Institute for Management and Planning studies 3115-7092 3115-7106 20 1 2015 4 1 Analysis of the Contexts and the Reasons for the Formation and Need for Fair Wage Processing 3 36 FA Jaafar Ebaddi Tehran University jebadijafar@yahoo.com N Yadollah Dadgar Shahid Beheshti University y_dadgar@sbu.ac.ir N Abolfazl pasebani someeh slamic Parliament Research Center a.pasebanism@gmail.com Y Abstract        It’s necessary to analyze the contexts and the reasons of fair wage occurrence, which itself entail the critique of marginal revenue productivity theory of wage; In addition, it’s crucial to describe the role of fair wage in refining the productivity and organizing the labor relations. In this vein, the present article, through analytical, descriptive and content analysis methods, identifies that due to involuntary unemployment and in the absence of market-clearing Walrasian wage, it’s essential to explain and operationalize all the aspects involving in formation of fair wage; otherwise the conflicts among laborers and labor :union:s in one hand, and laborers and management may arise. In confrontation with post-globalization era, and its ensuing economic crises and other dramatic changes, this theory can be useful in refining traditional theories of wage. Market-clearing Wage, Fair Wage, Marginal Product, Effort, Productivity. http://eprj.ir/article-1-963-en.html http://eprj.ir/article-1-963-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 20 1 2015 4 1 Analysis of The Distribution Assets Acquisition of Capital Budget in State of Iran (1379-1390) 37 66 FA Mohammad Reza Ghasemy University of Esfahan, Esfahan mr_ghasemy@yahoo.co.uk N shirin arbabian Shahid Ashrafi Esfahani university, Esfahan arbabian_sh@yahoo.com Y shahram Moeeni دانشگاه غیرانتفاعی شهیدShahid Ashrafi Esfahani university, Esfahan shahram.moeeni@gmail.com N bahare salimi دانشگاه غیرانتفاعی شهیدShahid Ashrafi Esfahani university, Esfahan bahar270040@yahoo.com N Given the large contribution of government investment in the economy of Iran through spending on infrastructure budgets,resources distribution among the provinces was always one of the major problems in the economy. Distribution of budget among provinces theoriticalyis based on tactical and/or programmatic approach. In tactical approach, redistributive policyof the central government is based on political and electoral considerations, but in the programmatic approach, infrastructure investment distributes among provinces on the basis of economic criteria and the central government mainly focuses on the efficiency and equity indexes. This research estimates a modelfor infrastructure distribution including tactical and programmatic variables among the 28 provinces of Iran during the period of 1379-1390 as a panel data model,and then it can be determined what is the role of each political and economic criterion for budget allocation. Results show that tactical variables, efficiency and equity have positive effect on the infrastructure distribution. Infrastructure Budgets, Tactical Approach, Programmatic Approach, Efficiency, Equity. http://eprj.ir/article-1-1078-en.html http://eprj.ir/article-1-1078-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 20 1 2015 4 1 Comparison of cash holding determinants in different industries 67 86 FA javad shekarkhah AllameTabatabaee University j_shekarkhah@yahoo.com N mojtaba mortezazadeh barakat foundation mj.mortezazadeh@gmail.com Y The present study aims to carry out a comparison of cash holding determinants in different industries. For this purpose, required data gathered from 123 companies in Tehran Stock Exchange during 1385 to 1390 and statistically analyzed with multiple regression based on combined data. the model was first tested in the entire sample and then separately in six industry. Empirical research findings suggest that Each of the factors affecting on cash holding determinants, have different effects in various industries, such that Receivable Turnover in the automotive and manufacturing, leverage in metals industry, inventory turnover in pharmaceutical industries and Machinery and equipment, operating cash flow in Chemical and cement, Plaster and Lime industry Have the greatest effect on cash holding level cash holding level, financial ratios, trade-off theory, pecking order theory. http://eprj.ir/article-1-1179-en.html http://eprj.ir/article-1-1179-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 20 1 2015 4 1 The effect of optimal population growth on technology growth, Optimal cross- country analysis 87 109 FA soha moosavi University of Tabriz Soha750@gmail.com Y Kamal sadeghi University of Tabriz sadeghiseyedkamal@gmail.com N Fatemeh Bagherzadeh University of Tabriz f_bagherzadeh2000@yahoo.com N Abstract Today, population growth is one of the most important issues facing the countries because it affects the patterns of sustainable economic growth. Population growth is a key element of semi-endogenous economic growth models. Semi-endogenous growth states that economic growth is correlated with the growth rate of effort in research and development. The common features of these models are decreasing returns of knowledge in the production of new knowledge and positive population growth. The aim of this study is to investigate the long-run relationships between population growth on technological output (patents), focusing on eight developing Islamic countries group named D8, in order to analyze the range of population growth rates favorable to support higher technological output. In particular, the aim is to determine whether the relationship between population growth and technological output is an inverted-U shape. In this research, focusing on two critical variables -population growth and technological outputs- the non-linear model to investigate the relation between this two variables is used. This is important that it determines the optimal level  in which population growth rates tend to be associated to higher technological outputs. The results show the existence of an inverted-U shaped curve between population growth rate and technological output. Sustainable population growth rate of about 2% is consistent with the increase in technological outputs. Also, population growth rates much different from optimal growth rate of population can reduce the returns of technological outputs to population growth Population growth, Technological innovation, Demographic change, Technological change, Patent http://eprj.ir/article-1-1333-en.html http://eprj.ir/article-1-1333-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 20 1 2015 4 1 Exchange Rate Gap Effect on Unemployment Rate in Iran Using Markov-Switching model 109 136 FA hoda zobeiri