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There are many examples of countries that have converged with developed countries which validate the catch-up theory. [5] Based on case studies on Japan, Mexico and other countries, Nakaoka studied social capabilities for industrialization and clarified the features of human and social attitudes in the catching-up process of Japan in the Meiji period (1868-1912).
Convergence clubs, in global economic theory, pertain to levels of international attainment. Groups of countries are classified based on educational levels, income per capita and other measurable factors. For example, countries considered "poor" tend to converge towards one another and create a convergence club at a low level of per-capita wealth.
The objective of a common market is most often economic convergence and the creation of an integrated single market. It is sometimes considered as the first stage of a single market. The European Economic Community was the first large-scale example of a common market. [a]
More far-reaching measures (i.e. commonly agreed "convergence benchmark standards" of a more binding legal nature, and a treasury for the eurozone), could also be agreed to complete the EMU's economic and institutional architecture, for the purpose of making the convergence process more binding.
Trade can be a key factor in economic development. The prudent use of trade can boost a country's development and create absolute gains for the trading partners involved. Trade has been touted as an important tool in the path to development by prominent economists.
Continue reading ->The post GDP: Definition, Examples and Economic Usage appeared first on SmartAsset Blog. It’s used to gauge a nation’s economic growth and its people's standard of living ...
Agricultural markets are a context where the cobweb model might apply, since there is a lag between planting and harvesting (Kaldor, 1934, p. 133–134 gives two agricultural examples: rubber and corn). Suppose for example that as a result of unexpectedly bad weather, farmers go to market with an unusually small crop of strawberries.
While still building on traditional models such as the Ricardian framework, the mid 1900s bring forth innovation in international trade theory with the introduction of the Heckscher-Ohlin (H-O) model, developed by Swedish economists Eli Heckscher and Bertil Ohlin from the Stockholm School of Economics.