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Catch-up
The idea of convergence in economics (also sometimes known as the catch-up effect) is the hypothesis that poorer economies' per capita incomes will tend to grow at faster rates than richer economies. In the Solow-Swan model, economic growth is driven by the accumulation of physical capital until this optimum level of capital per worker, which is the "steady state" is reached, where output, consumption and capital are constant. The model predicts more rapid growth when the level of physical capital per capita is low, something often referred to as “catch up” growth. As a result, all economies should eventually converge in terms of per capita income. Developing countries have the potential to grow at a faster rate than developed countries because diminishing returns (in particular, to capital) are not as strong as in capital-rich countries. Furthermore, poorer countries can replicate the production methods, technologies, and institutions of developed countries. In economic grow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Moses Abramovitz
Moses Abramovitz (January 1, 1912 – December 1, 2000) was a 20th-century American economist and professor. During his career, he made many contributions to the study of macroeconomic fluctuations and economic growth over time. Biography Born and raised in a Jewish family in Brooklyn, New York, he completed his bachelor's degree in economics summa cum laude at Harvard University. He went to Harvard with the intention of becoming a lawyer and studied criminal justice as well as economics. However, he became more interested in economics because he was able to connect it to the world in which he was living. He earned his Ph.D. at Columbia University in 1939. In 1985, he was awarded an honorary doctorate from the Faculty of Social Sciences at Uppsala University, Sweden. In 1992, he was invited to Rome to become a fellow of the prestigious Accademia Nazionale Dei Lincei. He was awarded another doctorate from the University of Ancona in 1992. Abramovitz died at Stanford Hospital i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Solow–Swan Model
The Solow–Swan model or exogenous growth model is an economic model of long-run economic growth. It attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity largely driven by technological progress. At its core, it is an aggregate production function, often specified to be of Cobb–Douglas type, which enables the model "to make contact with microeconomics". The model was developed independently by Robert Solow and Trevor Swan in 1956,The idea of using a Cobb–Douglas production function at the core of a growth model dates back to . See and superseded the Keynesian Harrod–Domar model. Mathematically, the Solow–Swan model is a nonlinear system consisting of a single ordinary differential equation that models the evolution of the ''per capita'' stock of capital. Due to its particularly attractive mathematical characteristics, Solow–Swan proved to be a convenient starting point for various e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic System
An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within an economy. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community. An economic system is a type of social system. The mode of production is a related concept. All economic systems must confront and solve the four fundamental economic problems: * What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory of pricing. The theory of pricing, in this context, has to do with the economic decision-making between the production of capital goods and consumer goods in the economy in the face of scarce resources. In this regard, the critical evaluation of the needs of the society based on population distribution in terms of age, sex, occupation, and geography is very ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closed Economy
Autarky is the characteristic of self-sufficiency, usually applied to societies, communities, states, and their economic systems. Autarky as an ideology or economic approach has been attempted by a range of political ideologies and movements, particularly leftist ones like African socialism, mutualism, war communism, communalism, swadeshi, syndicalism (especially anarcho-syndicalism), and left-wing populism, generally in an effort to build alternative economic structures or to control resources against structures a particular movement views as hostile. However, some right-wing ones, like nationalism, conservatism, and anti-globalism, along with even some centrist movements, have also adopted autarky, generally on a more limited scale, to develop a particular industry, to gain independence from other national entities or to preserve part of an existing social order. Proponents of autarky have argued for national self-sufficiency to reduce foreign economic, political, and cultu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and the Sea of Japan to the east. Like North Korea, South Korea claims to be the sole legitimate government of the entire peninsula and List of islands of South Korea, adjacent islands. It has Demographics of South Korea, a population of about 52 million, of which half live in the Seoul Metropolitan Area, the List of largest cities, ninth most populous metropolitan area in the world; other major cities include Busan, Daegu, and Incheon. The Korean Peninsula was inhabited as early as the Lower Paleolithic period. Gojoseon, Its first kingdom was noted in Chinese records in the early seventh century BC. From the mid first century BC, various Polity, polities consolidated into the rival Three Kingdoms of Korea, kingdoms of Goguryeo, Baekje, and Sil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hong Kong
Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the world. Hong Kong was established as a colony of the British Empire after the Qing dynasty ceded Hong Kong Island in 1841–1842 as a consequence of losing the First Opium War. The colony expanded to the Kowloon Peninsula in 1860 and was further extended when the United Kingdom obtained a 99-year lease of the New Territories in 1898. Hong Kong was occupied by Japan from 1941 to 1945 during World War II. The territory was handed over from the United Kingdom to China in 1997. Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of one country, two systems. Originally a sparsely populated area of farming and fishing villages,. the territory is now one of the world's most signific ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Singapore
Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bordering the Strait of Malacca to the west, the Singapore Strait to the south along with the Riau Islands in Indonesia, the South China Sea to the east, and the Straits of Johor along with the State of Johor in Malaysia to the north. In its early history, Singapore was a maritime emporium known as '' Temasek''; subsequently, it was part of a major constituent part of several successive thalassocratic empires. Its contemporary era began in 1819, when Stamford Raffles established Singapore as an entrepôt trading post of the British Empire. In 1867, Singapore came under the direct control of Britain as part of the Straits Settlements. During World ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East Asian Tigers
The Four Asian Tigers ( the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1950s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year. By the early 21st century, these economies had developed into high-income economies, specializing in areas of competitive advantage. Hong Kong and Singapore have become leading international financial centres, whereas South Korea and Taiwan are leaders in manufacturing electronic components and devices; South Korea has also developed into a major global arms manufacturer. Large institutions have pushed to have them serve as role models for many developing countries, especially the Tiger Cub Economies of Southeast Asia. In 1993, a World Bank report ''The East Asian Miracle'' credited neoliberal policies with the economic boom, including the maintenance of e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Meiji Period
The was an era of Japanese history that extended from October 23, 1868, to July 30, 1912. The Meiji era was the first half of the Empire of Japan, when the Japanese people moved from being an isolated feudal society at risk of colonization by Western powers to the new paradigm of a modern, industrialized nation state and emergent great power, influenced by Western scientific, technological, philosophical, political, legal, and aesthetic ideas. As a result of such wholesale adoption of radically different ideas, the changes to Japan were profound, and affected its social structure, internal politics, economy, military, and foreign relations. The period corresponded to the reign of Emperor Meiji. It was preceded by the Keiō era and was succeeded by the Taishō era, upon the accession of Emperor Taishō. The rapid modernization during the Meiji era was not without its opponents, as the rapid changes to society caused many disaffected traditionalists from the former samu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrey Korotayev
Andrey Vitalievich Korotayev (; born 17 February 1961) is a Russian anthropology, anthropologist, economic history, economic historian, comparative politics, comparative political scientist, demography, demographer and sociology, sociologist, with major contributions to world-systems theory, cross-cultural studies, Near Eastern history, Big History, and mathematical modelling of social and Macroeconomics, economic macrodynamics. He is currently the Director of the Centre for Stability and Risk Analysis at the Higher School of Economics, HSE University in Moscow, and a Senior Research Professor at the Center for Big History and System Forecasting of the Institute of Oriental Studies of the Russian Academy of Sciences, Institute of Oriental Studies as well as in the Institute for African Studies of the Russian Academy of Sciences. In addition, he is a senior research professor of the International Laboratory on Political Demography and Social Macrodynamics (PDSM) of the Russia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal first published by the American Economic Association in 1911. The current editor-in-chief is Erzo FP Luttmer, a professor of economics at Dartmouth College. The journal is based in Pittsburgh. It is one of the " top five" journals in economics. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers presented at the annual meetings have been published in a separate journal, '' AEA Pap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Developing Countries
A developing country is a sovereign state with a less-developed Secondary sector of the economy, industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The terms low-and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably but they refer only to the economy of the countries. The World Bank classifies the world's economies into four groups, based on gross national income per capita: high-, upper-middle-, lower-middle-, and low-income countries. Least developed countries, landlocked developing countries, and Small Island Developing States, small island developing states are all sub-groupings of developing countries. Countries on the other end of the spectrum are usually referred to as World Bank high-income economy, high-income countries or Developed country, developed countries. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
