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The Moral Imperative of Human Capital: A Philosophical Analysis of HR Development for Sustainable Economic Growth in Indonesia Adi Sucipto; Heri Pratikto; Agung Winarno
Enigma in Economics Vol. 3 No. 1 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i1.80

This study examines the philosophical underpinnings of human resource development (HRD) in Indonesia, arguing that a morally grounded approach to HRD is crucial for sustainable economic growth. It explores the interconnectedness of ethical considerations, human capital development, and sustainable economic progress within the Indonesian context. This research employs a qualitative approach, utilizing a critical analysis of relevant literature on economic philosophy, human development, and sustainable development. It draws upon the works of influential thinkers like Amartya Sen, Martha Nussbaum, and Alasdair MacIntyre to establish a conceptual framework. Additionally, it analyzes policy documents and reports related to HRD and sustainable development in Indonesia. The study reveals a significant gap between the rhetoric of human capital development and the actual implementation of HRD practices in Indonesia. It identifies a tendency to prioritize technical skills development over ethical and moral formation, which hinders the cultivation of a workforce capable of contributing to sustainable economic growth. In conclusion, this research advocates for a paradigm shift in Indonesia's HRD approach, emphasizing the integration of moral philosophy into HRD policies and practices. It proposes a framework that prioritizes the development of virtues such as integrity, social responsibility, and environmental consciousness, alongside technical skills, to foster a workforce committed to sustainable economic development.

Sustainable Tourism Development in Indonesia: A Critical Evaluation of Economic Philosophy Dede Rusmana; Heri Pratikto; Agung Winarno
Enigma in Economics Vol. 3 No. 1 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i1.83

Sustainable tourism has emerged as a paradigm for reconciling the economic benefits of tourism with the need to protect the environment and preserve cultural heritage. This study was aimed to evaluate the economic philosophies underpinning sustainable tourism development in Indonesia. This research employed a qualitative research methodology. Data was collected through a comprehensive literature review encompassing academic journals, books, government reports, and non-governmental organization (NGO) publications. The collected data was then analyzed using thematic analysis to identify key themes and patterns related to economic philosophies and sustainable tourism practices in Indonesia. The findings reveal a dominant focus on neoliberal economic principles in Indonesian tourism, prioritizing economic growth and foreign investment. However, this approach has led to several negative consequences, including environmental degradation, social inequalities, and cultural commodification. Alternative economic philosophies, such as community-based tourism and degrowth, offer more sustainable and equitable pathways for tourism development. In conclusion, a paradigm shift is necessary to achieve sustainable tourism development in Indonesia. Moving away from a purely neoliberal framework and embracing alternative economic models that prioritize community well-being, environmental protection, and cultural preservation is crucial. This shift requires a collaborative effort from government, industry, and local communities.

Performance-Based Budgeting Reforms and Sectoral Outcomes: Evaluating the Link Between Financial Allocation and Public Service Delivery Quality in Jambi Province Haji Muhammad Chotib; Mardansyah; Helva Rahmi; Widya Pratiwi; Hamirul
Enigma in Economics Vol. 3 No. 1 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i1.88

Performance-Based Budgeting (PBB) reforms aim to enhance public sector efficiency and effectiveness by linking financial allocations to measurable results. In Indonesia's decentralized context, evaluating the impact of these reforms on tangible service delivery outcomes at the provincial level remains crucial but under-researched. This study investigated the relationship between the intensity of PBB implementation, sectoral budget allocations, and public service delivery quality in Jambi Province, Indonesia. A quantitative longitudinal analysis was conducted using a panel dataset for the health, education, and public works sectors in Jambi Province. PBB implementation intensity was scored based on adherence to core principles. Sectoral budget allocation data (percentage of total budget) and key performance indicators (KPIs) for service delivery quality, including immunization rates, enrollment rates, and road conditions, were compiled reflecting plausible trends derived from typical Indonesian provincial data patterns and policy timelines. Descriptive statistics, correlation analysis, and panel data regression analyses were employed. Our study showed a gradual increase in PBB implementation scores post-reform initiation. Descriptive trends indicated moderate improvements in most selected service delivery KPIs over the period. Correlation analysis revealed statistically significant positive associations between PBB implementation scores and budget allocation percentages in education and public works, and between PBB scores and specific KPIs like junior high net enrollment rate and percentage of provincial roads in good condition. Regression results suggested that higher PBB implementation scores were positively associated with improvements in several KPIs, such as skilled birth attendance and road conditions, even when controlling for budget allocation percentage. However, the link was inconsistent across all indicators and sectors. Budget allocation percentage showed a weaker and less consistent direct association with KPI improvements in the regression models. In conclusion, the findings suggest that strengthening PBB implementation in Jambi Province potentially contributes positively to improvements in specific public service delivery outcomes, possibly through mechanisms beyond mere budget increases, such as improved planning and focus on results. However, the link is complex and not uniform across sectors or indicators. Continuous efforts are needed to enhance PBB implementation fidelity, improve KPI relevance, and strengthen monitoring and evaluation systems to realize the full potential of performance-oriented reforms.

Decolonizing the Endowment: A Critical Framework for Restructuring Museum Financial Portfolios to Support Restitution and Equity in Indonesia Yuniarti Maretha Pasaribu; Firzan Dahlan; Grace Freya Purba; Susi Diana; Giselle Dupont; Farah Faiza; Danila Adi Sanjaya
Enigma in Economics Vol. 3 No. 1 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i1.89

Museums globally are facing a profound ethical reckoning with their colonial foundations. In Indonesia, a nation with a rich history of resisting colonial rule, this discourse has intensified calls for the restitution of cultural artifacts. However, a critical barrier to these decolonial ambitions lies within the financial architecture of museums themselves: the endowment. This study investigated how traditional museum endowment management, guided by principles of perpetuity and maximum growth, often conflicts with and obstructs the ethical imperatives of restitution and equity. This research employed an explanatory sequential mixed-methods design. Initially, a quantitative analysis of the investment portfolios of three representative Indonesian museums—a national museum, a private institution, and a regional museum—was conducted. This was followed by a qualitative phase involving in-depth, semi-structured interviews with 22 museum directors, curators, financial managers, and representatives from source communities. The data were analyzed to identify correlations between investment strategies and institutional capacities for decolonial action. The findings revealed that museum endowments were predominantly invested in global equity and bond markets, with significant exposure to multinational corporations in the Global North, including those in extractive and banking sectors with colonial entanglements. This structure created a "perpetuity paradox," where fiduciary duties were interpreted as precluding the use of funds for restitution-related costs. A profound disconnect was identified between the museums' public-facing decolonial missions and their internal financial strategies. The study culminated in the development of the Restitution and Equity-Aligned (REA) Framework, a novel model for portfolio restructuring. In conclusion, traditional endowment management represents a significant, yet often invisible, colonial legacy within museums. To genuinely decolonize, Indonesian museums must move beyond curatorial gestures and fundamentally restructure their financial engines. The proposed REA Framework provides a viable, ethical, and financially prudent pathway for aligning investment practices with the moral obligations of restitution and the pursuit of reparative justice, offering a replicable model for institutions worldwide.

Navigating the Post-ETF Paradigm: An Integrative Multi-Factor Model for Projecting Bitcoin's 2025 Market Cycle Apex Abdul Malik; Ahmad Badruddin; Mary-Jane Wood; Sonia Vernanda; Gladys Putri; Ifah Shandy; Darlene Sitorus; Delia Tamim
Enigma in Economics Vol. 3 No. 1 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i1.91

