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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. [1] Todaro was Professor of Economics at New York ...
t. e. Development economics is a branch of economics that 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 ...
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 ...
Development theory is a collection of theories about how desirable change in society is best achieved. Such theories draw on a variety of social science disciplines and approaches. In this article, multiple theories are discussed, as are recent developments with regard to these theories. Depending on which theory that is being looked at, there ...
Harris earned a PhD in economics from Northwestern University in 1967. Harris was an African Development economist. His work on labor markets and wages, embodied in the Harris-Todaro Model is a foundation of contemporary Development Economics, and was constructed based on observations of Nigerian and Kenyan labor markets. [2]
Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run ...
The "Dual Sector Model" is a theory of development in which surplus labor from traditional agricultural sector is transferred to the modern industrial sector whose growth over time absorbs the surplus labor, promotes industrialization and stimulates sustained development. In the model, the traditional agricultural sector is typically ...
Neocolonial dependence. Neocolonial dependence is an indirect outgrowth of Marxist thinking which is a subgroup of development economics. According to this doctrine, third world underdevelopment is viewed as the result of highly unequal international capitalist system or rich country-poor country relationships.
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