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The division of labour is the separation of the tasks in any economic system or organisation so that participants may specialise (specialisation).Individuals, organisations, and nations are endowed with or acquire specialised capabilities, and either form combinations or trade to take advantage of the capabilities of others in addition to their own.
Traditional economy (a generic term for older economic systems, opposed to modern economic systems) Non-monetary economy (without the use of money, opposed to monetary economy) Subsistence economy (without surplus, exchange or market trade) Gift economy (where an exchange is made without any explicit agreement for immediate or future rewards ...
Niall Ferguson, The Cash Nexus: Money and Power in the Modern World, 1700-2000 (2001). Robert Fogel and Stanley L. Engerman, Time on the Cross: The Economics of American Negro Slavery (1974). Claudia Goldin, Understanding the Gender Gap: An Economic History of American Women (1990).
The Solow–Swan model or exogenous growth model is an economic model of long-run economic growth.It attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity largely driven by technological progress.
Originating in the 18th century, it is the precursor to the modern discipline of economics. [ 5 ] [ 6 ] Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics .
Sen. Chris Murphy (D-Conn.) is on the rise as a Democratic Party voice calling for a new direction as the party seeks to regroup following stinging election losses. Murphy has been among the most ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Modern Norwegian state capitalism has its origins in public ownership of the country's oil reserves and in the country's post-World War II social democratic reforms. The government of Norway has ownership stakes in many of the country's largest publicly listed companies, owning 37% of the Oslo stockmarket [ 159 ] and operates the country's ...