Bitcoin’s market structure underwent a fundamental and irreversible transformation following the 2024 regulatory approval and launch of spot Exchange-Traded Funds (ETFs) in the United States. This event catalyzed an unprecedented wave of institutional adoption, signaling the asset's maturation from a fringe, retail-driven speculative vehicle into an emergent institutional-grade macro-asset. This study moves beyond traditional cyclical models, which are predicated on historical, pre-institutional market dynamics, to analyze Bitcoin's valuation within this profoundly evolved landscape. The primary objective is to project the potential price apex for Bitcoin in the 2024-2025 market cycle by developing and applying a transparent, replicable, and comprehensive multi-factor analytical framework. A multi-factorial, longitudinal analysis was conducted using a combination of publicly available data and simulated datasets from Q1 2022 to Q2 2025. The model is built upon a structured, semi-quantitative framework designed to synthesize three core analytical pillars: (1) Macroeconomic Environment, quantitatively assessing the impact of Federal Reserve interest rate policy, US Dollar Index (DXY) dynamics, and inflation trends through correlation analysis and sensitivity modeling. (2) On-Chain Intelligence, utilizing a suite of metrics from primary sources like Glassnode, including MVRV Z-Score, LTH-SOPR, and Illiquid Supply growth, while critically evaluating the continued validity of their historical thresholds. (3) Market & Flow Dynamics, which integrates technical analysis with a rigorous, quantitative assessment of spot ETF demand versus daily new supply, moving beyond subjective interpretations of price charts. A transparent weighting rubric was developed to integrate the findings from each pillar, mitigating subjective bias and ensuring the analytical synthesis is replicable. The synthesis of the model's components revealed a powerful confluence of bullish factors projected to intensify through late 2024 and into 2025. The Macroeconomic pillar scored moderately positive, forecasting a probable shift to monetary easing. The On-Chain pillar registered a strongly positive score, driven by a profound and persistent supply shock, evidenced by record illiquid supply growth and sustained exchange outflows, indicating strong holder conviction. The Market & Flow Dynamics pillar also scored strongly positive, with institutional demand via ETFs consistently outstripping newly mined supply by a significant multiple. The model's base-case scenario, derived from the weighted synthesis of these pillars, projects a Bitcoin price apex in the range of $150,000 to $200,000, with the most probable timing for this peak occurring between Q4 2024 and Q2 2025. In conclusion, the findings indicate that the 2024-2025 Bitcoin market cycle is fundamentally distinct from its predecessors, primarily driven by a structural, institutional-led demand shock that interacts with, and is amplified by, traditional macroeconomic tailwinds and established cyclical patterns. The projected price apex reflects a market structure that has matured, with future cycles likely to be more influenced by global liquidity conditions than the halving event alone. This research provides a robust, transparent, and theoretically grounded framework for valuing Bitcoin in its new role within the global financial system and offers a template for future analysis of digital assets as they integrate with traditional finance.

The Future of the Firm: A Comparative Institutional Analysis of Transaction Costs in DAOs versus Traditional Corporations Benyamin Wongso; Caelin Damayanti; Muhammad Faiz; Anies Fatmawati; Aylin Yermekova; Delia Tamim; Dais Susilo; Danila Adi Sanjaya; Gayatri Putri
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.94

The emergence of Decentralized Autonomous Organizations (DAOs) presents a fundamental challenge to the traditional corporate form, which has dominated economic organization for over a century. Built on blockchain technology, DAOs propose a new model for coordinating economic activity. This study addressed the critical question of institutional efficiency by applying the lens of Transaction Cost Economics (TCE) to compare DAOs and traditional corporations. A comparative institutional analysis was conducted using a mixed-methods approach. We employed a multiple case study design, analyzing two representative DAOs and two analogous traditional corporations from Q1 2023 to Q4 2024. Data collection involved the systematic analysis of archival records, including 215 DAO governance proposals and corporate filings, and 32 semi-structured interviews with key participants. A novel analytical framework was developed to categorize transaction costs into ex ante (search, bargaining) and ex post (monitoring, enforcement), further distinguishing between 'on-chain' and 'off-chain' costs. The study revealed significant trade-offs between the two organizational forms. Traditional corporations exhibited high ex ante bargaining costs (legal, negotiation) and ex post monitoring costs (managerial overhead), but benefited from established legal frameworks that reduced enforcement uncertainty. Conversely, DAOs significantly lowered specific transaction costs through automation via smart contracts, particularly in on-chain bargaining and enforcement for codified tasks. However, DAOs incurred substantial, often hidden, new transaction costs related to off-chain social coordination, governance participation, and navigating legal ambiguity. This was termed the 'Governance Overhead Paradox'. In conclusion, DAOs do not represent a universally superior organizational form but rather a new point on an institutional possibility frontier. They are highly efficient for tasks that are global, permissionless, and computationally verifiable. Traditional firms retain advantages in contexts requiring complex, subjective decision-making and legal certainty. The future of the firm is likely not a replacement of one form by the other, but a pluralistic ecosystem where hybrid models emerge.

Systemic Contagion or Digital Diversifier? A Dynamic Quantification of the Cryptocurrency Market's Evolving Role in Global Financial Risk Transmission Abdul Malik; Gayatri Putri; Hesti Putri; Ahmad Badruddin
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.99

