The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of Benin's GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.
The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate, and a stagnant economy are all longstanding problems of this landlocked country. The export economy also remained subject to fluctuations in world prices.
The economy of Mali is based to a large extent upon agriculture, with a mostly rural population engaged in subsistence agriculture.
An informal economy is the part of any economy that is neither taxed nor monitored by any form of government. Although the informal sector makes up a significant portion of the economies in developing countries, it is sometimes stigmatized as troublesome and unmanageable. However, the informal sector provides critical economic opportunities for the poor and has been expanding rapidly since the 1960s. Integrating the informal economy into the formal sector is an important policy challenge.
This aims to be a complete article list of economics topics:
Sir William Arthur Lewis was a Saint Lucian economist and the James Madison Professor of Political Economy at Princeton University. Lewis was known for his contributions in the field of economic development. In 1979, he was awarded the Nobel Memorial Prize in Economic Sciences.
Surplus product is a concept theorised by Karl Marx in his critique of political economy. Roughly speaking, it is the extra goods produced above the amount needed for a community of workers to survive at its current standard of living. Marx first began to work out his idea of surplus product in his 1844 notes on James Mill's Elements of political economy.
Child labour is a recurring issue in cocoa production. Cote d’Ivoire and Ghana, together produce nearly 60% of the world's cocoa each year. During the 2018/19 cocoa-growing season, research commissioned by the U.S. Department of Labor was conducted by NORC at the University of Chicago in these two countries and found that 1.48 million children are engaged in hazardous work on cocoa farms including working with sharp tools and agricultural chemicals and carrying heavy loads. That number of children is significant, representing 43 percent of all children living in agricultural households in cocoa growing areas. During the same period cocoa production in Cote d’Ivoire and Ghana increased 62 percent while the prevalence of child labour in cocoa production among all agricultural households increased 14 percentage points. Attention on this subject has focused on West Africa, which collectively supplies 69% of the world's cocoa, and Côte d'Ivoire, supplying 35%, in particular. The 2016 Global Estimates of Child Labour indicate that one-fifth of all African children are involved in child labour. Nine percent of African children are in hazardous work. It is estimated that more than 1.8 million children in West Africa are involved in growing cocoa. A 2013–14 survey commissioned by the Department of Labor and conducted by Tulane University found that an estimated 1.4 million children aged 5 years old to 11 years old worked in agriculture in cocoa-growing areas, while approximately 800,000 of them were engaged in hazardous work, including working with sharp tools and agricultural chemicals and carrying heavy loads. According to the NORC study, methodological differences between the 2018/9 survey and earlier ones, together with errors in the administration of the 2013/4 survey have made it challenging to document changes in the number of children engaged in child labour over the past five years.
The Dual Sector model, or the Lewis model, is a model in developmental economics that explains the growth of a developing economy in terms of a labour transition between two sectors, the subsistence or traditional agricultural sector and the capitalist or modern industrial sector.
Development theory is a collection of theories about how desirable change in society is best achieved. Such theories draw on a variety of social science disciplines and approaches. In this article, multiple theories are discussed, as are recent developments with regard to these theories. Depending on which theory that is being looked at, there are different explanations to the process of development and their inequalities.
Michael Paul Todaro is an American economist and a pioneer in the field of development economics.
Agriculture was the foundation of the economy in Ivory Coast and its main source of growth. In 1987 the agricultural sector contributed 35 percent of the country's GDP and 66 percent of its export revenues, provided employment for about two-thirds of the national work force, and generated substantial revenues despite the drop in coffee and cocoa prices. From 1965 to 1980, agricultural GDP grew by an average 4.6 percent per year. Growth of agricultural GDP from coffee, cocoa, and timber production, which totaled nearly 50 percent of Ivory Coast's export revenues, averaged 7 percent a year from 1965 to 1980.
The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. GDP per capitaArchived 4 May 2012 at the Wayback Machine grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s, but this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This decline, coupled with high population growth, resulted in a steady fall in living standards. The Gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before.
Seasonal migration, locally called the Exode, plays an important part of the economic and cultural life of the West African nation of Niger. While it is a common practice in many nations, Niger sees as much as a third of its rural population travel for seasonal labour, during the Sahelian nation's long dry season. Common patterns of seasonal travel have been built up over hundreds of years, and destinations and work vary by community and ethnic group.
Spheres of exchange is a heuristic tool for analyzing trading restrictions within societies that are communally governed and where resources are communally available. Goods and services of specific types are relegated to distinct value categories, and moral sanctions are invoked to prevent exchange between spheres. It is a classic topic in economic anthropology.
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. It recognizes the presence of a dual economy comprising both the modern and the primitive sector and takes the economic situation of unemployment and underemployment of resources into account, unlike many other growth models that consider underdeveloped countries to be homogenous in nature. According to this theory, the primitive sector consists of the existing agricultural sector in the economy, and the modern sector is the rapidly emerging but small industrial sector. Both the sectors co-exist in the economy, wherein lies the crux of the development problem. Development can be brought about only by a complete shift in the focal point of progress from the agricultural to the industrial economy, such that there is augmentation of industrial output. This is done by transfer of labor from the agricultural sector to the industrial one, showing that underdeveloped countries do not suffer from constraints of labor supply. At the same time, growth in the agricultural sector must not be negligible and its output should be sufficient to support the whole economy with food and raw materials. Like in the Harrod–Domar model, saving and investment become the driving forces when it comes to economic development of underdeveloped countries.
In Marxian economics, surplus value is the difference between the amount raised through a sale of a product and the amount it cost to manufacture it: i.e. the amount raised through sale of the product minus the cost of the materials, plant and labour power. The concept originated in Ricardian socialism, with the term "surplus value" itself being coined by William Thompson in 1824; however, it was not consistently distinguished from the related concepts of surplus labor and surplus product. The concept was subsequently developed and popularized by Karl Marx. Marx's formulation is the standard sense and the primary basis for further developments, though how much of Marx's concept is original and distinct from the Ricardian concept is disputed. Marx's term is the German word "Mehrwert", which simply means value added, and is cognate to English "more worth".
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotative and denotative differences.
Engels' pause is a term coined by economic historian Robert C. Allen to describe the period from 1790 to 1840, when British working-class wages stagnated and per-capita gross domestic product expanded rapidly during a technological upheaval. Allen named the period after German philosopher Friedrich Engels, who describes it in The Condition of the Working Class in England. Economists have analyzed its causes and effects since the nineteenth century, with some questioning its existence. Twenty-first-century technological upheaval and wage stagnation have led economists and academics to draw parallels between the two periods.
Since becoming an independent country, Ivory Coast has transitioned from an economy dominated by agriculture—coffee and cocoa in particular—to a diversified economy with a large service sector. From 1960 to 1976, government policy focused on investing revenues from agricultural export into infrastructure. From 1976 to 1980, factors such as a boom-bust in coffee and cocoa prices, over-investment funded by foreign debt, and a devaluation of the US Dollar led Ivory Coast to the brink of financial crisis. Decreased revenues from coffee and cocoa exports continued into the 80's and early 90's, increasing the burden of foreign debt and eventually requiring lender negotiation. This resulted in the privatization of many state-owned enterprises with mixed levels of success. In 1994, the economy began a comeback due to devaluation of the CFA franc, increased export revenues, financial reforms, and debt rescheduling. Since then the economy has been impacted by and rebounded from political crises such as the 1999 coup d'état and the 2011 election crisis.
