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Widjojo Nitisastro (23 September 1927 – 9 March 2012) was an Indonesian economist, who was known as the main architect of the Indonesian economy during the New Order regime [1] of President Suharto, serving as Minister for National Development (1971–1983) and Coordinating Minister for Economy, Finance and Industry (1973–1983). [2]
Harun Nasution was born on September 19, 1919 in North Sumatra, Dutch East Indies. He was born from a family background of traditional Sunni scholars and traders. His father had been a traditional religious scholar, who despite his own immersion in Arabic and Islamic culture sent his son to a Dutch primary school.
Under the cultivation system (or "tanam paksa" in Indonesian) in place for most of the 19th century, the Dutch colonial government in the Indonesian archipelago required indigenous farmers to deliver, as a sort of tax, fixed amounts of specified crops, such as sugar or coffee.
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a mutual perspective on the way economies function. While economists do not always fit within particular schools, particularly in the modern era, classifying economists into schools of thought is common.
In 2011, the Indonesian government announced a new Masterplan (known as the MP3EI, or Masterplan Percepatan dan Perluasan Pembangunan Ekonomi Indonesia, the Masterplan to Accelerate and Expand Economic Development in Indonesia). The aim was to encourage increased investment, particularly in infrastructure projects across Indonesia. [153]
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.
In the mid-1950s, the economists who would become the Berkeley Mafia were students at the Faculty of Economics at the University of Indonesia (FEUI). The faculty was headed by Sumitro Djojohadikusumo, an economist who had served as Minister of Trade and Industry and Minister of Finance for the Government.
Walras's law implies that the sum of the values of excess demands across all markets must equal zero, whether or not the economy is in a general equilibrium. This implies that if positive excess demand exists in one market, negative excess demand must exist in some other market.