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Thirlwall's Law
Thirlwall's law (named after Anthony Thirlwall) states that if long run balance of payments equilibrium on current account is a requirement, and the real exchange rate stays relatively constant, then the long run growth of a country can be approximated by the ratio of the growth of exports to the income elasticity of demand for imports (Thirlwall, 1979). If the real exchange rate varies considerably, but the price elasticities of demand for imports and exports are low, the long run growth of the economy will then be determined by the growth of world income times the ratio of the income elasticity of demand for exports and imports which are determined by the structural characteristics of countries. One important example of this is that if developing countries produce mainly primary products and low value manufactured goods with a low income elasticity of demand, while developed countries specialise in high income elasticity manufactured goods the developing countries will grow at a re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anthony Thirlwall
Anthony Philip Thirlwall (born 1941) is Professor of Applied Economics at the University of Kent. He has made major contributions to regional economics; the analysis of unemployment and inflation; balance of payments theory, and to growth and development economics with particular reference to developing countries. He is the author of the bestselling textboo''Economics of Development: Theory and Evidence''(Palgrave Macmillan) now in its ninth edition. He is also the biographer and literary executor of the famous Cambridge economist Nicholas Kaldor. Perhaps his most notable contribution has been to show that if long-run balance of payments equilibrium is a requirement for a country, its growth of national income can be approximated by the ratio of the growth of exports to the income elasticity of demand for imports (Thirlwall's Law). Education Thirlwall was educated at the Harrow Weald County Grammar School (1952–59) where he was first taught economics by Merlyn Rees who later be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Of Payments
In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference between all money flowing into the country in a particular period of time (e.g., a quarter or a year) and the outflow of money to the rest of the world. These financial transactions are made by individuals, firms and government bodies to compare receipts and payments arising out of trade of goods and services. The balance of payments consists of two components: the current account and the capital account. The current account reflects a country's net income, while the capital account reflects the net change in ownership of national assets. History Until the early 19th century, international trade was heavily regulated and accounted for a relatively small portion compared with national output. In the Middle Ages, European trade was typically regulated at municipal level in the interests of security for local industry an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Elasticities
In economics, elasticity measures the percentage change of one economic variable in response to a percentage change in another. If the price elasticity of the demand of something is -2, a 10% increase in price causes the demand quantity to fall by 20%. Introduction Elasticity is an important concept in neoclassical economic theory, and enables in the understanding of various economic concepts, such as the incidence of indirect taxation, marginal concepts relating to the theory of the firm, distribution of wealth, and different types of goods relating to the theory of consumer choice. An understanding of elasticity is also important when discussing welfare distribution, in particular consumer surplus, producer surplus, or government surplus. Elasticity is present throughout many economic theories, with the concept of elasticity appearing in several main indicators. These include price elasticity of demand, price elasticity of supply, income elasticity of demand, elastici ... [...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] |
Foreign Trade Multiplier
Foreign may refer to: Government * Foreign policy, how a country interacts with other countries * Ministry of Foreign Affairs, in many countries ** Foreign Office, a department of the UK government ** Foreign office and foreign minister * United States state law, a legal matter in another state Science and technology * Foreign accent syndrome, a side effect of severe brain injury * Foreign key, a constraint in a relational database Arts and entertainment * Foreign film or world cinema, films and film industries of non-English-speaking countries * Foreign music or world music * Foreign literature or world literature * ''Foreign Policy'', a magazine Music * "Foreign", a song by Jessica Mauboy from her 2010 album ''Get 'Em Girls ''Get 'Em Girls'' is the second studio album by Australian recording artist Jessica Mauboy, released on 24 August 2010 by SRC Records and Universal Republic Records. Mauboy recorded the album in Los Angeles, New York City and Atlanta. She worke ...'' * ... [...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] |
Economics Laws
Economic law is a set of legal rules for regulating economic activity. In the legal system of the Soviet Union, economic law was the legal theory and system under which economic relations were a legal discipline independent of criminal law and civil law.Ferdinand Joseph Maria Feldbrugge, Gerard Pieter van den Berg, William B. Simons (1985) "Encyclopedia of Soviet Law", ''BRILL'', O. S. (Olimpiad Solomonovich) Ioffe, Mark W. Janis (1987) "Soviet Law and Economy", Martinus Nijhoff Publishers, In the Soviet legal system, the purpose of the economic law was to regulate the relations arising from the economic activities. The theory of the independence of the economic law was pursued after the 21st Congress of the CPSU of 1959, with the principal proponent being V.V. Laptev. After debate, this position was adopted by the decrees of the CPSU and the USSR Council of Ministers during 1970–1975 and finalized in the 1977 Soviet Constitution. See also *Constitutional economics *Law a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eponyms
An eponym is a person, a place, or a thing after whom or which someone or something is, or is believed to be, named. The adjectives which are derived from the word eponym include ''eponymous'' and ''eponymic''. Usage of the word The term ''eponym'' functions in multiple related ways, all based on an explicit relationship between two named things. A person, place, or thing named after a particular person share an eponymous relationship. In this way, Elizabeth I of England is the eponym of the Elizabethan era. When Henry Ford is referred to as "the ''eponymous'' founder of the Ford Motor Company", his surname "Ford" serves as the eponym. The term also refers to the title character of a fictional work (such as Rocky Balboa of the ''Rocky'' film series), as well as to ''self-titled'' works named after their creators (such as the album ''The Doors'' by the band the Doors). Walt Disney created the eponymous Walt Disney Company, with his name similarly extended to theme parks such as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
