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Contract theory in economics began with 1991 Nobel Laureate Ronald H. Coase's 1937 article "The Nature of the Firm". Coase notes that "the longer the duration of a contract regarding the supply of goods or services due to the difficulty of forecasting, then the less likely and less appropriate it is for the buyer to specify what the other party should do."
Transition economics is a special branch of economics dealing with the transformation of a planned economy to a market economy. It has become especially important after the collapse of Communism in Central and Eastern Europe. Transition economics investigates how an economy should reform itself to endorse capitalism and democracy.
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 ...
Economic sectors evolve (in terms of employment levels), albeit through fluctuations, in one general direction (along so called S-curve): they emerge, expand, plateau, contract and exit—just like any self-organizing system or living organism. We are naturally interested in the percentage of total workforce employed in a given sector.
In entrepreneurship and strategic management an exit strategy or exit plan is a way to transition the ownership of a company to another company (e.g. through a merger or acquisition), to investors (e.g. through an initial public offering) or to the owner's children or family.
During transition out of South African apartheid, many white elites feared that democratization would result in tyranny of the majority. Now that fair elections were held, many wealthy whites feared that the longtime poor blacks (or their elected representatives) would expropriate wealth from the white minority.
The need for long-term economic planning to promote efficiency was a central component of Labour Party thinking until the 1970s. The Conservative Party largely agreed, producing the postwar consensus, namely the broad bipartisan agreement on major policies. [31] A long-term economic plan was a phrase often used in British politics.
With the average length of a BPO contract being 5 years or more [206] – and many contracts being longer – this hypothesis will take some time to play out. On the other hand, an academic study by the London School of Economics was at pains to counter the so-called 'myth' that RPA will bring back many jobs from offshore. [207]