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Global Economics
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction. * International trade studies goods and services flows across international boundaries from supply-and-demand factors, economic integration, international factor movements, and policy variables such as tariff rates and trade quotas. * International finance studies the flow of capital across international financial markets, and the effects of these movements on exchange rates. * International monetary economics and international macroeconomics study flows of money across countries and the resulting effects on their economies as a whole. * International political economy, a sub-category of internat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Trade
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (See: World economy.) In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, salt roads), its economic, social, and political importance has been on the rise in recent centuries. Carrying out trade at an international level is a complex process when compared to domestic trade. When trade takes place between two or more states, factors like currency, government policies, economy, judicial system, laws, and markets influence trade. To ease and justify the process of trade between countries of different economic standing in the modern era, some international economic organizations were formed, such as the World Trade Organization. These organizations work towards the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Relations
International relations (IR, and also referred to as international studies, international politics, or international affairs) is an academic discipline. In a broader sense, the study of IR, in addition to multilateral relations, concerns all activities among states—such as war, diplomacy, trade, and foreign policy—as well as relations with and among other international actors, such as intergovernmental organizations (IGOs), international nongovernmental organizations (INGOs), international legal bodies, and multinational corporations (MNCs). International relations is generally classified as a major multidiscipline of political science, along with comparative politics, political methodology, political theory, and public administration. It often draws heavily from other fields, including anthropology, economics, geography, history, law, philosophy, and sociology. There are several schools of thought within IR, of which the most prominent are realism, l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OECD
The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, world trade. It is a forum (legal), forum whose member countries describe themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies of its members. The majority of OECD members are generally regarded as developed country, developed countries, with High-income economy, high-income economies, and a very high Human Development Index. their collective population is 1.38 billion people with an average life expectancy of 80 years and a median age of 40, against a global average of 30. , OECD Member countries collectively comprised 62.2% of list of countries by GDP (nominal), global nom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Choice
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures), by maximizing utility subject to a consumer budget constraint. Factors influencing consumers' evaluation of the utility of goods include: income level, cultural factors, product information and physio-psychological factors. Consumption is separated from production, logically, because two different economic agents are involved. In the first case, consumption is determined by the individual. Their specific tastes or preferences determine the amount of utility they derive from goods and services they consume. In the second case, a producer has different motives to the consumer in that they are focussed on the profit they make. This is explained further by producer theory. The models ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Posner (economist)
Michael Vivian Posner (25 August 1931 – 14 February 2006) was a University of Cambridge economics lecturer turned government adviser, who later worked to safeguard social science research in the United Kingdom. Biography Posner was born to Jack and Lena Posner. His father, originally a cabinet-maker, had immigrated from Russia to escape pogroms against the Jewish community. Posner’s maternal grandparents had also fled European persecution. He grew up in Ilford. After World War II the family settled in Croydon, where Posner attended Whitgift School. He then went to Balliol College, Oxford. In 1953, Posner married linguist Rebecca Reynolds. Together they had two children: a son, Christopher, and a daughter, Barbara.Rebecca Posner, former Fellow of the Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Econometrics
Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships. M. Hashem Pesaran (1987). "Econometrics", '' The New Palgrave: A Dictionary of Economics'', v. 2, p. 8 p. 8–22 Reprinted in J. Eatwell ''et al.'', eds. (1990). ''Econometrics: The New Palgrave''p. 1 p. 1–34Abstract ( 2008 revision by J. Geweke, J. Horowitz, and H. P. Pesaran). More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference." An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships." Jan Tinbergen is one of the two founding fathers of econometrics. The other, Ragnar Frisch, also coined the term in the sense in which it is used today. A basic tool for econometrics is the multiple linear regression model. ''Econome ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rybczynski Theorem
The Rybczynski theorem was developed in 1955 by the Polish-born English economist Tadeusz Rybczynski (1923–1998). It states that at constant relative goods prices, a rise in the endowment of one factor will lead to a more than proportional expansion of the output in the sector which uses that factor intensively, and an absolute decline of the output of the other good. In the context of the Heckscher–Ohlin model of international trade, regions opened to trade often take the relative prices of goods as given. When there is a change in relative factor supply, the Rybczynski theorem explains the output changes and how factors are reallocated between the two sectors. In essence, both factors will move towards the sector that uses the factor that sees an increase in the relative supply more intensively, leading to a rise in output in this sector and an absolute decrease in output in the other sector. Eventually, across both countries, market forces would return the system toward ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corollary
In mathematics and logic, a corollary ( , ) is a theorem of less importance which can be readily deduced from a previous, more notable statement. A corollary could, for instance, be a proposition which is incidentally proved while proving another proposition; it might also be used more casually to refer to something which naturally or incidentally accompanies something else. Overview In mathematics, a corollary is a theorem connected by a short proof to an existing theorem. The use of the term ''corollary'', rather than ''proposition'' or ''theorem'', is intrinsically subjective. More formally, proposition ''B'' is a corollary of proposition ''A'', if ''B'' can be readily deduced from ''A'' or is self-evident from its proof. In many cases, a corollary corresponds to a special case of a larger theorem, which makes the theorem easier to use and apply, even though its importance is generally considered to be secondary to that of the theorem. In particular, ''B'' is unlikely to be te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stolper–Samuelson Theorem
The Stolper–Samuelson theorem is a theorem in Heckscher–Ohlin trade theory. It describes the relationship between relative prices of output and relative factor returns—specifically, real wages and real returns to capital. The theorem states that—under specific economic assumptions (constant returns to scale, perfect competition, equality of the number of factors to the number of products)—a rise in the relative price of a good will lead to a rise in the real return to that factor which is used most intensively in the production of the good, and conversely, to a fall in the real return to the other factor. History It was derived in 1941 from within the framework of the Heckscher–Ohlin model by Wolfgang Stolper and Paul Samuelson, but has subsequently been derived in less restricted models. As a term, it is applied to all cases where the effect is seen. Ronald W. Jones and José Scheinkman show that under very general conditions the factor returns change with outpu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leontief Paradox
In economics, the Leontief's paradox is that a country with a higher capital per worker has a ''lower'' capital/labor ratio in exports than in imports. This econometric finding was the result of Wassily W. Leontief's attempt to test the Heckscher–Ohlin theory ("H–O theory") empirically. In 1953, Leontief found that the United States—the most capital-abundant country in the world—exported commodities that were more labor-intensive than capital-intensive, contrary to H–O theory. Leontief inferred from this result that the U.S. should adapt its competitive policy to match its economic realities. Measurements * In 1971 Robert Baldwin showed that U.S. imports were 27% more capital-intensive than U.S. exports in the 1962 trade data, using a measure similar to Leontief's. * In 1980 Edward Leamer questioned Leontief's original methodology for comparing factor contents of an equal dollar value of imports and exports (i.e. on real exchange rate grounds). However, he acknow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comparative Advantage
Comparative advantage in an economic model is the advantage over others in producing a particular Goods (economics), good. A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade even when one country's workers are more efficient at producing ''every'' single good than workers in other countries. He demonstrated that if two countries capable of producing two commodities engage in the free market (albeit with the assumption that the capital and labour do not move internationally), then each country will increase its overall consumption by exporting the good for which it has a comparat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
