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Balanced-growth Equilibrium
In macroeconomics, the balanced-growth path of a dynamic model is a trajectory such that all variables grow at a constant rate. In the standard exogenous growth model, balanced growth is a basic assumption, while other variables like the capital stock, real GDP, and output per worker are growing. Developing economies may adopt a strategy of unbalanced growth to rectify previous investment decisions, as put forward by economist Albert O. Hirschman. In microbiology, the state of balanced-growth means "every extensive property of the growing system increases by the same factor over a time interval". It is ideal for performing experiments because all bacteria are at about the same state (as opposed to stationary phase, for example, where some cells are alive and others are dead). Machines like chemostats can be used to culture bacteria and keep them in a state of balanced-growth for long-term experiments. Balance Growth refers to a specific type of economic growth that is sustain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exogenous Growth Model
In a variety of contexts, exogeny or exogeneity () is the fact of an action or object originating externally. It contrasts with endogeneity or endogeny, the fact of being influenced within a system. Economics In an economic model, an exogenous change is one that comes from outside the model and is unexplained by the model. Such changes of an economic model from outside factors can include the influence of technology, in which this had previously been noted as an exogenous factor, but has rather been noted as a factor that can depict economic forces as a whole. In economic sociology, Project IDEA (Interdisciplinary Dimensions of Economic Analysis) gave notion to understanding the exogenous factors that play a role within economic theory. Developed from the International Social Science Council (ISSC) in the year of 1982, Project IDEA was founded to gather ideas from economists and sociologists in order to conceptualize what economic sociology incorporates, as they have sought ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Stock
A corporation's share capital, commonly referred to as capital stock in the United States, is the portion of a corporation's equity that has been derived by the issue of shares in the corporation to a shareholder, usually for cash. "Share capital" may also denote the number and types of shares that compose a corporation's share structure. Definition In accounting, the share capital of a corporation is the nominal value of issued shares (that is, the sum of their par values, sometimes indicated on share certificates). If the allocation price of shares is greater than the par value, as in a rights issue, the shares are said to be sold at a premium (variously called share premium, additional paid-in capital or paid-in capital in excess of par). Commonly, the share capital is the total of the nominal share capital and the premium share capital. Most jurisdictions do not allow a company to issue shares below par value, but if permitted they are said to be issued at a discount or p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real GDP
Real gross domestic product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e. inflation or deflation). This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output. Although GDP is total output, it is primarily useful because it closely approximates the total spending: the sum of consumer spending, investment made by industry, excess of exports over imports, and government spending. Due to inflation, GDP increases and does not actually reflect the true growth in an economy. That is why the GDP must be divided by the inflation rate (raised to the power of units of time in which the rate is measured) to get the growth of the real GDP. Different organizations use different types of 'Real GDP' measures, for example, the UNCTAD uses 2005 Constant prices and exchange rates while the FRED uses 2009 constant prices and exchange rates, and recently the World Bank switched from 2005 to 2010 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Output (economics)
Output in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country", whether consumed or used for further production. The concept of national output is essential in the field of macroeconomics. It is national output that makes a country rich, not large amounts of money. Definition Output is the result of an economic process that has used inputs to produce a product or service that is available for sale or use somewhere else. ''Net output'', sometimes called ''netput'' is a quantity, in the context of production, that is positive if the quantity is output by the production process and negative if it is an input to the production process. Microeconomics Output condition The profit-maximizing output condition for producers equates the relative marginal cost of any two goods to the relative selling price of those goods; i.e. \frac = \frac One may also deduce the ratio of marginal costs as the slope of the pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategy Of Unbalanced Growth
Unbalanced growth is a natural path of economic development. Situations that countries are in at any one point in time reflect their previous investment decisions and development. Accordingly, at any point in time desirable investment programs that are not balanced investment packages may still advance welfare. Unbalanced investment can complement or correct existing imbalances. Once such an investment is made, a new imbalance is likely to appear, requiring further compensating investments. Therefore, growth need not take place in a balanced way. Supporters of the unbalanced growth doctrine include Albert O. Hirschman, Hans Singer, Paul Streeten, Marcus Fleming, Prof. Rostov and J. Sheehan. Introduction Hirschman contends that deliberate unbalancing of the economy according to the strategy is the best method of development and if the economy is to be kept moving ahead, the task of development policy is to maintain tension, disproportions and disequilibrium. Balanced growth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Albert O
