Informal economy (IE) is second only to the US economy in size; however, the role of ICT in IE remains largely unexplored. In this study, we conduct an empirical analysis of the role of ICT in IE growth. With PLS analysis involving more than 100 nations, we show that ICT products and software piracy may play important roles in IE growth, that impact of ICT and other determinants on IE growth re...

With minimal sleight of hand, it is possible to transform the recent growth experience of the People’s Republic of China from the extraordinary into the mundane. Systematic understatement of inflation by enterprises accounts for 2.5 percent growth per year in the nonagricultural economy during the first two decades of the reform period (1978–98). The usual suspects (i.e., rising participation r...

The sharing economy will blur the distinctions between renting and owning a wide variety of durable products. The first great entrepreneurial (Neolithic) revolution transformed hunter-gatherers into fixed agriculturalists. The second (Industrial) revolution dramatically reduced the costs of owning products. The third (Transactions Costs) revolution will reduce the costs of exchange, fostering a...

In an effort to develop breakthrough technologies that enable drastic reduction in CO2 emissions from steel industry (ULCOS project), the reduction of iron ore by pure hydrogen in a direct reduction shaft furnace was investigated. After experimental and modelling studies, a 2D, axisymmetrical steady-state model called REDUCTOR was developed to simulate a counter-current moving bed reactor in wh...

A feasible solution to the problem of urban pollution is hydrogen propelled zero-emission vehicles. The US Department of Energy (DoE) has set the target of 6.5 wt% of H2 storage capacity and a volumetric energy density of 1.5 kWh/L at an operating temperature and pressure conditions of 50C and 2.5 bar respectively by 2010.[1] The storage media being studied until now have not been able to succe...

steam reforming is one of the most important processes for producing hydrogen from hydrocarbon fuels such as lpg and has attracted much attention due to its high efficiency and economy. in this study, the lpg steam reforming reaction was investigated on nickel catalysts supported on four various zeolites (h-y, na-y, hzsm5 and ferrierite). the catalytic tests were performed in a tubular fixed be...

This paper is a reply to Barry Ickes' critique of my paper “Trust versus Illusion: What is Driving Demonetization in Russia?” in which I show that the data reject Barry Ickes' Virtual Economy explanation of barter in Russia in favor of an institutional explanation based on the lack of trust. JEL Classification: D20, G30, O10, P30