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Neoclassical economics emphasizes equilibria, which are the solutions of agent maximization problems. Regularities in economies are explained by methodological individualism, the position that economic phenomena can be explained by aggregating over the behavior of agents. The emphasis is on microeconomics.
The Harris–Todaro model, named after John R. Harris and Michael Todaro, is an economic model developed in 1970 and used in development economics and welfare economics to explain some of the issues concerning rural-urban migration. The main assumption of the model is that the migration decision is based on expected income differentials between ...
The original H–O model assumed that the only difference between countries was the relative abundances of labour and capital. The original Heckscher–Ohlin model contained two countries, and had two commodities that could be produced. Since there are two (homogeneous) factors of production this model is sometimes called the "2×2×2 model".
Zelinsky Model. The Zelinsky Model of Migration Transition, [1] also known as the Migration Transition Model or Zelinsky's Migration Transition Model, claims that the type of migration that occurs within a country depends on its development level and its society type. It connects migration to the stages within the Demographic Transition Model ...
Vilfredo Federico Damaso Pareto[4][a] (born Wilfried Fritz Pareto; [7] 15 July 1848 – 19 August 1923) was an Italian polymath, whose areas of interest included sociology, civil engineering, economics, political science, and philosophy. He made several important contributions to economics, particularly in the study of income distribution and ...
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics, especially rational expectations. New classical macroeconomics strives ...
v. t. e. The Fei–Ranis model of economic growth is a dualism model in developmental economics or welfare economics that has been developed by John C. H. Fei and Gustav Ranis and can be understood as an extension of the Lewis model. It is also known as the Surplus Labor model. [1] It recognizes the presence of a dual economy comprising both ...
George Jesus Borjas (/ ˈbɔːrhɑːs / [1] born Jorge Jesús Borjas, October 15, 1950) [2] is a Cuban-American economist and the Robert W. Scrivner Professor of Economics and Social Policy at the Harvard Kennedy School. [3] He has been described as "America’s leading immigration economist" [4] and "the leading sceptic of immigration among ...