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Unified Growth Theory
Unified growth theory was developed in light of the failure of endogenous growth theory to capture key empirical regularities in the growth processes and their contribution to the momentous rise in inequality across nations in the past two centuries. Unlike earlier growth theories that have focused entirely on the modern growth regime, unified growth theory captures the growth process over the entire course of human existence, highlighting the critical role of the differential timing of the transition from Malthusian stagnation to sustained economic growth in the emergence of inequality across countries and regions. Unified growth theory was first advanced by Oded Galor and his co-authors who were able to characterize in a single dynamical system a phase transition from an epoch of Malthusian stagnation to an era of sustained economic growth. Due to the evolution of latent state variables during the Malthusian epoch, the stable Malthusian equilibrium ultimately vanishes, and the sy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Endogenous Growth Theory
Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces. Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run growth rate of an economy depends on policy measures. For example, subsidies for research and development or education increase the growth rate in some endogenous growth models by increasing the incentive for innovation. Models In the mid-1980s, a group of growth theorists became increasingly dissatisfied with common accounts of exogenous factors determining long-run growth. They favored a model that replaced the exogenous growth variable (unexplained technical progress) with a model in which the key determinants of grow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Inequality
There are wide varieties of economic inequality, most notably income inequality measured using the distribution of income (the amount of money people are paid) and wealth inequality measured using the distribution of wealth (the amount of wealth people own). Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people. Important types of economic measurements focus on wealth, income, and consumption. There are many methods for measuring economic inequality, the Gini coefficient being a widely used one. Another type of measure is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequality into account. Important concepts of equality include equity, equality of outcome, and equality of opportunity. Whereas globalization has reduced global inequality (between nations), it has increased inequality within nations. Income inequality between nat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Malthusian Trap
Malthusianism is the idea that population growth is potentially exponential while the growth of the food supply or other resources is linear, which eventually reduces living standards to the point of triggering a population die off. This event, called a Malthusian catastrophe (also known as a Malthusian trap, population trap, Malthusian check, Malthusian crisis, Malthusian spectre, or Malthusian crunch) occurs when population growth outpaces agricultural production, causing famine or war, resulting in poverty and depopulation. Such a catastrophe inevitably has the effect of forcing the population to "correct" back to a lower, more easily sustainable level (quite rapidly, due to the potential severity and unpredictable results of the mitigating factors involved, as compared to the relatively slow time scales and well-understood processes governing unchecked growth or growth affected by preventive checks). Malthusianism has been linked to a variety of political and social movemen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oded Galor
Oded Galor (born 1953) is an Israeli-American economist who is currently Herbert H. Goldberger Professor of Economics at Brown University. He is the founder of unified growth theory. Galor has contributed to the understanding of process of development over the entire course of human history and prehistory, and the role of deep-rooted factors in the transition from stagnation to growth and in the emergence of the vast inequality across the globe. Moreover, he has pioneered the exploration of the impact of human evolution, population diversity, and inequality on the process of development over most of human existence. Career Galor completed his BA and MA at the Hebrew University of Jerusalem, and his PhD at Columbia University. He served as a Chilewich Professor of Economics at the Hebrew University, and he is currently the Herbert H. Goldberger Professor of Economics at Brown University. He was awarded Doctor Honoris Causa from Poznań University of Economics & Business and from U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynamical System
In mathematics, a dynamical system is a system in which a function describes the time dependence of a point in an ambient space. Examples include the mathematical models that describe the swinging of a clock pendulum, the flow of water in a pipe, the random motion of particles in the air, and the number of fish each springtime in a lake. The most general definition unifies several concepts in mathematics such as ordinary differential equations and ergodic theory by allowing different choices of the space and how time is measured. Time can be measured by integers, by real or complex numbers or can be a more general algebraic object, losing the memory of its physical origin, and the space may be a manifold or simply a set, without the need of a smooth space-time structure defined on it. At any given time, a dynamical system has a state representing a point in an appropriate state space. This state is often given by a tuple of real numbers or by a vector in a geome ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phase Transition
In chemistry, thermodynamics, and other related fields, a phase transition (or phase change) is the physical process of transition between one state of a medium and another. Commonly the term is used to refer to changes among the basic states of matter: solid, liquid, and gas, and in rare cases, plasma. A phase of a thermodynamic system and the states of matter have uniform physical properties. During a phase transition of a given medium, certain properties of the medium change as a result of the change of external conditions, such as temperature or pressure. This can be a discontinuous change; for example, a liquid may become gas upon heating to its boiling point, resulting in an abrupt change in volume. The identification of the external conditions at which a transformation occurs defines the phase transition point. Types of phase transition At the phase transition point for a substance, for instance the boiling point, the two phases involved - liquid and vapor, have ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steady State
