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The theory is generally associated with Hirschman. He presented a complete theoretical formulation of the strategy. Underdeveloped countries display common characteristics: low levels of GNI per capita and slow GNI per capita growth, large income inequalities and widespread poverty, low levels of productivity, great dependence on agriculture, a backward industrial structure, a high proportion ...
The Strategy of Economic Development is a 1958 book on economic development by Albert O. Hirschman.Hirschman critiques the theories of balanced growth put forward by Ragnar Nurkse and Paul Rosenstein-Rodan, which call for simultaneous, large-scale increases in investment across multiple sectors to spur economic growth.
Proposition 4: A strategy can be deconstructed into elements. Proposition 5: Each of the individual components of a strategy's broad path (i.e., each of its essential thrusts) is a single coherent concept directly addressing the delivery of the basic direction. Proposition 6: A strategy's essential thrusts each imply a specific channel of ...
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...
Traditional game theory is a critical principle of economic theory, and assumes that people's strategic decisions are shaped by rationality, selfishness and utility maximisation. [7] It focuses on the mathematical structure of equilibria, and tends to use basic rational choice theory and utility maximization as the primary principles within ...
Human development theory is a theory which uses ideas from different origins, such as ecology, sustainable development, feminism and welfare economics. It wants to avoid normative politics and is focused on how social capital and instructional capital can be deployed to optimize the overall value of human capital in an economy.
Developmentalism is a cross-disciplinary school of thought [1] that gave way to an ideology of development as the key strategy towards economic prosperity. The school of thought was, in part, a reaction to the United States’ efforts to oppose national independence movements throughout Asia and Africa, which it framed as communist. [ 1 ]
An example of behaviour inhibited by heuristics can be seen when comparing the cognitive strategies utilised in simple situations (e.g. tic-tac-toe), in comparison to strategies utilised in difficult situations (e.g. chess). Both games, as defined by game theory economics, are finite games with perfect information, and therefore equivalent. [10]