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Cambridge Capital Controversy
The Cambridge capital controversy, sometimes called "the capital controversy"Brems (1975) pp. 369-384 or "the two Cambridges debate", was a dispute between proponents of two differing theoretical and mathematical positions in economics that started in the 1950s and lasted well into the 1960s. The debate concerned the nature and role of capital goods and a critique of the neoclassical vision of aggregate production and distribution.Tcherneva (2011) The name arises from the location of the principals involved in the controversy: the debate was largely between economists such as Joan Robinson and Piero Sraffa at the University of Cambridge in England and economists such as Paul Samuelson and Robert Solow at the Massachusetts Institute of Technology, in Cambridge, Massachusetts, United States. The English side is most often labeled " post-Keynesian", while some call it " neo-Ricardian", and the Massachusetts side " neoclassical". Most of the debate is mathematical, while some ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), 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 glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...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] |
Roy Harrod
Sir Henry Roy Forbes Harrod (13 February 1900 – 8 March 1978) was an English economist. He is best known for writing ''The Life of John Maynard Keynes'' (1951) and for the development of the Harrod–Domar model, which he and Evsey Domar developed independently. He is also known for his ''International Economics'', a former standard textbook, the first edition of which contained some observations and ruminations (wanting in subsequent editions) that would foreshadow theories developed independently by later scholars (such as the Balassa–Samuelson effect). Biography Born in London he attended St Paul's and then Westminster School. Harrod attended New College in Oxford on a history scholarship. After a brief period in the Artillery in 1918 he gained a first in "literae humaniores" in 1921, and a first in modern history the following year. Afterwards he spent some time in 1922 at King's College, Cambridge. It was there that he met and befriended Keynes. After moving back to Ox ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficiency
Efficiency is the often measurable ability to avoid wasting materials, energy, efforts, money, and time in doing something or in producing a desired result. In a more general sense, it is the ability to do things well, successfully, and without waste. In more mathematical or scientific terms, it signifies the level of performance that uses the least amount of inputs to achieve the highest amount of output. It often specifically comprises the capability of a specific application of effort to produce a specific outcome with a minimum amount or quantity of waste, expense, or unnecessary effort. Efficiency refers to very different inputs and outputs in different fields and industries. In 2019, the European Commission said: "Resource efficiency means using the Earth's limited resources in a sustainable manner while minimising impacts on the environment. It allows us to create more with less and to deliver greater value with less input." Writer Deborah Stone notes that efficiency is " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Productivity
Workforce productivity is the amount of goods and services that a group of workers produce in a given amount of time. It is one of several types of productivity that economists measure. Workforce productivity, often referred to as labor productivity, is a measure for an organisation or company, a process, an industry, or a country. Workforce productivity is to be distinguished from employee productivity which is a measure employed at ''individual level'' based on the assumption that the overall productivity can be broken down to increasingly smaller units until, ultimately, to the individual employee, in order be used for example for the purpose of allocating a benefit or sanction based on individual performance (see also: Vitality curve). In 2002, the OECD defined it as "the ratio of a volume measure of output to a volume measure of input". Volume measures of output are normally gross domestic product (GDP) or gross value added (GVA), expressed at constant prices i.e. adjusted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Force
The workforce or labour force is a concept referring to the pool of human beings either in employment or in unemployment. It is generally used to describe those working for a single company or industry, but can also apply to a geographic region like a city, state, or country. Within a company, its value can be labelled as its "Workforce in Place". The workforce of a country includes both the employed and the unemployed (labour force). Formal and informal Formal labour is any sort of employment that is structured and paid in a formal way.Seager, Joni. 2008. The Penguin Atlas of Women in the World. 4th ed. New York: Penguin Books. Part 5 Unlike the informal sector of the economy, formal labour within a country contributes to that country's gross national product. Informal labour is labour that falls short of being a formal arrangement in law or in practice. It can be paid or unpaid and it is always unstructured and unregulated.Seager, Joni. 2008. The Penguin Atlas of Women in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Diminishing Returns