In systems theory, a system or a process is in a steady state if the variables (called state variables) which define the behavior of the system or the process are unchanging in time. In continuous time, this means that for those properties ''p'' of the system, the partial derivative with respect to time is zero and remains so: : \frac = 0 \quad \text t. In discrete time, it means that the first difference of each property is zero and remains so: :p_t-p_=0 \quad \text t. The concept of a steady state has relevance in many fields, in particular thermodynamics, economics, and engineering. If a system is in a steady state, then the recently observed behavior of the system will continue into the future. In stochastic systems, the probabilities that various states will be repeated will remain constant. See for example Linear difference equation#Conversion to homogeneous form for the derivation of the steady state. In many systems, a steady state is not achieved until some tim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standard Of Living
Standard of living is the level of income, comforts and services available, generally applied to a society or location, rather than to an individual. Standard of living is relevant because it is considered to contribute to an individual's quality of life. Standard of living is generally concerned with objective metrics outside an individual's personal control, such as economic, societal, political and environmental matters – such things that an individual might consider when evaluating where to live in the world, or when assessing the success of economic policy. In international law, an "adequate standard of living" was first described in the Universal Declaration of Human Rights and further described in the International Covenant on Economic, Social and Cultural Rights. To evaluate the impact of policy for sustainable development, different disciplines have defined Decent Living Standards in order to evaluate or compare relative living experience. During much of its use in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of European Economic History
A journal, from the Old French ''journal'' (meaning "daily"), may refer to: * Bullet journal, a method of personal organization *Diary, a record of what happened over the course of a day or other period *Daybook, also known as a general journal, a daily record of financial transactions *Logbook, a record of events important to the operation of a vehicle, facility, or otherwise * Record (other) * Transaction log, a chronological record of data processing * Travel journal In publishing, ''journal'' can refer to various periodicals or serials: *Academic journal, an academic or scholarly periodical **Scientific journal, an academic journal focusing on science **Medical journal, an academic journal focusing on medicine **Law review, a professional journal focusing on legal interpretation * Magazine, non-academic or scholarly periodicals in general **Trade magazine, a magazine of interest to those of a particular profession or trade **Literary magazine, a magazine devoted to li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Stagnation
Economic stagnation is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth), usually accompanied by high unemployment. Under some definitions, "slow" means significantly slower than potential growth as estimated by macroeconomists, even though the growth rate may be nominally higher than in other countries not experiencing economic stagnation. Secular stagnation theory The term "secular stagnation" was originally coined by Alvin Hansen in 1938 to "describe what he feared was the fate of the American economy following the Great Depression of the early 1930s: a check to economic progress as investment opportunities were stunted by the closing of the frontier and the collapse of immigration". Warnings similar to secular stagnation theory have been issued after all deep recessions, but they usually turned out to be wrong because they underestimated the potential of existing technologies.Pagano and Sbracia (2014"The secular stagnation hy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Testable
Testability is a primary aspect of Science and the Scientific Method and is a property applying to an empirical hypothesis, involves two components: #Falsifiability or defeasibility, which means that counterexamples to the hypothesis are logically possible. #The practical feasibility of observing a reproducible series of such counterexamples if they do exist. In short, a hypothesis is testable if there is a possibility of deciding whether it is true or false based on experimentation by anyone. This allows anyone to decide whether a theory can be supported or refuted by data. However, the interpretation of experimental data may be also inconclusive or uncertain. Karl Popper introduced the concept that scientific knowledge had the property of Falsifiability.as published in '' The Logic of Scientific Discovery.Karl Popper "The Logic of Scientific Discovery", 1934 (as Logik der Forschung, English translation 1959)'', ISBN 0415278449 and 2002 ISBN 9780415278447, 0415278449 Se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macrohistory
Macrohistory seeks out large, long-term trends in world history in search of ultimate patterns by a comparison of proximate details. It favors a comparative or world-historical perspective to determine the roots of changes as well as the developmental paths of society or a historical process. A macrohistorical study might examine Japanese feudalism and European feudalism to decide whether feudal structures are an inevitable outcome because of certain conditions. Macrohistorical studies often "assume that macro-historical processes repeat themselves in explainable and understandable ways." The approach can identify stages in the development of humanity as a whole such as the large-scale direction towards greater rationality, greater liberty or the development of productive forces and communist society, among others. Description Macrohistory is distinguished from microhistory, which involves the rigorous and in-depth study of a single event in history. However, these two can be co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
