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Michael Paul Todaro (born May 14, 1942) is an American economist and a pioneer in the field of development economics. Todaro earned a PhD in economics from Yale University in 1968 for a thesis titled The Urban Employment Problem in Less Developed Countries – An Analysis of Demand and Supply. [1] Todaro was Professor of Economics at New York ...
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 ...
Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces. [1] Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge ...
e. In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. The term has been used frequently in the 20th and 21st centuries, but the concept has ...
t. e. Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through ...
Simon Kuznets was born in 1901 in Pinsk, [5] Russian Empire, in modern Belarus, to a Lithuanian-Jewish family. He was one of three brothers, the other being Solomon and George. [6] He completed his schooling, first at the Rivne, then, Kharkiv Realschule of Ukraine. In 1918, Kuznets entered the Kharkiv Institute of Commerce where he studied ...
Structuralist economics. Structuralist economics is an approach to economics that emphasizes the importance of taking into account structural features (typically) when undertaking economic analysis. The approach originated with the work of the Economic Commission for Latin America (ECLA or CEPAL) and is primarily associated with its director ...
Economics. The rational choice model, also called rational choice theory refers to a set of guidelines that help understand economic and social behaviour. [1] The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith. [2]