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Choice Of Techniques
The choice of techniques is an area of economics in which the question of the appropriate capital or labour-intensity of the method of production of goods is discussed. In the context of traditional development economics it was often recognised ( Stewart (1972) for example) that this choice was central to development strategies and that such choices were inter-twined with decisions over the type of goods to be produced and the scale of operation of an industry.Bagchi, Amiya Kumar. (1977) ''Choice of techniques and technological development in underdeveloped countries: a critique of the non-neoclassical orthodoxy''. Calcutta: Centre for Studies in Social Sciences. See also * Amartya Sen Amartya Kumar Sen (; born 3 November 1933) is an Indian economist and philosopher, who since 1972 has taught and worked in the United Kingdom and the United States. Sen has made contributions to welfare economics, social choice theory, econom ... * Landesque capital References Productio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Intensity
Capital intensity is the amount of fixed or real capital present in relation to other factors of production, especially labor. At the level of either a production process or the aggregate economy, it may be estimated by the capital to labor ratio, such as from the points along a capital/labor isoquant. Growth The use of tools and machinery makes labor more effective, so rising capital intensity (or "capital deepening") pushes up the productivity of labor. Capital intensive societies tend to have a higher standard of living over the long run. Calculations made by Robert Solow claimed that economic growth was mainly driven by technological progress (productivity growth) rather than inputs of capital and labor. However recent economic research has invalidated that theory, since Solow did not properly consider changes in both investment and labor inputs. Dale Jorgenson, of Harvard University, President of the American Economic Association in 2000, concludes that: 'Griliches and I show ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Intensity
Labor intensity is the relative proportion of labor (compared to capital) used in any given process. Its inverse is capital intensity. Labor intensity has been declining since the onset of the Industrial Revolution in the late 1700s, while its inverse, capital intensity, has increased nearly exponentially since the latter half of the 20th century. Labor-intensive industries A labor-intensive industry requires large amounts of manual labor to produce its goods or services. In such industries, labor costs are more of a concern than capital costs. Labor intensity is measured by its proportion to the amount of capital to produce goods or services. The higher the labor cost, the more labor intense is the business. Labor cost can vary because businesses can add or subtract workers based on business needs. When it comes to controlling expenses, labor intensive businesses have an advantage over those that are capital intensive and require a large investment in capital equipment, such as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frances Stewart (economist)
Frances Julia Stewart (born 4 August 1940) is professor emeritus of development economics and director of the Centre for Research on Inequality, Human Security and Ethnicity (CRISE), University of Oxford. A pre-eminent development economist, she was named one of fifty outstanding technological leaders for 2003 by ''Scientific American''. She was president of the Human Development and Capability Association from 2008–2010. Early life Frances Stewart was born in Kendal on 4 August 1940, the daughter of Clarissa Goldschmidt, a history graduate from Somerville College, Oxford, and the economist Nicholas Kaldor. Her sister is the London School of Economics political scientist Mary Kaldor Mary Henrietta Kaldor (born 16 March 1946) is a British academic, currently Professor of Global Governance at the London School of Economics, where she is also the Director of the Civil Society and Human Security Research Unit. She also teaches .... The family moved to Cambridge in 1950. Sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amartya Sen
Amartya Kumar Sen (; born 3 November 1933) is an Indian economist and philosopher, who since 1972 has taught and worked in the United Kingdom and the United States. Sen has made contributions to welfare economics, social choice theory, economic and social justice, economic theories of famines, decision theory, development economics, public health, and measures of well-being of countries. He is currently a Thomas W. Lamont University Professor, and Professor of Economics and Philosophy at Harvard University. He formerly served as Master of Trinity College at the University of Cambridge. He was awarded the Nobel Memorial Prize in Economic Sciences in 1998 and India's Bharat Ratna in 1999 for his work in welfare economics. The German Publishers and Booksellers Association awarded him the 2020 Peace Prize of the German Book Trade for his pioneering scholarship addressing issues of global justice and combating social inequality in education and healthcare. Early life and educ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Landesque Capital
Landesque capital is a widespread concept used to understand anthropogenic landscapes that serve important economic, social, and ritual purposes. Etymology The concept of landesque capital was first used in academic texts by economist Amartya Sen. It occurred in his 1959 thesis on the choice of techniques of agriculture for “ underdeveloped countries”. Sen claimed that previous studies had failed to take into account the implications of such technical investments for non-wage economies with land as a dominant factor of production: {{quote, Once land is introduced in our analysis, we have to distinguish between two types of capital good The economic concept of a capital good (also called complex product systems (CoPS),H. Rush, "Managing innovation in complex product systems (CoPS)," IEE Colloquium on EPSRC Technology Management Initiative (Engineering & Physical Sciences Researc ...s—those which replace labour (e.g., tractors) and those which replace land (e.g., fertilizers) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |