Advances in Economic Analysis
Advances in Economic Analysis is a platform that offers the opportunity to anyone who wants to publish their work in economics. The types of papers published on this platform are working papers. Submit your paper to the following email: authorgerminalgvan@gmail.com
Submission Policy:
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There is no requirement regarding the scope of the subject. It could be theoretical or empirical, so long as it is related to economic issues and address various economic concepts.
The paper must contain illustrative figures (graphs, charts, economic models...etc) within the analysis for understanding purposes.
Publications
References and Links to Papers
The Pigovian Theory of Market Failure
The purpose of this essay is twofold. First, it is to thoroughly analyze the concept of market failure and the factors that cause it, and second, it is to challenge on theoretical grounds the Pigovian argument regarding market failures and externalities, which I believe to be flawed. I am aware that Ronald Coase has already done pioneering work to counter the Pigovian doctrine of externality, which was the dominant thought in mainstream economics in the 1940s and 50s. In challenging the Pigovian argument of market failures, I argue in this essay that market failures do indeed exist, but they are a natural element of the market process, and since they are a natural element of the market process, they then do not need any external force of command to control the mechanisms of the market since the market is inherently a decentralized system of organization.
The Cost of Maintaining the Welfare State
The purpose of this essay is to explain how the cost of maintaining the welfare state does not produce the results intended in addition to creating an economic burden on the taxpayer from which he does not obtain any significant benefit. By cost, I do not merely imply monetary cost, but also a social cost. The welfare state exists in almost every advanced economy whether it is in Canada, France, the United Kingdom, Australia, or Germany. However, the analysis of this essay focuses on the welfare system of the United States since it is the country in which I reside. Hence, this essay argues about how the welfare state could be dismantled by a gradual approach rather than an abrupt and revolutionary approach. To elucidate how the welfare state could be dismantled gradually rather than abruptly, I proceeded with the inductive method by first analyzing the historical and statistical evidence related to the welfare state, then developed a hypothetical scenario of the dismantlement of the welfare state.
The Impact of COVID Vaccination on COVID Death Rates: Empirical Evidence from California and Illinois
The purpose of this paper is to analyze the impact of the newly developed COVID vaccine on death rates related to COVID-19. When developing this vaccine, scientists from different pharmaceutical and biotechnological companies such as Pfizer and Moderna contended that their vaccine was more than 90% effective (95% for Pfizer and 94.1% for Moderna) and that it will prevent severe illness, hospitalization, and death. However, in the light of them releasing their methodology, we realized that the 95% efficacy claim was not entirely accurate, which motivated us to conduct further research on the effectiveness of the vaccines based on real-world observations. In evaluating the various objectives of the vaccine, we decided to focus our study on
the relationship between the vaccine and COVID death rates. We were therefore interested in testing the impact of the vaccine on COVID death rates in two states, precisely in California and Illinois since both states have one of the highest vaccination rates in the nation. Our findings show
that although the relationship is statistically significant as COVID death rates have been decreasing, the vaccine is not responsible for singlehandedly reducing these death rates. Our statistical results led us to conclude that COVID vaccines were not effective enough to unilaterally
prevent COVID deaths from occurring despite their high rates of efficacy.
An Economic Analysis on the Social Cost of Illegal Immigration
The purpose of this paper is to analyze the economic cost of illegal immigration in the United States since the 1990s and its consequences on American society. Indeed, illegal immigration has been a major topic of discussion among the main social issues during election cycles in the United States. Those who lean more conservative have argued that illegal immigration is an externality that increases social costs. They argue that illegal immigrants increase the cost of healthcare, public education, and welfare programs such as Medicaid and food stamps. And the cost falls on the American taxpayer. Those who lean more liberal argue that the government should create social programs to assist illegal immigrants in helping them adjusting and conforming their immigration status to the laws and customs of the United States. This paper has two objectives: (1) to determine if illegal immigration imposes a higher social cost on the American taxpayer based on a multivariate regression analysis, (2) to propose recommendations to help the illegal immigrants becoming legal while minimizing the future social cost of illegal immigration on the American taxpayer. Our findings show that there is a correlational relationship between illegal immigration and the cost of social welfare, and this correlational relationship is of strong magnitude.
An Analysis of the Biden Tax Policy:
What to Expect if the Proposal is Approved?
President Joseph R. Biden proposed a tax plan that essentially focuses on reducing the wealth gap, increasing equality, and increasing government spending to fund its various programs. This tax proposition has not become a law. It is still debated in Congress. Although the Biden Tax Plan may sound morally fair because it will help low-income families, the repercussions of the proposal will be far greater than the positive effect that it aims to achieve. The Biden tax plan will have numerous effects on the American people. It will have an economic effect, a revenue effect, and a distributional effect. In this essay, I argue that the Biden Tax Plan, if implemented will not only decrease national economic output, it will also disincentivize entrepreneurs to strive for innovation, it will make it harder for businesses to retain more profits, and it will negatively impact the flow of capital gain.
COVID Government-Aid Programs and Wealth Creation
The purpose of this study is to investigate the impact of COVID government-aid programs on wealth creation. When the pandemic spread to the US, the economy shut down. The lockdown compelled state governments across the United States to enforce shelter-in-place policies. As a result, unemployment surged, and many government-aid programs were created to help working-class families survive through the lockdown since the economy was at a standstill. Those whose political leanings favor the Democratic Party and Progressive Movements have argued that the COVID government-aid programs contributed to creating wealth, increased GDP growth, and increased the consumers’ income and consumption. Those more sympathetic to the Free-Market view argue that these relief programs did not contribute much to the creation of wealth but only increased government spending.
In testing this hypothesis, to whether know if COVID government-aid programs contributed or not to the creation of wealth, we found that the impact of these programs on wealth creation was statistically significant but only a weak percentage of the variation of these COVID government programs could explain the variation in wealth creation, which lead us to infer that the impact of COVID government-aid programs only had a very minor role in the creation of wealth. We, therefore, concluded that the COVID government-aid programs did contribute more to guarantee a safety net for the working-class rather than creating wealth from which everyone could benefit.
The Theory of Efficient Growth
The main objective of this paper is to propose an analytical framework to examine the foundations of the theory of efficient growth. The theory of efficient growth is a newly developed theory based on the principles of the neoclassical framework. It argues that an economy grows efficiently under two conditions. First, that the public and the private sectors both perform independently from each other. Second, the sum of their independent performances reaches an equilibrium. This equilibrium determines the optimum point of economic growth, and this optimal point illustrates the efficiency of economic growth.
An Empirical Analysis of the Socioeconomic Status of Blacks on Police Treatment and Arrests: A Granger Causality Approach
The purpose of this paper is to investigate the fundamental causes that help us understand why the Black community is the racial and ethnic group that is the least well-treated among all minority groups by the police. Many studies have argued that the racial bias of the police towards Blacks is the reason why Blacks are condescendingly treated by the police, which implies that the police in America are racist. This paper argues, however, that the condescending treatment that Blacks receive from the police is not fundamentally based on race but rather on their socioeconomic status. The empirical results of our analysis suggest that the relationship between the socioeconomic status of Blacks and police arrests of Blacks is statistically significant. We, therefore, concluded that the socioeconomic status of Blacks Granger-caused their number of police arrests. Therefore, the primary motivation of the police to treat Blacks and arrest them is based on the assumption of their low-income status rather than the mere fact that they are Black.
The Impact of Political Institutions on Human Development: An Empirical Analysis
The purpose of this paper is to investigate the relationship between political institutions and human development. How do political institutions affect human development in civil societies? This paper argues that political institutions play a fundamental role in the process of human development. This paper hypothesized that political institutions play a positive role in human development and the quality of life of people in general because the role of political institutions is to establish a legal framework designed to protect the rights and liberties of individuals in a civil society.
The more effective are political institutions, the better quality of life of people improves. After testing our hypothesis, the empirical results confirmed that our theory is supported by the data. We found the relationship between political institutions and human development to be statistically very significant with a positive correlation of moderate magnitude. Hence, we conclude that political institutions do exert a positive impact on human development, but this impact is only moderately effective.