition of trusts, and the redistribution of wealth. These orientations directly diverge from “neoliberal” economic theory, especially as articulated by Frederick Hayek: concerns that social justice exacerbates poverty and claims that progressive taxation is “discrimination.” Despite these seemingly antithetical orientations, there has been a slow and tentative, if not uneasy, meeting of Bahá’í and neoliberal ideals in global organizations and scholarship. Through a comparative analysis of the writings of both ‘Abdu’l-Bahá and Friedrich Hayek, I first illuminate the fundamental disagreements on economy and society between Bahá’í theology and neoliberalism. Second, I cover recent scholarship on the moralization of markets and the sacralization of financial actors in order to contextualize the historical and contemporary unions of theology and economy. Third, I outline how ‘Abdu’l-Bahá’s theological vision and Hayek’s neoliberal theories accrete around four mutual worldviews, which can tempt hermeneutic deemphases of the fundamental divergences in Bahá’í and neoliberal logics: (1) the duality of human nature, (2) the limits of materialist reason, (3) the apotheosis of the market and self-love, and (4) sacrificial submission to transcendent authority. Full article

This paper examines the inflationary episode of 1603 in Spain through the lens of Austrian Economic Theory. The study focuses on the effects of monetary expansion caused by the influx of precious metals from the Americas and its impact on real wages and raw material prices. Through the analysis of historical data and the application of statistical methods, this study identifies key relationships between monetary inflows, price levels, and income distribution. The findings indicate that the rapid expansion of the money supply triggered inflation, disproportionately impacting various sectors of society. Using the Cantillon Effect as a framework, the study explains how monetary expansion led to uneven wealth redistribution and production distortions. Additionally, the Austrian Business Cycle Theory highlights the consequences of artificial monetary growth, including the misallocation of resources and reduced purchasing power for wage earners. This study employs historical data from Edward J. Hamilton and other sources, utilizing normalization techniques and regression models to empirically examine the economic dynamics of this period. By bridging theoretical insights with empirical analysis, this paper contributes to a deeper understanding of early modern inflationary processes and offers lessons applicable to contemporary economic challenges. Full article

Forests are complex systems in which subtle variations in terrain can reveal much about plant community structure and interspecific interactions. Despite a wealth of studies focusing on broad-scale environmental gradients, the role of fine-scale topographic nuances often remains underappreciated, particularly in subtropical settings. In our study, we explore how minute differences in microtopography—encompassing local elevation, slope, aspect, terrain position index (TPI), terrain ruggedness index (TRI), and flow direction—affect neighborhood-scale interactions among plants. We established an 11.56-hectare dynamic plot in a subtropical forest at the northern margin of China’s subtropical zone, where both microtopographic factors and neighborhood indices (density, competition, diversity) were systematically measured using 5 m × 5 m quadrats. Parameter estimation and mixed-effects models were employed to examine how microtopography influences plant spatial patterns, growth, and competitive dynamics across various life stages. Our findings demonstrate that aspect and TPI act as key drivers, redistributing light and moisture to shape conspecific clustering, heterospecific competition, and tree growth. Remarkably, sun-facing slopes promoted sapling aggregation yet intensified competitive interactions, while shaded slopes maintained stable moisture conditions that benefited mature tree survival. Moreover, in contrast to broader-scale observations, fine-scale TRI was associated with reduced species richness, highlighting scale-dependent heterogeneity effects. The intensification of plant responses with life stage indicates shifting resource demands, where light is critical during early growth, and water becomes increasingly important for later survival. This study thus advances our multiscale understanding of forest dynamics and underscores the need to integrate fine-scale abiotic and biotic interactions into conservation strategies under global change conditions. Full article