university of Mazandaran hoda.zobeiri@gmail.com Y younes nademi university of Atayollah Boroujerdi younesnademi@yahoo.com N Unemployment is one of the most important challenges of Iran’s economy which affects on society and economic performance. The purpose of this paper is examining the effect of exchange rate gap (difference between official and parallel market rates) on unemployment rate in Iran during 1974-2012 based on Markov-Switching model. The empirical results indicate that, in high unemployment regime, exchange rate gap increases unemployment in Iran. Also, transition probabilities indicate that the probability of remaining in high unemployment regime is more than the low unemployment regime that this problem is because of employment instability in the country. Furthermore, the net export coefficient indicates that increasing net export lead to decrease unemployment in both regimes. So, one of the most important employment policies might be export expansion in the country. Exchange Rate Gap, Unemployment Rate, Iran’s Economy, Markov-Switching http://eprj.ir/article-1-1087-en.html http://eprj.ir/article-1-1087-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 20 1 2015 4 1 Critical comments on the views of Austrian School on paper money 137 160 FA hossein doroodian h_doroodian@yahoo.com Y hassan sobhani sobhanihs@ut.ac.ir N Relinquishing precious metal coins and replacing it with paper money is an Historical development in modern economies. Some liberal monetary theorists (Austrian school) rejecting paper money have emphasized the need to return to a metallic currency (or gold standard) and the rule of market in money production. The main vice of paper money is that it is not consequence of the spontaneous market (rational maximizing benefits by individuals) and government has played a major role in its development. rejecting paper money from the perspective of moral and distributional concerns, They argue that paper money is not better than metallic ones in terms of utilitarianism because Every certain amount of money is applicable to any level of production through adjustment of price level. In our assessment, We have shown argumentative mistakes of critics of paper money. First, The market origins of the precious metals to become money is doubtful. Second, government is the only entity able to meet the informational challenges of precious metals (in terms of grade and purity). Third, If the supply of money is assigned to the market, negative distributional effects will be felt in other ways. Fourth, In all systems, both paper money and metallic money, accepting Common currency is rooted in " Reliance on public acceptability " rather than the intrinsic value. Fifth, The precious metal coins is possible to be debased as well. Sixth, fixed number of money and deflation leaves recessional impacts on a growing economy. The result is that government has the vital and inevitable role in stability of the monetary system. Thus The government must engage in responsible management of money to organize its productional and distributional implications in the best way possible. Paper Money, Inflation, Gold, Market, State, Austrian School http://eprj.ir/article-1-1036-en.html http://eprj.ir/article-1-1036-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 20 1 2015 4 1 Neoclassical Economics A different historical narration 161 192 FA Mahmoud Mashhadiahmad University of Tehran mmashhadi@ut.ac.ir Y How was the term "Neoclassical Economics" introduced to economics and what thoughts does it indicate? Does the current use of this term conform with the original efforts of the founders of it? These are among the questions which have always drawn the attention of economists. The term "Neoclassical Economics" was primarily introduced to the modern economics by Veblen. What he meant by it was the marginalistic thoughts of late 19th century and early 20th century. Marginalists resorted to subjective preferences in order to escape from the theory of objective value of Classics. They had hoped to make the foundations of economics more scientific by putting objective value aside. Despite the early developments, the efforts became so abstract after a while that could be considered anything but a theory about human behavior. By reviewing the scientific existence of neoclassic economics in this paper, we will show how this school of thought was formed, what were its characteristics and what it became during the time. We will also show that the founders of this school of thought, despite what is mainly believed, didn't have an anti-historical and anti-institutional approach. Neoclassical Economics, Marginalism, Jevons, Walras, Marshall http://eprj.ir/article-1-964-en.html http://eprj.ir/article-1-964-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 20 1 2015 4 1 Analysis of the Institutional Aspects of Risk Management in the Insurance Industry based on Transaction Cost Economics Approach 193 212 FA Ebrahim Kardgar Ph.D. of Economics, Iran. kardgar49@yahoo.com N Mehdi Ahrari Ph.D. Student of Oil and Gas Economics, Allameh Tabataba'i University, Iran meahrari@yahoo.com Y While many studies have been conducted regarding the analysis and risk assessment in the insurance, less attention has been paid to cognitive and objective aspects of uncertainty concept. The role of insurance companies to cover existing uncertainty in the framework of legal contracts can be crystallized. Thus, the measurement unit of dealing between insurer and insured is transaction. Imperfect and asymmetric information, in the form of bounded rationality, the greatest contribution to the creation of transaction costs due to adverse selection and moral hazard. Transaction cost economics approach, which is based on the new institutional economics approach, is the method for explication, analyzing, and prescription to reduce transaction costs (due to formal and informal institutions) and consequently the associated risks. There is much evidence that can be through deep underastanding of transaction cost concept and institutional factors, much of the relevant risks identified and the stability controled and managed. In addition, the role of government institution in risk management, in terms of Sovereign duties, Legislation and Policy in reducing transaction costs in downstream entities has fundamental importance. Therefore, risk management structure can be designed and organized based on transaction cost economics approch associated with Standard risk assessment system, can be designed and organized. : Insurance, Transaction Cost Economics, Institution, Risk Management, Moral Hazard. http://eprj.ir/article-1-1196-en.html http://eprj.ir/article-1-1196-en.pdf