Listing of Recent Peer-Reviewed Academic Journal Publications
Ongoing Worldwide 2008 Credit Crisis

  (please click the published journal(9Please click on the links below for more information---to read my resent peer-reviewed journal publications.

Economic theory plays an important role in causing and now continuing the ongoing 2008 credit crisis, the worst since the Great Depression.

The incorrect Efficient Market Theory (EMT) defines markets as being in equilibrium and if unexpected events cause disequilibrium, it is only fleeting, that is, markets are self-adjusting. Asset prices “fully reflect” all available information and properly represent each asset’s intrinsic value. As a result, prices are accurate signals for correct resource allocation. In addition, stock prices move randomly, therefore, “you cannot beat the market.”

US economic leaders such as Federal Reserve Chairperson Bernanke and Treasury Secretary Geithner  believe the EMT best describes how markets work. Therefore, they think the stock market is a large casino where asset bubbles cannot arise. Economists’, and the politicians they advise, faith in "all-knowing markets" leads Congress to repeal the Glass-Steagall Act in 1999, which protects us from banking excesses. The Commodity Futures Modernization Act of 2000 law passes, which forbids the US government from regulating swap derivatives. In addition, this law revokes state and local laws regulating gambling bucket shops, created to correct the excesses of the credit crisis panic of 1907. Both laws need reenacting.

The Technology Bubble in 2000, as well as many bubbles throughout history happens (John Law’s Mississippi Scheme, South Sea Bubble and Holland’s Tulip Mania). Now the Real Estate Bubble, where home prices nationally declined roughly 30% since June of 2006, with another 15% drop in prices expected. The US government’s use of anywhere from $24-to-$39 trillion taxpayer dollars and Federal debt guarantees to stabilize the financial markets are valid examples that major asset bubbles occur. In addition, markets are not self-equilibrating and investors cannot always trust market prices for accurate resource allocation.

The EMT is inaccurate. The US government’s use of multiple stimulus packages, keeping too-big-to-fail zombie banks alive, setting a zero-to-0.25 percent federal funds interest rate, not re-regulating the financial markets and using more-and-more government debt to mask the credit crisis is improper and dangerous. Tragically, the US is mimicking the policies the Japanese are using, trying to solve their credit crisis real estate bubble. This is resulting in Japan’s 22-year secular bear market. During October 2012, the Nikkei Index is about 8,850, down 77% from its high of 38,916 on 12/29/89. Thus, I expect a US secular bear market to extend until 2027, if the politicians in Washington do not change their policies.

Peer-Reviewed Academic Journal Publications  

1) Reconstructing Renewable Energy: Making Wind and Solar Power Dispatchable, Reliable and Efficient (2016). International Journal of Energy Economics and Policy, 06(01), p. 128-133.

2) Leadership: A Case Study on the Importance of Ethics and Trust (2016). Journal of Business, with Sunday E. Igoni, 01(02), p. 17-30.

3) Texas Interconnection Grid: Economic Optimal Capacity Utilization Rate Evidence (2015). International Journal of Energy Economics and Policy, 05(03), p. 686-692. 

4) Evidence on U.S. Electricity Prices: Regulated Utility vs. Restructured States (2015).International Journal of Energy Economics and Policy,05(01), p. 253-262. 

5) Deregulation & Privatization: Texas Electric Power Market Evidence, (2014). Review of Business and Finance Studies, 05(02), p. 117-126. 

6) U.S. Electrical System Reliability: Deregulated Retail Choice States’ Evidence and Market Modeling (2014). International Journal of Energy Economics and Policy,04(04), p. 588-598.  

7) Competitive Market Economies: Self-Regulating Markets vs. Economic Stability, and the Paradox of Change (2013). Journal of Business, Economics & Finance, 02(02), p. 95-109. 

8) Early Evidence on US Stock Market Efficiency: "Market vs. State" Debate and Deregulation Implications (2012).  Economics and Finance Review, 02(08), p. 23-34. 

9) Evidence on a New Stock Trading Rule that Produces Higher Returns with Lower Risk (2011). International Journal of Economics and Finance, 03(01), p. 92-104.

10) Efficient Heuristics for MRP Lot Sizing with Variable Production/Purchasing Costs (1989). Decision Sciences, with Basheer M. Khumawala, 20(03), p. 439-450.

11) Master Project Scheduling: Scope, Time and Cost (1989). Projrct Management Journal, 20(01), p. 24-30.

12) MRP Lot Sizing with Variable Production/Purchasing Costs: Formulation and Solution (1989). International Journal of Production Research, with Basheer M. Khumawala, 27(06), p. 965-984.

13) Operations Management: A Field Rediscovered (1987). Journal of Management, with Richard B. Chase, 13(02), p. 351-366.

14) Operations Taxonomy (1987). Journal of Operations Management, 07(01), p. 63-78. 

 

 Please read these published journal articles, by clicking below:

Reconstructing Renewable Energy: Making Wind and Solar Power Dispatchable, Reliable and Efficient

Click filename below to access file

New_Energy_Stor_IJEEP_Final1.pdf

Leadership: A Case Study on the Importance of Ethics and Trust

Click filename below to access file

Leadership_Journal_of_Business.pdf

Texas Interconnection Grid: Economic Optimal Capacity Utilization Rate Evidence

Click filename below to access file

Texas_Interconnection_Grid_Econ_Opt_Cap_Util_Rate.pdf

Evidence on U.S. Electricity Prices: Regulated Utility vs. Restructured States

Click filename below to access file

Electricity_Prices_Evid_FINAL_IJEEP.pdf

Deregulation & Privatization: Texas Electric Power Market Evidence

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Privatization_Evid_Elec_Pwr_-_RBFS.pdf

U.S. Electrical System Reliability: Deregulated Retail Choice States’ Evidence and Market Modeling

Click filename below to access file

Electric_Sys_Reliability_FINAL_IJEEP.pdf

Competitive Market Economies: Self-Regulating Markets vs. Economic Stability, and the Paradox of Change

Click filename below to access file

Competitive_Market_Economies_JBEF.pdf

Early Evidence on U.S. Stock Market Efficiency: "Market vs. State" Debate and Deregulation Implications

Click filename below to access file

Early_Evid_on_US_Stk_Mkt_Eff-_Econ_and_Fin_Revw.pdf

Evidence on a New Stock Trading Rule that Produces Higher Returns with Lower Risk

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IJEF_Published_Paper.pdf

Efficient Heurisyics for MRP Lot Sizing with Variable Production/Purchasing Costs

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MRP_Efficient_Heuristics.pdf

Master Project Scheduling: Scope, Time and Cost

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Master_Project_Planning_-_Scope,_Time_and_Cost.PDF

MRP Lot Sizing with Variable Production/Purchasing Costs: Formulation and Solution

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MRP_Lot_Sizing_with_Variable_Production-Purchashing_Costs_-_Formulation_and_Solution.PDF

Operations Management: A Field Rediscovered

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Operatinns_Mgt_-_A_Field_Rediscovered.pdf

Operations Management Taxonomy

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Operations_Management_Taxonomy.PDF