Multimorbidity of malaria, anemia, and malnutrition (MAMM) is a condition in which an individual has two or more of these health conditions, and is becoming an emergent public health concern in sub-Saharan African countries. The independent associations of a child’s demographic variables and household socioeconomic (HSE) disparities with a child’s health outcomes have been established in the literature. However, the effects of the intersection of these factors on MAMM, while accounting for other covariates, have not been studied. Therefore, this study aimed to determine how children’s sex, age, and household socioeconomic status interact to explain the variations in MAMM among children aged 6–59 months in Nigeria. Data from the 2018 Nigeria Demographic and Health Survey and the 2018 National Human Development Report (NHDR) were used. This study included weighted samples of 10,184 children aged 6–59 months in Nigeria. A three-level multilevel mixed effect ordinal logistic regression model was used, such that individual characteristics at level 1 were nested in communities at level 2 and nested in states at level 3. Subsequently, predictive probability charts and average adjusted probability tables were used to interpret the intersectional effects. Five models were created in this scenario. Model 1 is the interaction between the child’s sex and household wealth status; model 2 is the interaction between the child’s sex and age; model 3 is the interaction between the child’s age and household wealth status; model 4 has the three two-way interactions of the child’s sex, age, and household wealth status; and model 5 includes model 4 and the three-way interactions between a child’s sex, age, and household wealth quintiles; while accounting for other covariates in each of the models. The prevalence of children with a ‘none of the three diseases’ outcome was 17.3% (1767/10,184), while 34.4% (3499/10,184) had ‘only one of the diseases’, and 48.3% (4918/10,184) had ‘two or more’ MAMMs. However, in the multivariate analyses, model 3 was the best fit compared with other models, so the two-way interaction effects of a child’s age and household wealth status are significant predictors in the model. Children aged 36–47 months living in the poorest households had a probability of 0.11, 0.18, and 0.32 of existing with MAMM above the probability of children of the same age who live in the middle class, more prosperous, and richest households, respectively, while all other covariates were held constant. Thus, the variation in the prevalence of MAMM in children of different ages differs depending on the household wealth quintile. In other words, in older children, the variations in MAMM become more evident between the richer and the poorer household quintiles. Therefore, it is recommended that policies that are geared toward economic redistribution will help bridge the disparities observed in the prevalence of multiple diseases among children aged 6–59 months in Nigeria. Full article

Since 2021, China’s promotion of common prosperity has captured global attention and sparked considerable debate. Yet, scholarly examination of the Chinese public’s attitudes toward this policy, which is crucial for guiding China’s strategic directions, remains limited. To address this gap, this paper collects 256,233 Sina Weibo posts from 2021 to 2023 and utilizes text mining methods such as temporal and trend analysis, keyword analysis, topic analysis, and sentiment analysis to investigate the attitudes and emotions of the Chinese people towards common prosperity. The posts holding negative sentiments are also analyzed, so as to uncover the underlying reasons for the dissatisfaction among Chinese citizens regarding common prosperity. Our analysis reveals that China’s strategy for promoting common prosperity is primarily focused on economic development rather than wealth redistribution. Emphasis is placed on enhancing education, achieving regional balance, implementing market-oriented reforms, and improving livelihoods. Notably, there is increasing public dissatisfaction, particularly with issues such as irregularities in financial and real estate markets, growing wealth inequality, exploitation by capital, generation of illicit income, and regional development imbalances. These challenges necessitate urgent and effective policy interventions. Full article

Extreme inequality represents a grave challenge for impoverished individuals and poses a threat to economic growth and stability. Despite the fulfillment of affirmative action measures aimed at promoting equal opportunities, they often prove inadequate in effectively reducing inequality. Mathematical models and simulations have demonstrated that even when equal opportunities are present, wealth tends to concentrate in the hands of a privileged few, leaving the majority of the population in dire poverty. This phenomenon, known as condensation, has been shown to be an inevitable outcome in economic models that rely on fair exchange. In light of the escalating levels of inequality in the 21st century and the significant state intervention necessitated by the recent COVID-19 pandemic, an increasing number of scholars are abandoning neo-liberal ideologies. Instead, they propose a more robust role for the state in the economy, utilizing mechanisms such as taxation, regulation, and universal allocations. This paper begins with the assumption that state intervention is essential to effectively reduce inequality and to revitalize the economy. Subsequently, it conducts a comparative analysis of various taxation and redistribution mechanisms, with a particular emphasis on their impact on inequality indices, including the Gini coefficient. Specifically, it compares the effects of fortune and consumption-based taxation, as well as universal redistribution mechanisms or targeted redistribution mechanisms aimed at assisting the most economically disadvantaged individuals. The results suggest that fortune taxation are more effective than consumption-based taxation to reduce inequality. Full article

