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The O-ring theory of economic development is a model of economic development put forward by Michael Kremer in 1993, [1] which proposes that tasks of production must be executed proficiently together in order for any of them to be of high value. The key feature of this model is positive assortative matching, whereby people with similar skill ...
Kremer's work on the O-ring theory was inspired by his time in Kenya, when he organized a training session for WorldTeach volunteers, but forgot to purchase toilet paper for the event. [37] The experience demonstrated how even small failures can derail a larger enterprise, such that production processes often require many complementary high ...
Endogenous growth theory, holds that economic growth is primarily the result of endogenous and not external forces Dual-sector model , a model in developmental economics O-Ring theory of economic development , a model of economic development put forward by Michael Kremer, which proposes that tasks of production must be executed proficiently ...
Traf-O-Data was a business partnership between Bill Gates, Paul Allen and Paul Gilbert back in the 1970s. It was designed to read the raw data from roadway traffic counters and produce reports for ...
This relates to efficiencies in production available if workers are evenly matched in their skills or productivity. A consideration of this assortative matching forms the basis of Kremer's 1993 O-ring theory of economic development. [29]
Earth may have had a ring made up of a broken asteroid over 400 million years ago, a study finds. The Saturn-like feature could explain a climate shift at the time.
[5] [6] In 2019, Banerjee shared the Nobel Memorial Prize in Economic Sciences with Esther Duflo and Michael Kremer, "for their experimental approach to alleviating global poverty." [1] [6] He and Esther Duflo are married, and became the sixth married couple to jointly win a Nobel or Nobel Memorial Prize. [7]
Lady Gaga. Jeff Kravitz/FilmMagic Lady Gaga has fans thinking she could be walking down the aisle soon. The “Bad Romance” singer, 38, sparked engagement speculation when she was photographed ...