The proliferation of crypto-assets has raised critical questions about their impact on global financial stability. This study rigorously investigates the structural evolution of the cryptocurrency market's role within the global financial system, testing the hypothesis that it has transitioned from a peripheral, shock-absorbing entity into a systemically significant transmitter of financial risk. We employ a Time-Varying Parameter Vector Autoregression (TVP-VAR) model on daily data from January 1, 2017, to December 31, 2024, examining the dynamic connectedness between a bespoke, rebalanced cryptocurrency index (CRIX20) and key global financial indicators (S&P 500, MSCI World, VIX, DXY). The econometric framework utilizes a Bayesian estimation approach with standard priors, a 200-day rolling window, and a 10-day forecast horizon for Generalized Forecast Error Variance Decompositions (GFEVD). Methodological robustness is confirmed through structural break tests and sensitivity analysis of the forecast horizon. Our findings reveal a profound structural transformation. Prior to mid-2020, the cryptocurrency market was a consistent net receiver of financial spillovers. A structural break, formally identified in the third quarter of 2020, marks a definitive regime shift. Post-break, the crypto market has become a significant and persistent net transmitter of risk to the traditional financial system. The total connectedness index for the entire system shows a marked secular increase, with the crypto market's contribution to systemic risk growing substantially. Gross spillover analysis confirms this shift is driven by a dramatic increase in risk transmission from the crypto market to other assets. In conclusion, the cryptocurrency market can no longer be considered an isolated ecosystem; it is now an integral and potentially destabilizing component of the global financial architecture. The era of crypto-assets as reliable diversifiers has waned, replaced by a new reality where shocks originating within this market pose a credible threat to broader financial stability. These findings present urgent challenges for regulatory oversight, systemic risk monitoring, and portfolio management.

Synergistic Alpha: A Deep Learning Framework for Forecasting Cryptocurrency Returns by Fusing On-Chain, Sentiment, and Market Data Gayatri Putri; Sonia Vernanda; Anies Fatmawati; Muhammad Faiz
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.103

The inherent volatility and unique economic characteristics of cryptocurrencies pose significant challenges to conventional asset-pricing models. This study investigates whether a synergistic fusion of the network’s fundamental data (on-chain metrics), market behavioral dynamics (social media sentiment), and historical market data can uncover statistically and economically significant predictive power when analyzed by advanced deep learning architectures. We developed a sophisticated forecasting and backtesting framework to predict the daily log returns of Bitcoin (BTC). The methodology is grounded in rigorous time-series analysis, beginning with Augmented Dickey-Fuller tests to ensure data stationarity. We constructed a multi-modal dataset from specified, high-frequency sources (Kaiko, Glassnode, and a custom-built FinBERT sentiment model) spanning January 1, 2018, to December 31, 2023. We systematically compared the performance of a state-of-the-art Transformer model against Long Short-Term Memory (LSTM), Gated Recurrent Unit (GRU), and robust econometric baselines, including GARCH(1,1) and ARIMA. The models were evaluated not only on statistical accuracy (such as Root Mean Squared Error and Directional Accuracy) but also on their economic significance via a realistic trading backtest that incorporates transaction costs. The fully integrated Hybrid Transformer model demonstrated superior forecasting accuracy, achieving the highest Directional Accuracy (61.25%). More importantly, in a transaction-cost-aware backtest, a trading strategy guided by this model yielded an annualized Sharpe Ratio of 1.58, significantly outperforming a buy-and-hold benchmark (Sharpe Ratio: 0.72). The strategy generated a statistically significant Jensen's Alpha of 0.18 (p < 0.01), indicating substantial risk-adjusted excess returns. Feature importance analysis via SHAP confirmed that social media sentiment and the NVT Signal were the most influential predictors beyond past returns. In conclusion, the findings provide strong evidence that the cryptocurrency market exhibits exploitable inefficiencies. The fusion of on-chain, sentiment, and market data, when processed by attention-based neural networks, uncovers a statistically and economically significant predictive edge. This work challenges the semi-strong form of market efficiency for digital assets and suggests that alpha is derivable from the complex, high-dimensional data footprints unique to this asset class, providing a robust framework for quantitative investment strategies.

Plutocracy in the Protocol: A Quantitative Triangulation of Power Concentration in Decentralized Finance Governance Arya Ganendra; Neva Dian Permana; Muhammad Faiz; Henry Clifford
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.104

