Retailing is an important sector of the economy: it is roughly equal in size to the manufacturing sector, and still expanding in many countries. Why do economies have such a large retail sector and what does it produce? The chapter explores this question by looking at the retail sector through the lens of household production theory. It discusses how structural changes in consumers’ time allocation impact retail strategy, and conversely, how retail innovations that make purchasing and home production more convenient impact the purchasing habits and time use of consumers. In so doing, it connects the marketing literature on retailing to the economic literatures on household economics and on time use. The chapter also provides suggestions for future research into the role of consumer time use on innovation in retailing, and vice versa.
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Sangeeta Khorana and María García
Edited by Katrijn Gielens and Els Gijsbrechts
Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen
Maritza I. Espina, Phillip H. Phan and Gideon D. Markman
Joseph R. Mason
While some have bemoaned CO2 markets’ performance due to low prices – that is, too low to deter emissions – a potentially bigger threat is that such markets develop to provide binding constraints arising not from market pricing but from non-fundamental factors like fraud and rent-seeking. Investor fraud, corporate fraud, and counterfeiting and theft are already well-known to these markets, with little in the way of specific oversight and protection. If we are to expect meaningful market development, it makes sense to insulate such markets rent-seeking, generally, including various forms of fraud, counterfeiting, and permit theft that have already manifested in the sector. Only by restraining such influences can we provide a smooth-functioning CO2 market that can be the basis of economic growth, without exposing the broader economy to the potential for commodity market panics and crashes.
Nicholas Perdikis and Laurie Perdikis
The chapter begins with a brief historical overview of the principal catalysts, both economic and political for European economic integration, before moving on to discuss the theoretical foundations of economic integration and the economic and trade implications of the Treaty of Rome. The chapter then proceeds to outline the development of the EU’s trade policy and how this was affected by its deepening and widening, as well as the impact international factors had on that process. The principal areas of EU trade policy are also covered – in particular its multilateral aspects, its bilateral and plurilateral arrangements and its unilateral policy covering the Generalised Scheme of Preferences or GSP. The chapter concludes with a discussion of the future direction and re-calibration of the EU’s trade policy towards relationships with Far Eastern economies via its ‘Trade for All’ policy document.