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Choice Of Techniques
The choice of techniques is an area of economics in which the question of the appropriate capital or labour-intensity of the method of production of goods is discussed. In the context of traditional development economics it was often recognised ( Stewart (1972) for example) that this choice was central to development strategies and that such choices were inter-twined with decisions over the type of goods to be produced and the scale of operation of an industry.Bagchi, Amiya Kumar. (1977) ''Choice of techniques and technological development in underdeveloped countries: a critique of the non-neoclassical orthodoxy''. Calcutta: Centre for Studies in Social Sciences. See also * Amartya Sen Amartya Kumar Sen (; born 3 November 1933) is an Indian economist and philosopher. Sen has taught and worked in England and the United States since 1972. In 1998, Sen received the Nobel Memorial Prize in Economic Sciences for his contributions ... * Landesque capital References Producti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Intensity
Capital intensity is the amount of fixed or real capital present in relation to other factors of production, especially labor. At the level of either a production process or the aggregate economy, it may be estimated by the capital to labor ratio, such as from the points along a capital/labor isoquant. The inverse of capital intensity is labor intensity. Capital intensity is sometimes associated with industrialism, while labor intensity is sometimes associated with agrarianism. Growth The use of tools and machinery makes labor more effective, so rising capital intensity (or " capital deepening") pushes up the productivity of labor. Capital intensive societies tend to have a higher standard of living over the long run. Calculations made by Robert Solow claimed that economic growth was mainly driven by technological progress (productivity growth) rather than inputs of capital and labor. However recent economic research has invalidated that theory, since Solow did not properly consi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Intensity
Labor intensity is the relative proportion of labor (compared to capital) used in any given process. Its inverse is capital intensity. Labor intensity is sometimes associated with agrarianism, while capital intensity is sometimes associated with industrialism. Labor intensity has been declining since the onset of the Industrial Revolution in the late 1700s, while its inverse, capital intensity, has increased nearly exponentially since the latter half of the 20th century. Labor-intensive industries A labor-intensive industry requires large amounts of manual labor to produce its goods or services. In such industries, labor costs are more of a concern than capital costs. Labor intensity is measured by its proportion to the amount of capital to produce goods or services. The higher the labor cost, the more labor intense is the business. Labor cost can vary because businesses can add or subtract workers based on business needs. When it comes to controlling expenses, labor intensive b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frances Stewart (economist)
Frances Julia Stewart (born 4 August 1940) is professor emeritus of development economics and director of the Centre for Research on Inequality, Human Security and Ethnicity (CRISE), University of Oxford. A pre-eminent development economist, she was named one of fifty outstanding technological leaders for 2003 by ''Scientific American''. She was president of the Human Development and Capability Association from 2008 to 2010. Early life Frances Stewart was born in Kendal on 4 August 1940, the daughter of Clarissa Goldschmidt, a history graduate from Somerville College, Oxford, and the economist Nicholas Kaldor. Her sister is the London School of Economics political scientist Mary Kaldor. The family moved to Cambridge in 1950. She studied at Cambridgeshire High School for Girls and then gained a first-class degree from Oxford University in philosophy, politics and economics Philosophy, politics and economics, or politics, philosophy and economics (PPE), is an interdisciplina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amartya Sen
Amartya Kumar Sen (; born 3 November 1933) is an Indian economist and philosopher. Sen has taught and worked in England and the United States since 1972. In 1998, Sen received the Nobel Memorial Prize in Economic Sciences for his contributions to welfare economics. He has also made major scholarly contributions to social choice theory, Economic justice, economic and social justice, economic theories of famines, decision theory, development economics, public health, and the measures of well-being of countries. Sen is currently the Harvard University Professor, Thomas W. Lamont University Professor, and Professor of Economics and Philosophy at Harvard University. He previously served as Master of Trinity College, Cambridge, Trinity College at the University of Cambridge. In 1999, he received India's highest civilian honour, Bharat Ratna, for his contribution to welfare economics. The German Publishers and Booksellers Association awarded him the 2020 Peace Prize of the German Book ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |