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Backwardness
Backwardness is a lack of progress by a person or group to some perceived cultural norm of advancement, such as for example traditional societies relative to modern scientific and technologically advanced industrialized societies. Gerschenkron's model The backwardness model is a theory of economic growth created by Alexander Gerschenkron. The model postulates that the more backward an economy is at the outset of economic development, the more likely certain conditions are to occur: *Special institutions, including banks or the state, will be necessary to properly channel physical capital and human capital to industries. *There will be an emphasis on the production of producer goods rather than consumer goods. *There will be an emphasis on capital-intensive production rather than labor-intensive production. *There will be a great scale of production and enterprise. *There will be a reliance on borrowed rather than local technologies. *The role of the agricultural sector, as a ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alexander Gerschenkron
Alexander Gerschenkron (russian: Александр Гершенкрон; 1 October 1904 – 26 October 1978) was a Russian-born American economic historian and professor at Harvard University, trained in the Austrian School of economics. Born in Odessa, then part of the Russian Empire, Gerschenkron fled the country during the Russian Civil War in 1920 to Austria, where he attended the University of Vienna, earning a doctorate in 1928. After the Anschluss in 1938, he emigrated to the United States. Background Gerschenkron was born in Odessa into an elite family of the Russian intelligentsia. When he was 16, he and his father left Russia during the period of the Bolshevik Revolution. They eventually settled in Vienna, Austria. There he taught himself languages including, German and Latin. In 1924, he enrolled in the University of Vienna's school of economics, graduating in 1928. After graduation, Gerschenkron got married and had a child. He found work in Vienna as a representativ ... [...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, or real GDP. Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income). The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Physical Capital
Physical capital represents in economics one of the three primary factors of production. Physical capital is the apparatus used to produce a good and services. Physical capital represents the tangible man-made goods that help and support the production. Inventory, cash, equipment or real estate are all examples of physical capital. Definition N.G. Mankiw definition from the book Economics: '' Capital is the equipment and structures used to produce goods and services. Physical capital consists of man-made goods (or input into the process of production) that assist in the production process. Cash, real estate, equipment, and inventory are examples of physical capital.'' Capital goods represents one of the key factors of corporation function. Generally, capital allows a company to preserve liquidity while growing operations, it refers to physical assets in business and the way a company have reached their physical capital. While referring how companies have obtained their capital ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Capital
Human capital is a concept used by social scientists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings. Research indicates that human capital investments have high economic returns throughout childhood and young adulthood. Companies can invest in human capital, for example, through education and training, enabling improved levels of quality and production. As a result of his conceptualization and modeling work using Human Capital as a key factor, the 2018 Nobel Prize for Economics was jointly awarded to Paul Romer, who founded the modern innovation-driven approach to understanding economic growth. In the recent literature, the new concept of task-specific human capital was coined in 2004 by Robert Gibbons, an economist at MIT, and Michael Waldman, an economist at Cornell University. The concept emphasizes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rostovian Take-off Model
Rostow's stages of economic growth model is one of the major historical models of economic growth. It was published by American economist Walt Whitman Rostow in 1960. The model postulates that economic growth occurs in five basic stages, of varying length: # The traditional society # The preconditions for take-off # The take-off # The drive to maturity # The age of high mass-consumption Rostow's model is one of the more structuralist models of economic growth, particularly in comparison with the "backwardness" model developed by Alexander Gerschenkron, although the two models are not mutually exclusive. Rostow argued that economic take-off must initially be led by a few individual economic sectors. This belief echoes David Ricardo's comparative advantage thesis and criticizes Marxist revolutionaries' push for economic self-reliance in that it pushes for the "initial" development of only one or two sectors over the development of all sectors equally. This became one of the impo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thorstein Veblen
Thorstein Bunde Veblen (July 30, 1857 – August 3, 1929) was a Norwegian-American economist and sociologist who, during his lifetime, emerged as a well-known critic of capitalism. In his best-known book, ''The Theory of the Leisure Class'' (1899), Veblen coined the concepts of ''conspicuous consumption'' and ''conspicuous leisure''. Historians of economics regard Veblen as the founding father of the institutional economics school. Contemporary economists still theorize Veblen's distinction between "institutions" and "technology", known as the Veblenian dichotomy. As a leading intellectual of the Progressive Era in the US, Veblen attacked production for profit. His emphasis on conspicuous consumption greatly influenced economists who engaged in non-Marxist critiques of fascism, capitalism, and of technological determinism. Biography Early life and family background Veblen was born on July 30, 1857, in Cato, Wisconsin, to Norwegian-American immigrant parents, Thomas V ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Germany
Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated between the Baltic and North seas to the north, and the Alps to the south; it covers an area of , with a population of almost 84 million within its 16 constituent states. Germany borders Denmark to the north, Poland and the Czech Republic to the east, Austria and Switzerland to the south, and France, Luxembourg, Belgium, and the Netherlands to the west. The nation's capital and most populous city is Berlin and its financial centre is Frankfurt; the largest urban area is the Ruhr. Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity. A region named Germania was documented before AD 100. In 962, the Kingdom of Germany formed the bulk of the Holy Roman Empire. During the 16th ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McMaster University
McMaster University (McMaster or Mac) is a public research university in Hamilton, Ontario, Canada. The main McMaster campus is on of land near the residential neighbourhoods of Ainslie Wood and Westdale, adjacent to the Royal Botanical Gardens. It operates six academic faculties: the DeGroote School of Business, Engineering, Health Sciences, Humanities, Social Science, and Science. It is a member of the U15, a group of research-intensive universities in Canada. The university bears the name of William McMaster, a prominent Canadian senator and banker who bequeathed C$900,000 to its founding. It was incorporated under the terms of an act of the Legislative Assembly of Ontario in 1887, merging the Toronto Baptist College with Woodstock College. It opened in Toronto in 1890. Inadequate facilities and the gift of land in Hamilton prompted its relocation in 1930. The Baptist Convention of Ontario and Quebec controlled the university until it became a privately chartered, pu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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