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Joan Robinson's Growth Model
Joan Robinson's Growth Model is a simple model of economic growth, reflecting the working of a pure capitalist economy, expounded by Joan Robinson in her 1956 book ''The Accumulation of Capital''. However, ''The Accumulation of Capital'' was a terse book. In a later book, ''Essays in the theory of Economic Growth'', she tried to lower the degree of abstraction. Robinson presented her growth model in verbal terms. A mathematical formalization was later provided by Kenneth K. Kurihara. Assumptions: # There is a laissez-faire closed economy. # The factors of production are capital and labour only. # There is neutral technical progress. # There are only two classes: workers and capitalists, among whom the national income is distributed. # Workers save nothing and spend their wage income on consumption. # Capitalists consume nothing, but save and invest their entire income for capital formation. # There is no change in the price level. # Saving is a function of profit. The model The ... [...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] |
Capitalist Economy
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets. Economists, historians, political economists and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include ''laissez-faire'' or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism. Different forms of capitalism feature varying degrees of f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joan Robinson
Joan Violet Robinson (''née'' Maurice; 31 October 1903 – 5 August 1983) was a British economist well known for her wide-ranging contributions to economic theory. She was a central figure in what became known as post-Keynesian economics. Biography Before leaving to fight in the Second Boer War, Joan's father, Frederick Maurice, married Margaret Helen Marsh, the daughter of Frederick Howard Marsh, and the sister of Edward Marsh, at St George's, Hanover Square. Joan Maurice was born in 1903, a year after her father's return from Africa. During World War II, Robinson worked on a few different Committees for the wartime national government. During this time, she visited the Soviet Union as well as China, gaining an interest in underdeveloped and developing nations. Robinson was a frequent visitor to Centre for Development Studies (CDS), Thiruvananthapuram, India. She was a visiting fellow at the Centre in the mid-1970s. She instituted an endowment fund to support public lec ... [...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] |
Kenneth K
Kenneth is an English given name and surname. The name is an Anglicised form of two entirely different Gaelic personal names: ''Cainnech'' and '' Cináed''. The modern Gaelic form of ''Cainnech'' is ''Coinneach''; the name was derived from a byname meaning "handsome", "comely". A short form of ''Kenneth'' is '' Ken''. Etymology The second part of the name ''Cinaed'' is derived either from the Celtic ''*aidhu'', meaning "fire", or else Brittonic ''jʉ:ð'' meaning "lord". People :''(see also Ken (name) and Kenny)'' Places In the United States: * Kenneth, Indiana * Kenneth, Minnesota * Kenneth City, Florida In Scotland: * Inch Kenneth, an island off the west coast of the Isle of Mull Other * "What's the Frequency, Kenneth?", a song by R.E.M. * Hurricane Kenneth * Cyclone Kenneth Intense Tropical Cyclone Kenneth was the strongest tropical cyclone to make landfall in Mozambique since modern records began. The cyclone also caused significant damage in the Comoro Islands and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laissez-faire
''Laissez-faire'' ( ; from french: laissez faire , ) is an economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies) deriving from special interest groups. As a system of thought, ''laissez-faire'' rests on the following axioms: "the individual is the basic unit in society, i.e. the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." Another basic principle of ''laissez-faire'' holds that markets should naturally be competitive, a rule that the early advocates of ''laissez-faire'' always emphasized. With the aims of maximizing freedom by allowing markets to self-regulate, early advocates of ''laissez-faire'' proposed a ''impôt unique'', a tax on land rent (similar to Georgism) to replace all taxes that they saw as damaging welfare by penalizing production. Proponents of ''l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closed Economy
Autarky is the characteristic of self-sufficiency, usually applied to societies, communities, states, and their economic systems. Autarky as an ideal or method has been embraced by a wide range of political ideologies and movements, especially left-wing ideologies like African socialism, mutualism, war communism, communalism, swadeshi, syndicalism (especially anarcho-syndicalism), and left-wing populism, generally in an effort to build alternative economic structures or to control resources against structures a particular movement views as hostile. Conservative, centrist and nationalist movements have also adopted autarky in an attempt to preserve part of an existing social order or to develop a particular industry. Proponents of autarky have argued for national self-sufficiency to reduce foreign economic, political and cultural influences, as well as to promote international peace. Economists are generally supportive of free trade. There is a broad consensus among economists ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Formation
Capital formation is a concept used in macroeconomics, national accounts and financial economics. Occasionally it is also used in corporate accounts. It can be defined in three ways: *It is a specific statistical concept, also known as net investment, used in national accounts statistics, econometrics and macroeconomics. In that sense, it refers to a measure of the ''net additions'' to the (physical) capital stock of a country (or an economic sector) in an accounting interval, or, a measure of the amount by which the total physical capital stock ''increased'' during an accounting period. To arrive at this measure, standard valuation principles are used. *It is used also in economic theory, as a modern general term for capital accumulation, referring to the total "stock of capital" that has been formed, or to the growth of this total capital stock. *In a much broader or vaguer sense, the term "capital formation" has in more recent times been used in financial economics to refer to s ... [...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] |
