|
Immiserizing Growth
Immiserizing growth is a theoretical situation first proposed by Jagdish Bhagwati, in 1958, where economic growth could result in a country being worse off than before the growth. If growth is heavily export based it might lead to a fall in the terms of trade The terms of trade (TOT) is the relative price of exports in terms of imports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods. An ... of the exporting country. In rare circumstances this fall in the terms of trade may be so large as to outweigh the gains from growth. If so, this situation would cause a country to be worse off after growth than before. This result is only valid if the growing country is able to influence world prices. Harry G. Johnson had, independently, worked out conditions for this result in 1955.Johnson, Harry G. 1955. "Economic Expansion and International Trade," Manchester School 23, pp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jagdish Bhagwati
Jagdish Natwarlal Bhagwati (born July 26, 1934) is an Indian-born naturalized American economist and one of the most influential trade theorists of his generation. He is a University Professor of economics and law at Columbia University and a Senior Fellow in International Economics at the Council on Foreign Relations. He has made significant contributions to international trade theory and economic development. He is widely regarded as the intellectual father of the Indian economic reforms of 1991. He is the only professor in American academia to have a chair named after him while he was still teaching at the university. He is one of only 10 scholars who hold the title of University Professor at Columbia University. Bhagwati is the recipient of several prestigious awards, including the Order of the Rising Sun, Padma Vibhushan, Frank Seidman Distinguished Award in Political Economy and the Freedom Prize of Switzerland. In 2014, the Financial Times called him “one of the most o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ..., or real GDP. Growth is usually calculated in real terms – i.e., real vs. nominal in economics, inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measures of national income and output, Measurement of economic growth uses National accounts, national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Export
An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is an ''exporter''; the foreign buyer is an ''importer''. Services that figure in international trade include financial, accounting and other professional services, tourism, education as well as intellectual property rights. Exportation of goods often requires the involvement of customs authorities. Firms Many manufacturing firms begin their global expansion as exporters and only later switch to another mode for serving a foreign market. Barriers There are four main types of export barriers: motivational, informational, operational/resource-based, and knowledge. Trade barriers are laws, regulations, policy, or practices that protect domestically made products from foreign competition. While restrictive business practices sometimes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Terms Of Trade
The terms of trade (TOT) is the relative price of exports in terms of imports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods. An improvement of a nation's terms of trade benefits that country in the sense that it can buy more imports for any given level of exports. The terms of trade may be influenced by the exchange rate because a rise in the value of a country's currency lowers the domestic prices of its imports but may not directly affect the prices of the commodities it exports. History The expression ''terms of trade'' was first coined by the US American economist Frank William Taussig in his 1927 book ''International Trade''. However, an earlier version of the concept can be traced back to the English economist Robert Torrens and his book ''The Budget: On Commercial and Colonial Policy'', published in 1844, as well as to John Stuart Mill's essay ''Of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harry G
Harry may refer to: TV shows * ''Harry'' (American TV series), a 1987 American comedy series starring Alan Arkin * ''Harry'' (British TV series), a 1993 BBC drama that ran for two seasons * ''Harry'' (talk show), a 2016 American daytime talk show hosted by Harry Connick Jr. People and fictional characters *Harry (given name), a list of people and fictional characters with the given name *Harry (surname), a list of people with the surname *Dirty Harry (musician) (born 1982), British rock singer who has also used the stage name Harry *Harry Potter (character), the main protagonist in a Harry Potter fictional series by J. K. Rowling Other uses *Harry (derogatory term), derogatory term used in Norway * ''Harry'' (album), a 1969 album by Harry Nilsson *The tunnel used in the Stalag Luft III escape , partof = ''Luftwaffe'' , location = Sagan, Lower Silesia, Nazi Germany (now Żagań, Poland) , image = , caption = Model of the set used to film the movie ''The Great Escape.'' I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ..., or real GDP. Growth is usually calculated in real terms – i.e., real vs. nominal in economics, inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measures of national income and output, Measurement of economic growth uses National accounts, national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
