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Harris–Todaro Model
The Harris–Todaro model, named after John R. Harris and Michael Todaro, is an economic model developed in 1970 and used in development economics and welfare economics to explain some of the issues concerning rural-urban migration. The main assumption of the model is that the migration decision is based on ''expected'' income differentials between rural and urban areas rather than just wage differentials. This implies that rural-urban migration in a context of high urban unemployment can be economically rational if expected urban income exceeds expected rural income. Overview In the model, an equilibrium is reached when the expected wage in urban areas (actual wage adjusted for the unemployment rate), is equal to the marginal product of an agricultural worker. The model assumes that unemployment is non-existent in the rural agricultural sector. It is also assumed that rural agricultural production and the subsequent labor market is perfectly competitive In economics, speci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John R
John R. (born John Richbourg, August 20, 1910 - February 15, 1986) was an American radio disc jockey who attained fame in the 1950s and 1960s for playing rhythm and blues music on Nashville radio station WLAC. He was also a notable record producer and artist manager. Richbourg was arguably the most popular and charismatic of the four announcers at WLAC who showcased popular African-American music in nightly programs from the late 1940s to the early 1970s. (The other three were Gene Nobles, Herman Grizzard, and Bill "Hoss" Allen.) Later rock music disc jockeys, such as Alan Freed and Wolfman Jack, mimicked Richbourg's practice of using speech that simulated African-American street language of the mid-twentieth century. Richbourg's highly stylized approach to on-air presentation of both music and advertising earned him popularity, but it also created identity confusion. Because Richbourg and fellow disc jockey Allen used African-American speech patterns, many listeners thought that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Todaro
Michael Paul Todaro (born May 14, 1942) is an American economist and a pioneer in the field of development economics. Todaro earned a PhD in economics from Yale University in 1968 for a thesis titled ''The Urban Employment Problem in Less Developed Countries – An Analysis of Demand and Supply''. Todaro was Professor of Economics at New York University for eighteen years and Senior Associate at the Population Council for thirty years. He lived and taught in Africa for six years. He appears in Who's Who in Economics and Economists of the Twentieth Century. He is also the author of eight books and more than fifty professional articles. In a special February 2011 centenary edition, the American Economic Review selected Todaro’s article “Migration, Unemployment and Development: A 2-Sector Analysis” (with John Harris) as one of the twenty most important articles published by that journal during the first one hundred years of its existence. He is the co-author of the widely used ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Development Economics
Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels. Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level. This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods. Common topics include growth theory, poverty and inequality, human capital, and institutions. Unlike in many other fields of economics, approaches in development ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welfare Economics
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. Attempting to apply the principles of welfare economics gives rise to the field of public economics, the study of how government might intervene to improve social welfare. Welfare economics also provides the theoretical foundations for particular instruments of public economics, including cost–benefit analysis, while the combination of welfare economics and insights from behavioral economics has led to the creation of a new subfield, behavioral welfare economics. The field of welfare economics is associated with two fundamental theorems. The first states that given certain assumptions, competitive markets produce ( Pareto) efficient outcomes; it captures the logic of Adam Smith's invisible hand. The second states that given further restrictions, any Pareto efficient outcome can be supported as a competitive market equilibrium. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Migration
Human migration is the movement of people from one place to another with intentions of settling, permanently or temporarily, at a new location (geographic region). The movement often occurs over long distances and from one country to another (external migration), but internal migration (within a single country) is also possible; indeed, this is the dominant form of human migration globally. Migration is often associated with better human capital at both individual and household level, and with better access to migration networks, facilitating a possible second move. It has a high potential to improve human development, and some studies confirm that migration is the most direct route out of poverty.Age is also important for both work and non-work migration. People may migrate as individuals, in family units or in large groups. There are four major forms of migration: invasion, conquest, colonization and emigration/immigration. Persons moving from their home due to forced displa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Equilibrium
In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the ( equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes, and quantity is called the "competitive quantity" or market clearing quantity. But the concept of ''equilibrium'' in economics also applies to imperfectly competitive markets, where it takes the form of a Nash equilibrium. Understanding economic equilibriu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unemployment
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for Work (human activity), work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). Unemployment can have many sources, such as the following: * new technology, technologies and inventions * the status of the economy, which can be influenced by a recession * competition caused by globalization and international trade * Policy, policies of the government * regulation and market (economics), market Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Product
In economics and in particular neoclassical economics, the marginal product or marginal physical productivity of an input (factor of production) is the change in output resulting from employing one more unit of a particular input (for instance, the change in output when a firm's labor is increased from five to six units), assuming that the quantities of other inputs are kept constant. The marginal product of a given input can be expressed as: :MP = \frac where \Delta X is the change in the firm's use of the input (conventionally a one-unit change) and \Delta Y is the change in quantity of output produced (resulting from the change in the input). Note that the quantity Y of the "product" is typically defined ignoring external costs and benefits. If the output and the input are infinitely divisible, so the marginal "units" are infinitesimal, the marginal product is the mathematical derivative of the production function with respect to that input. Suppose a firm's output ''Y'' is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perfect Competition
In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition. In Economic model, theoretical models where conditions of perfect competition hold, it has been demonstrated that a Market (economics), market will reach an Economic equilibrium, equilibrium in which the quantity supplied for every Goods and services, product or service, including Workforce, labor, equals the quantity demanded at the current price. This equilibrium would be a Pareto optimum. Perfect competition provides both allocative efficiency and productive efficiency: * Such markets are ''allocatively efficient'', as output will always occur where marginal cost is equal to average revenue i.e. price (MC = AR). In perfect competition, any Profit maximization, profit-maximizing producer faces a market price equal to its marginal cost (P = MC). This implies that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Migration In China
Internal migration in the People's Republic of China is one of the most extensive in the world according to the International Labour Organization. This is because migrants in China are commonly members of a floating population, which refers primarily to migrants in China without local household registration status through the Chinese Hukou system. In general, rural-urban migrant most excluded from local educational resources, citywide social welfare programs and many jobs because of their lack of hukou status. Migrant workers are not necessarily rural workers; they can simply be people living in urban areas with rural household registration. In 2015 a total of 277.5 million migrant workers (36% of the total workforce of 770 million) existed in China. Out of these, migrant workers who left their hometown and worked in other provinces accounted for 158.63 million (an increase of 3.4% compared to 2010) and migrant workers who worked within their home provinces reached 94.15 milli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agricultural Productivity
Agricultural productivity is measured as the ratio of agricultural outputs to inputs. While individual products are usually measured by weight, which is known as crop yield, varying products make measuring overall agricultural output difficult. Therefore, agricultural productivity is usually measured as the market value of the final output. This productivity can be compared to many different types of inputs such as labour or land. Such comparisons are called partial measures of productivity. Agricultural productivity may also be measured by what is termed total factor productivity (TFP). This method of calculating agricultural productivity compares an index of agricultural inputs to an index of outputs. This measure of agricultural productivity was established to remedy the shortcomings of the partial measures of productivity; notably that it is often hard to identify the factors cause them to change. Changes in TFP are usually attributed to technological improvements. Agri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. 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 pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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