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The Strategy Of Economic Development
''The Strategy of Economic Development'' is a 1958 book on economic development by Albert O. Hirschman Albert Otto Hirschman (born ''Otto-Albert Hirschmann''; April 7, 1915 – December 10, 2012) was a German economist and the author of several books on political economy and political ideology. His first major contribution was in the area of de .... Hirschman critiques the theories of Ragnar Nurkse's balanced growth theory, balanced growth put forward by Ragnar Nurkse and Paul Rosenstein-Rodan, which call for simultaneous, large-scale increases in investment across multiple sectors to spur economic growth. Hirschman argues that such strategies are unrealistic and often infeasible in underdeveloped countries. In place of balanced growth, Hirschman proposes a theory of ''Strategy of unbalanced growth, unbalanced growth'', where "imbalances" and "pressure points" created by the growth process can be used to identify areas where policymakers can intervene. In addition, Hirschman in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Development
In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. "Modernization", " Westernization", and especially "industrialization" are other terms often used while discussing economic development. Historically, economic development policies focused on industrialization and infrastructure; since the 1960s, it has increasingly focused on poverty reduction. Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development". Economists primarily focus o ... [...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] |
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] |
Ragnar Nurkse
Ragnar Wilhelm Nurkse (, Käru, Estonia (then Russian Empire) – 6 May 1959, Mont Pèlerin, Switzerland) was an Estonian-American economist and policy maker mainly in the fields of international finance and economic development. He is considered the pioneer of Balanced Growth Theory. Life Ragnar Nurkse was born in Käru village, Governorate of Livonia of the Russian Empire (now in Türi Parish, Järva County, Estonia), son of an Estonian father who worked himself up from lumberjack to estate manager, and an Estonian-Swedish mother. His parents emigrated to Canada in 1928. After finishing primary school, Nurkse attended the ''Domschule zu Reval'' in Tallinn, the most prestigious, German-language secondary school in the city, from where he graduated with higher honors in 1926. He continued his education at the law and economics' departments of the University of Tartu in 1926–1928, and then in economics at the University of Edinburgh. He graduated with a first class ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Rosenstein-Rodan
Paul Narcyz Rosenstein-Rodan (1902–1985) was an economist of Jewish origin born in Kraków, who was trained in the Austrian tradition under in Vienna. His early contributions to economics were in pure economic theory – on marginal utility, complementarity, hierarchical structures of wants and the pervasive Austrian School issue of time. Rosenstein-Rodan emigrated to Britain in 1930, and taught at University College London and then at London School of Economics until 1947. He then moved to the World Bank, before moving on to MIT, where he was a professor from 1953 to 1968. He is the author of the 1943 article "Problems of Industrialisation of Eastern and South-Eastern Europe" – origin of the “ Big Push Model” theory – in which he argued for planned large-scale investment programmes in industrialisation in countries with a large surplus workforce in agriculture, in order to take advantage of network effects, viz economies of scale and scope, to escape the low level ... [...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] |
Walt Whitman Rostow
Walt Whitman Rostow (October 7, 1916 – February 13, 2003) was an American economist, professor and political theorist who served as National Security Advisor to President of the United States Lyndon B. Johnson from 1966 to 1969. Rostow worked in the Office of Strategic Services during World War II and later was a foreign policy adviser and speechwriter for presidential candidate and then President John F. Kennedy; he is often credited with writing Kennedy's famous " New Frontier" speech.Walt Rostow obituary Daily Telegraph, 24 February 2003 Prominent for his role in shaping |
Development Economics
Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels. Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level. This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods. Common topics include growth theory, poverty and inequality, human capital, and institutions. Unlike in many other fields of economics, approaches in development e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Books About Economic Growth
A book is a medium for recording information in the form of writing or images, typically composed of many pages (made of papyrus, parchment, vellum, or paper) bound together and protected by a cover. The technical term for this physical arrangement is ''codex'' (plural, ''codices''). In the history of hand-held physical supports for extended written compositions or records, the codex replaces its predecessor, the scroll. A single sheet in a codex is a leaf and each side of a leaf is a page. As an intellectual object, a book is prototypically a composition of such great length that it takes a considerable investment of time to compose and still considered as an investment of time to read. In a restricted sense, a book is a self-sufficient section or part of a longer composition, a usage reflecting that, in antiquity, long works had to be written on several scrolls and each scroll had to be identified by the book it contained. Each part of Aristotle's ''Physics'' is called a b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Theories
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and beh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Development
In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. "Modernization", " Westernization", and especially "industrialization" are other terms often used while discussing economic development. Historically, economic development policies focused on industrialization and infrastructure; since the 1960s, it has increasingly focused on poverty reduction. Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development". Economists primarily focus o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