In view of some recent reports on global wealth inequality, where a small number (often a handful) of people own more wealth than 50% of the world’s population, we explored if kinetic exchange models of markets could ever capture features where a significant fraction of wealth can concentrate in the hands of a few as the market size N approaches infinity. One existing example of such a kinetic exchange model is the Chakraborti or Yard-Sale model; in the absence of tax redistribution, etc., all wealth ultimately condenses into the hands of a single individual (for any value of N), and the market dynamics stop. With tax redistribution, etc., steady-state dynamics are shown to have remarkable applicability in many cases in our extremely unequal world. We show that another kinetic exchange model (called the Banerjee model) has intriguing intrinsic dynamics, where only ten rich traders or agents possess about 99.98% of the total wealth in the steady state (without any tax, etc., like external manipulation) for any large N value. We will discuss the statistical features of this model using Monte Carlo simulations. We will also demonstrate that if each trader has a non-zero probability f of engaging in random exchanges, then these condensations of wealth (e.g., 100% in the hand of one agent in the Chakraborti model, or about 99.98% in the hands of ten agents in the Banerjee model) disappear in the large N limit. Moreover, due to the built-in possibility of random exchange dynamics in the earlier proposed Goswami–Sen model, where the exchange probability decreases with the inverse power of the wealth difference between trading pairs, one does not see any wealth condensation phenomena. In this paper, we explore these aspects of statistics of these intriguing models. Full article

The issues of forestry and the economic assessment of ecosystem services of forests, in the example of the national park “Burabay” in Kazakhstan, located in the northern part of the country, are investigated in this study. The relevance of forest ecosystem services, such as carbon fixation, oxygen emission, soil conservation from erosion and precipitation redistribution, are important environmental factors that contribute to the conservation of natural capital. Studies by domestic and international scientists show that the value of ecosystem services of forests is much higher than the cost of wood and its material products. Consequently, the ecosystem services of forests should be valued in monetary terms and considered in the context of the national wealth of the country. The main purpose of this research is to establish the value of non-market forest products while considering the prevailing natural and socio-economic conditions. The methods of the ecosystem approach for assessing the above ecosystem services of forests in value terms were implemented, and the real value of the multifunctional value of forests has been revealed. The results obtained can be used in planning measures to improve the sustainability of forests, ecotourism organizations and management decision-making. Full article

This paper investigates how a short-lived rumor of residential redevelopment triggered herding trading and housing price overreactions in a local housing market in Hangzhou. Through event studies, we find that herding purchasing caused a short-term housing price overreaction. Simultaneously, existing homeowners became reluctant to sell, and the number of new listings for sale decreased temporarily. However, we find no evidence of a decrease in market efficiency. A herding investor who purchased an average home may have suffered a loss of CNY 593,907 after the rumor weakened, equivalent to 8.7 years of income for an average resident in Hangzhou in 2021. This study reveals the importance of government policy communication, and the detrimental impact of ambiguous urban renewal policies on housing market stability and wealth redistribution. Full article

Given wealth inequality worldwide, there is an urgent need to identify the mode of wealth exchange through which it arises. To address the research gap regarding models that combine equivalent exchange and redistribution, this study compares an equivalent market exchange with redistribution based on power centers and a non-equivalent exchange with mutual aid using the Polanyi, Graeber, and Karatani modes of exchange. Two new exchange models based on multi-agent interactions are reconstructed following an econophysics-based approach for evaluating the Gini index (inequality) and total exchange (economic flow). Exchange simulations indicate that the evaluation parameter of the total exchange divided by the Gini index can be expressed by the same saturated curvilinear approximate equation using the wealth transfer rate and time period of redistribution, the surplus contribution rate of the wealthy, and the saving rate. However, considering the coercion of taxes and its associated costs and independence based on the morality of mutual aid, a non-equivalent exchange without return obligation is preferred. This is oriented toward Graeber’s baseline communism and Karatani’s mode of exchange D, with implications for alternatives to the capitalist economy. Full article