Albert may refer to: Companies * Albert (supermarket), a supermarket chain in the Czech Republic * Albert Heijn, a supermarket chain in the Netherlands * Albert Market, a street market in The Gambia * Albert Productions, a record label * Albert Computers, Inc., a computer manufacturer in the 1980s Entertainment * ''Albert'' (1985 film), a Czechoslovak film directed by František Vláčil * ''Albert'' (2015 film), a film by Karsten Kiilerich * ''Albert'' (2016 film), an American TV movie * ''Albert'' (Ed Hall album), 1988 * "Albert" (short story), by Leo Tolstoy * Albert (comics), a character in Marvel Comics * Albert (''Discworld''), a character in Terry Pratchett's ''Discworld'' series * Albert, a character in Dario Argento's 1977 film ''Suspiria'' Military * Battle of Albert (1914), a WWI battle at Albert, Somme, France * Battle of Albert (1916), a WWI battle at Albert, Somme, France * Battle of Albert (1918), a WWI battle at Albert, Somme, France People * Albert ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bacterial Growth
250px, Growth is shown as ''L'' = log(numbers) where numbers is the number of colony forming units per ml, versus ''T'' (time.) Bacterial growth is proliferation of bacterium into two daughter cells, in a process called binary fission. Providing no event occurs, the resulting daughter cells are genetically identical to the original cell. Hence, bacterial growth occurs. Both daughter cells from the division do not necessarily survive. However, if the surviving number exceeds unity on average, the bacterial population undergoes exponential growth. The measurement of an exponential bacterial growth curve in batch culture was traditionally a part of the training of all microbiologists; the basic means requires bacterial enumeration (cell counting) by direct and individual (microscopic, flow cytometry), direct and bulk (biomass), indirect and individual (colony counting), or indirect and bulk (most probable number, turbidity, nutrient uptake) methods. Models reconcile theory with t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chemostat
A chemostat (from ''chem''ical environment is ''stat''ic) is a bioreactor to which fresh medium is continuously added, while culture liquid containing left over nutrients, metabolic end products and microorganisms is continuously removed at the same rate to keep the culture volume constant. By changing the rate with which medium is added to the bioreactor the specific growth rate of the microorganism can be easily controlled within limits. Operation Steady state One of the most important features of chemostats is that microorganisms can be grown in a physiological steady state under constant environmental conditions. In this steady state, growth occurs at a constant specific growth rate and all culture parameters remain constant (culture volume, dissolved oxygen concentration, nutrient and product concentrations, pH, cell density, etc.). In addition, environmental conditions can be controlled by the experimenter. Microorganisms growing in chemostats usually reach a steady stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Long-term Experiment
A long-term experiment is an experimental procedure that runs through a long period of time, in order to test a hypothesis or observe a phenomenon that takes place at an extremely slow rate. What duration is considered "long" depends on the academic discipline. For example, several agricultural field experiments have run for more than 100 years, but much shorter experiments may qualify as "long-term" in other disciplines. An experiment is "a set of actions and observations", implying that one or more treatments (fertilizer, subsidized school lunches, etc.) is imposed on the system under study. Long-term experiments therefore contrast with nonexperimental long-term studies in which manipulation of the system studied is impossible (e.g. Jupiter's Great Red Spot) or undesirable (e.g. field observations of chimpanzee behavior). In physics The Oxford Electric Bell has been ringing at Oxford University since 1840, although there is some reason to believe it may be 15 years older. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steady State Economy
A steady-state economy is an economy made up of a constant stock of physical wealth (capital) and a constant population size. In effect, such an economy does not grow in the course of time. The term usually refers to the national economy of a particular country, but it is also applicable to the economic system of a city, a region, or the entire world. Early in the history of economic thought, classical economist Adam Smith of the 18th century developed the concept of a ''stationary state'' of an economy: Smith believed that any national economy in the world would sooner or later settle in a final state of stationarity. Since the 1970s, the concept of a steady-state economy has been associated mainly with the work of leading ecological economist Herman Daly. As Daly's concept of a ''steady-state'' includes the ecological analysis of natural resource flows through the economy, his concept differs from the original classical concept of a ''stationary state''. One other d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ragnar Nurkse's Balanced Growth Theory
The balanced growth theory is an economic theory pioneered by the economist Ragnar Nurkse (1907–1959). The theory hypothesises that the government of any underdeveloped country needs to make large investments in a number of industries simultaneously. This will enlarge the market size, increase productivity, and provide an incentive for the private sector to invest. Nurkse was in favour of attaining balanced growth in both the industrial and agricultural sectors of the economy. He recognised that the expansion and inter-sectoral balance between agriculture and manufacturing is necessary so that each of these sectors provides a market for the products of the other and in turn, supplies the necessary raw materials for the development and growth of the other. Nurkse and Paul Rosenstein-Rodan were the pioneers of balanced growth theory and much of how it is understood today dates back to their work. Nurkse's theory discusses how the poor size of the market in underdeveloped countr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
