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Starting from around 2000, economists Yang Xiaokai and Lin Yifu had a famous academic debate about "backward disadvantage" and "backward advantage", [10] and their debate was essentially about whether the economic development of late-developing countries should take the path of institutional imitation or technological imitation. [11]
A periodization of capitalism seeks to distinguish stages of development that help understanding of features of capitalism through time. The best-known periodizations that have been proposed distinguish these stages as: Early / monopoly / state monopoly capitalism ; Free trade / monopoly / finance capitalism
Developmental stage theories / Child development stages – stages of child development. Erikson's stages of psychosocial development, as articulated by Erik Erikson, explain eight stages through which a healthily developing human should pass from infancy to late adulthood; Kohlberg's stages of moral development
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The development of one or more substantial manufacturing sectors with a high rate of growth; he indicates the leading sectors in the economy. Rostow regards the development of leading sectors as the 'analytical bone structure' of the stages of economic growth. There are generally three sectors of an economy: Primary Sector - Agriculture
Late capitalism is a concept first used in print (in German) by German economist Werner Sombart at the start of the 20th century. [1] Late capitalism refers to the historical epoch since 1940, including the post–World War II economic expansion.
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 health, education and workplace conditions, whether ...
The economic side of Sen's work can best be categorized under welfare economics, which evaluates the effects of economic policies on the well-being of peoples. Sen wrote the influential book Development as Freedom which added an important ethical side to development economics .