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Economic transformation. In economics, economic transformation refers to the continuous process of (1) moving labour and other resources from lower- to higher-productivity sectors (structural change [1]) and (2) raising within-sector productivity growth. [2] As such, economic transformation emphasises the movement from low- to high-productivity ...
Transformation is a unidirectional and irreversible change in dominant human economic activity (economic sector). Such change is driven by slower or faster continuous improvement in sector productivity growth rate. Productivity growth itself is fueled by advances in technology, inflow of useful innovations, accumulated practical knowledge and ...
Karl Paul Polanyi (/ p oʊ ˈ l æ n j i /; Hungarian: Polányi Károly [ˈpolaːɲi ˈkaːroj]; 25 October 1886 – 23 April 1964) [1] was an Austro-Hungarian economic anthropologist, economic sociologist, and politician, [2] best known for his book The Great Transformation, which questions the conceptual validity of self-regulating markets.
Theory of the firm. The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. [1] Firms are key drivers in economics, providing goods and services in return for monetary payments and ...
Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets. [1] A professional focus of the journal Business Economics has ...
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.
Neo-Schumpeterian economics is a school of thought that places technological innovation at the core of economic growth and transformation processes. It is inspired by the work of Joseph Schumpeter who coined the term creative destruction for the continuous introduction of technological change that drives growth by replacing old, less productive structures with new, more productive ones.
The Bertelsmann Transformation Index (BTI) is a measure of the development status and governance of political and economic transformation processes in developing and transition countries around the world. [ 2 ][ 3 ] The BTI has been published biennially by the Bertelsmann Stiftung since 2005, [ 4 ] most recently in 2022 on 137 countries. [ 5 ]