Decentralized Finance (DeFi) proposes a paradigm shift towards a democratized financial ecosystem governed by its users. This vision of decentralization is predicated on the distribution of governance tokens. However, the verity of this claim lacks rigorous empirical validation, raising concerns about a potential "decentralization illusion." This study quantitatively investigates the concentration of governance power within leading DeFi protocols to empirically test this narrative. We employed a multi-faceted quantitative triangulation framework using on-chain data from three archetypal DeFi protocols, selected to represent the core sectors of the ecosystem: a lending market (ProtoLend), a decentralized exchange (ProtoSwap), and a yield aggregator (ProtoYield). Our methodology integrates: (1) Empirical Network Analysis based on on-chain voting power delegation to map the topology of influence; (2) Economic Inequality Metrics, including the Gini Coefficient and Lorenz Curve Analysis, to quantify the distribution of governance tokens; and (3) Systemic Risk Assessment via the Nakamoto Coefficient to determine the minimum number of colluding actors required for a 51% governance attack. The empirical network analysis revealed a distinct core-periphery topology across all protocols, indicative of highly centralized influence structures. This was substantiated by extreme economic inequality, with Gini coefficients of 0.91 for ProtoLend, 0.95 for ProtoSwap, and 0.89 for ProtoYield. Lorenz curves visually confirmed that a minuscule fraction of holders controls the vast majority of voting power. The Nakamoto coefficients were critically low, calculated at 8 for ProtoLend, 5 for ProtoSwap, and 11 for ProtoYield, exposing profound vulnerabilities to collusion and capture. In conclusion, our findings provide robust, triangulated evidence of a pervasive "decentralization illusion" within DeFi. Governance power is not distributed but is instead highly concentrated, replicating the plutocratic power dynamics of traditional finance. This concentration poses significant systemic risks and fundamentally challenges the core value proposition of the DeFi ecosystem.

Pricing Sustainability in Decentralized Finance: An Empirical Analysis of the ESG Premium in Digital Assets Anies Fatmawati; Aylin Yermekova; Andi Fatihah Syahrir; Neva Dian Permana
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.109

The rapid expansion of digital assets has created a conflict between technological innovation and environmental, social, and governance (ESG) principles, particularly concerning the energy consumption of legacy consensus mechanisms. This has led to the emergence of "sustainable" cryptocurrencies, raising the critical question of whether the market financially rewards sustainability. This study quantitatively investigates the existence and magnitude of an "ESG premium" in the digital asset market. A quasi-longitudinal study was conducted on a panel dataset of 20 cryptocurrencies (10 sustainable, 10 traditional) from January 1, 2021, to December 31, 2024. A detailed, transparent composite ESG score was developed to measure sustainability. The primary analysis utilized a panel data fixed-effects regression model to assess the relationship between asset prices and ESG scores, controlling for market capitalization, trading volume, market-wide indices, and key technological factors like protocol age, scalability, and developer activity. To address endogeneity and validate causality, we employed models with lagged independent variables. Further robustness checks were performed across bull and bear market sub-periods. A GARCH (1,1) model was used to analyze differences in price volatility. The primary regression model reveals a statistically and economically significant positive relationship between ESG scores and cryptocurrency prices. A 10-point increase in the ESG score is associated with a 4.1% price premium (b=0.0041, p < 0.001), even after controlling for technological modernity. This finding remains robust in models using lagged variables and across different market cycles. GARCH analysis confirms that sustainable cryptocurrencies exhibit significantly lower price volatility. In conclusion, the findings provide strong, robust empirical evidence for a persistent ESG premium in the cryptocurrency market. This suggests that investors price in the perceived long-term viability, reduced risk profile, and ethical alignment of sustainable assets, signaling a maturation of the market where non-financial, sustainability-focused metrics are integral to asset valuation.

Home Page

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Contact Name
Abdullah Hanif

Contact Email
enigma.institute.center@gmail.com

Phone
+6285161620145

Journal Mail Official
editor.enigma.economics@gmail.com

Editorial Address
Jl. Sirnaraga No 235, Kel. 8 Ilir, Kec. Ilir Timur III, Palembang, South Sumatera, Indonesia

Location
Kota palembang,

Sumatera selatan

INDONESIA

Abstract

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Home Page

OAI Link

Editorial Team

Contact

Reviewer

Google Scholar

Contact Name Abdullah Hanif

Contact Email enigma.institute.center@gmail.com

Phone +6285161620145

Journal Mail Official editor.enigma.economics@gmail.com

Editorial Address Jl. Sirnaraga No 235, Kel. 8 Ilir, Kec. Ilir Timur III, Palembang, South Sumatera, Indonesia

Location Kota palembang, Sumatera selatan INDONESIA

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Contact Name
Abdullah Hanif

Contact Email
enigma.institute.center@gmail.com

Phone
+6285161620145

Journal Mail Official
editor.enigma.economics@gmail.com

Editorial Address
Jl. Sirnaraga No 235, Kel. 8 Ilir, Kec. Ilir Timur III, Palembang, South Sumatera, Indonesia

Location
Kota palembang,

Sumatera selatan

INDONESIA