Economic growth can be defined as the increase or improvement in the inflation-adjusted economy in a financial year. The economic growth rate is typically calculated as real Gross domestic product (GDP) growth rate, real GDP per capita growth rate or GNI per capita growth. The "rate" of economic growth refers to the geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend. Growth is usually calculated in "real" value, which is inflation-adjusted, to eliminate the distorting effect of inflation on the prices of goods produced. Real GDP per capita is the GDP of the entire country divided by the number of people in the country. Measurement of economic growth uses national income accounting.
Vernon Lomax Smith is an American economist who is currently a professor of economics and law at Chapman University. He was formerly the McLellan/Regent’s Professor of Economics at the University of Arizona, a professor of economics and law at George Mason University, and a board member of the Mercatus Center. Along with Daniel Kahneman, Smith won the 2002 Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics and his work in the field of experimental economics, which helped establish “laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms”.
A Veblen good is a type of luxury good, named after American economist Thorstein Veblen, for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own.
Agricultural economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber products. Agricultural economics began as a branch of economics that specifically dealt with land usage. It focused on maximizing the crop yield while maintaining a good soil ecosystem. Throughout the 20th century the discipline expanded and the current scope of the discipline is much broader. Agricultural economics today includes a variety of applied areas, having considerable overlap with conventional economics. Agricultural economists have made substantial contributions to research in economics, econometrics, development economics, and environmental economics. Agricultural economics influences food policy, agricultural policy, and environmental policy.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction.
Erik Brynjolfsson is an American academic, author and inventor. He is the Jerry Yang and Akiko Yamazaki Professor and a Senior Fellow at Stanford University where he directs the Digital Economy Lab at the Stanford Institute for Human-Centered AI, with appointments at SIEPR, the Stanford Department of Economics and the Stanford Graduate School of Business. He is also a research associate at the National Bureau of Economic Research and a best-selling author of several books. From 1990 to 2020, he was a professor at MIT.
Edward Paul Lazear was an American economist, the Morris Arnold and Nona Jean Cox Senior Fellow at the Hoover Institution at Stanford University and the Davies Family Professor of Economics at Stanford Graduate School of Business.
Immigration is the international movement of people to a destination country of which they are not usual residents or where they do not possess nationality in order to settle as permanent residents. Commuters, tourists, and other short-term stays in a destination country do not fall under the definition of immigration or migration; seasonal labour immigration is sometimes included, however.
Michael Robert Kremer is an American development economist currently serving as University Professor in Economics at the University of Chicago and Director of the Development Innovation Lab at the Becker Friedman Institute for Research in Economics. Kremer formerly served as the Gates Professor of Developing Societies at Harvard University, a role he held from 2003 to 2020. In 2019, Kremer was jointly awarded the Nobel Memorial Prize in Economic Sciences, together with Esther Duflo and Abhijit Banerjee, "for their experimental approach to alleviating global poverty."
Deindustrialization is a process of social and economic change caused by the removal or reduction of industrial capacity or activity in a country or region, especially of heavy industry or manufacturing industry.
The O-ring theory of economic development is a model of economic development put forward by Michael Kremer in 1993, which proposes that tasks of production must be executed proficiently together in order for any of them to be of high value. The key feature of this model is positive assortative matching, whereby people with similar skill levels work together.
The Easterlin paradox is a finding in happiness economics formulated in 1974 by Richard Easterlin, then professor of economics at the University of Pennsylvania, and the first economist to study happiness data. The paradox states that at a point in time happiness varies directly with income both among and within nations, but over time happiness does not trend upward as income continues to grow: while people on higher incomes are typically happier than their lower-income counterparts at a given point in time, higher incomes don't produce greater happiness over time. One explanation is that my happiness depends on a comparison between my income and my perceptions of the average standard of living. If everyone's income increases, my increased income gives a short boost to my happiness, since I do not realize that the average standard of living has gone up. Some time later, I realize that the average standard of living has also gone up, so the happiness boost produced by my increased income disappears. It is the contradiction between the point-of-time and time series findings that is the root of the paradox: while there is a correlation at a fixed point, there is no trend over multiple points. That is, in the short run, everyone perceives increases in income to be correlated with happiness and tries to increase their incomes. However, in the long run, this proves to be an illusion, since everyone's efforts to raise standards of living lead to increasing averages, leaving everyone in the same place in terms of relative income. Various theories have been advanced to explain the paradox, but the paradox itself is solely an empirical generalization. The existence of the paradox has been strongly disputed by other researchers.
Cultural economics is the branch of economics that studies the relation of culture to economic outcomes. Here, 'culture' is defined by shared beliefs and preferences of respective groups. Programmatic issues include whether and how much culture matters as to economic outcomes and what its relation is to institutions. As a growing field in behavioral economics, the role of culture in economic behavior is increasingly being demonstrated to cause significant differentials in decision-making and the management and valuation of assets.
Gregory Clark is a British economic historian who worked mostly at University of California, Davis and is now the Danish National Research Council professor of economics at the University of Southern Denmark. He is known for his economic research on the industrial revolution and social mobility.
Labour in India refers to employment in the economy of India. In 2020, there were around 476.67 million workers in India, the second largest after China. Out of which, agriculture industry consist of 41.19%, industry sector consist of 26.18% and service sector consist 32.33% of total labour force. Of these over 94 percent work in unincorporated, unorganised enterprises ranging from pushcart vendors to home-based diamond and gem polishing operations. The organised sector includes workers employed by the government, state-owned enterprises and private sector enterprises. In 2008, the organised sector employed 27.5 million workers, of which 17.3 million worked for government or government owned entities.
Peter Blair Henry, an economist, was the ninth Dean of New York University's Leonard N. Stern School of Business, and William R. Berkley Professor of Economics and Business, and author of TURNAROUND: Third World Lessons for First World Growth. Previously, he was the Konosuke Matsushita Professor of International Economics at Stanford University.
Scott B. Sumner is an American economist. He was previously the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University, a Research Fellow at the Independent Institute, and a professor at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Federal Reserve and other central banks should target nominal GDP, real GDP growth plus the rate of inflation, to better "induce the correct level of business investment".
Timothy Joseph Kane is a Visiting Fellow at the Hoover Institution at Stanford University and professor of economics at the University of Austin (UATX). He served as a U.S. Air Force intelligence officer with two overseas tours of duty. Kane co-founded multiple start-up technology firms while pursuing a Ph.D. in economics in the late 1990s, then served on the Joint Economic Committee of the U.S. Congress and was director of the Center for International Trade and Economics at The Heritage Foundation. Kane is the author of the book Bleeding Talent: How the U.S. Military Mismanages Great Leaders and Why It's Time for a Revolution. He co-authored Balance: The Economics of Great Powers from Ancient Rome to Modern America with Glenn Hubbard. Kane's latest book is The Immigrant Superpower: How Brains, Brawn, and Bravery Make America Stronger, which makes the case for greater legal immigration and zero illegal immigration.
Stock-flow consistent models (SFC) are a family of non-equilibrium macroeconomic models based on a rigorous accounting framework, that seeks to guarantee a correct and comprehensive integration of all the flows and the stocks of an economy. These models were first developed in the mid-20th century but have recently become popular, particularly within the post-Keynesian school of thought. Stock-flow consistent models are in contrast to dynamic stochastic general equilibrium models, which are used in mainstream economics.
James Donald Feyrer is a Professor of Economics at Dartmouth College, and the vice-chair of Dartmouth's Department of Economics. His research focuses on economic growth, macroeconomics and productivity.
