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The Galor-Zeira model, established by Oded Galor and Joseph Zeira in 1988, is the first macroeconomic model to examine the influence of economic inequality on macroeconomic dynamics. The model disputes the previously prevalent view, held by the representative agent approach in macroeconomics till the early 1990s, that economic inequality has no ...
The theory arose as a reaction to modernization theory, an earlier theory of development which held that all societies progress through similar stages of development, that today's underdeveloped areas are thus in a similar situation to that of today's developed areas at some time in the past, and that, therefore, the task of helping the ...
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
Milanovic (2011) points out that overall, global inequality between countries is more important to growth of the world economy than inequality within countries. [95] While global economic growth may be a policy priority, recent evidence about regional and national inequalities cannot be dismissed when more local economic growth is a policy ...
In developmental economics, the Poverty-Growth-Inequality Triangle (also called the Growth-Inequality-Poverty Triangle or GIP Triangle) refers to the idea that a country's change in poverty can be fully determined by its change in income growth and income inequality. According to the model, a development strategy must then also be based on ...
Human development theory is a theory which uses ideas from different origins, such as ecology, sustainable development, feminism and welfare economics. It wants to avoid normative politics and is focused on how social capital and instructional capital can be deployed to optimize the overall value of human capital in an economy.
World-systems theory (also known as world-systems analysis or the world-systems perspective) [3] is a multidisciplinary approach to world history and social change which emphasizes the world-system (and not nation states) as the primary (but not exclusive) unit of social analysis. [3]
Likewise, economic anthropologist Jason Hickel and Dylan Sullivan posit that it was the expansion of colonialism and the bulldozing of regions into the emerging capitalist world system starting in the late 15th and early 16th centuries that created "periods of severe social and economic dislocation" which resulted in wages crashing to ...