In economics, diminishing returns are the decrease in marginal (incremental) output of a production process as the amount of a single factor of production is incrementally increased, holding all other factors of production equal ( ceteris paribus). The law of diminishing returns (also known as the law of diminishing marginal productivity) states that in productive processes, increasing a factor of production by one unit, while holding all other production factors constant, will at some point return a lower unit of output per incremental unit of input. The law of diminishing returns does not cause a decrease in overall production capabilities, rather it defines a point on a production curve whereby producing an additional unit of output will result in a loss and is known as negative returns. Under diminishing returns, output remains positive, however productivity and efficiency decrease. The modern understanding of the law adds the dimension of holding other outputs equal, since ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital (economics)
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." A typical example is the machinery used in factories. Capital can be increased by the use of the factors of production, which however excludes certain durable goods like homes and personal automobiles that are not used in the production of saleable goods and services. Adam Smith defined capital as "that part of man's stock which he expects to afford him revenue". In economic models, capital is an input in the production function. The total physical capital at any given moment in time is referred to as the capital stock (not to be confused with the capital stock of a business entity). Capital goods, real capital, or capital assets are already-produced, durable goods or any non-fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wage Labour
Wage labour (also wage labor in American English), usually referred to as paid work, paid employment, or paid labour, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labour power under a formal or informal employment contract. These transactions usually occur in a labour market where wages or salaries are market-determined. In exchange for the money paid as wages (usual for short-term work-contracts) or salaries (in permanent employment contracts), the work product generally becomes the undifferentiated property of the employer. A wage labourer is a person whose primary means of income is from the selling of their labour in this way. Characteristics In modern mixed economies such as those of the OECD countries, it is currently the most common form of work arrangement. Although most labour is organised as per this structure, the wage work arrangements of CEOs, professional employees, and professional contract wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Resources
Natural resources are resources that are drawn from nature and used with few modifications. This includes the sources of valued characteristics such as commercial and industrial use, aesthetic value, scientific interest and cultural value. On Earth, it includes sunlight, atmosphere, water, land, all minerals along with all vegetation, and wildlife. Natural resources is a part of humanity's natural heritage or protected in nature reserves. Particular areas (such as the rainforest in Fatu-Hiva) often feature biodiversity and geodiversity in their ecosystems. Natural resources may be classified in different ways. Natural resources are materials and components (something that can be used) that can be found within the environment. Every man-made product is composed of natural resources (at its fundamental level). A natural resource may exist as a separate entity such as fresh water, air, as well as any living organism such as a fish, or it may be transformed by extractivist in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technological Improvement
Technological change (TC) or technological development is the overall process of invention, innovation and diffusion of technology or processes.From ''The New Palgrave Dictionary otechnical change by S. Metcalfe. •biased and biased technological change by Peter L. Rousseau. •skill-biased technical change by Giovanni L. Violante. In essence, technological change covers the invention of technologies (including processes) and their commercialization or release as open source via research and development (producing emerging technologies), the continual improvement process, continual improvement of technologies (in which they often become less expensive), and the diffusion of technologies throughout industry or society (which sometimes involves disruption and convergence). In short, technological change is based on both better and more technology. Modeling technological change In its earlier days, technological change was illustrated with the 'Linear Model of Inn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Population Growth
Population growth is the increase in the number of people in a population or dispersed group. Actual global human population growth amounts to around 83 million annually, or 1.1% per year. The global population has grown from 1 billion in 1800 to 7.9 billion in 2020. The UN projected population to keep growing, and estimates have put the total population at 8.6 billion by mid-2030, 9.8 billion by mid-2050 and 11.2 billion by 2100. However, some academics outside the UN have increasingly developed human population models that account for additional downward pressures on population growth; in such a scenario population would peak before 2100. World human population has been growing since the end of the Black Death, around the year 1350. A mix of technological advancement that improved agricultural productivity and sanitation and medical advancement that reduced mortality increased population growth. In some geographies, this has slowed through the process called the demographic tra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
