Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP).
Environmental determinism is the study of how the physical environment predisposes societies and states towards particular development trajectories. Jared Diamond, Jeffrey Herbst, Ian Morris, and other social scientists sparked a revival of the theory during the late twentieth and early twenty-first centuries. This "neo-environmental determinism" school of thought examines how geographic and ecological forces influence state-building, economic development, and institutions. Many scholars underscore that this original approach was used to encourage colonialism and eurocentrism, and devalued human agency in non-Western societies, whereas modern figures like Diamond have instead used the approach as an explanation that rejects racism.
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.
Development economics is a branch of economics which 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 health, education and workplace conditions, whether through public or private channels.
Institutions are humanly devised structures of rules and norms that shape and constrain individual behavior. All definitions of institutions generally entail that there is a level of persistence and continuity. Laws, rules, social conventions and norms are all examples of institutions. Institutions vary in their level of formality and informality.
Democratization, or democratisation, is the democratic transition to a more democratic political regime, including substantive political changes moving in a democratic direction.
Modernization theory is used to explain the process of modernization within societies. The "classical" theories of modernization of the 1950s and 1960s drew on sociological analyses of Karl Marx, Emile Durkheim and a partial reading of Max Weber, and were strongly influenced by the writings of Harvard sociologist Talcott Parsons. Modernization theory was a dominant paradigm in the social sciences in the 1950s and 1960s, then went into a deep eclipse. It made a comeback after 1991, when Francis Fukuyama wrote about the end of the Cold War as confirmation on modernization theory and more generally of universal history. But the theory remains a controversial model.
Barrington Moore Jr. was an American political sociologist, and the son of forester Barrington Moore.
Kamer Daron Acemoğlu is a Turkish-born American economist who has taught at the Massachusetts Institute of Technology (MIT) since 1993. He is currently the Elizabeth and James Killian Professor of Economics at MIT. He was named Institute Professor in 2019.
Seymour Martin Lipset was an American sociologist and political scientist. He was the president of the American Political Science Association. His major work was in the fields of political sociology, trade union organization, social stratification, public opinion, and the sociology of intellectual life. He also wrote extensively about the conditions for democracy in comparative perspective. A socialist in his early life, Lipset later moved to the right, and was considered to be one of the first neoconservatives.
The American Economic Review is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Erzo FP Luttmer, a professor of economics at Dartmouth College. The journal is based in Pittsburgh.
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.
New Institutional Economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics. Unlike neoclassical economics, it also considers the role of culture and classical political economy in economic development.
Fabrizio Zilibotti is an Italian economist. He is the Tuntex Professor of International and Development Economics at Yale University. Zilibotti was previously professor of economics at University College London, the University of Zürich, and at the Institute for International Economic Studies in Stockholm.
Oded Galor is an Israeli-American economist who is currently Herbert H. Goldberger Professor of Economics at Brown University. He is the founder of unified growth theory.
Simon H. Johnson is a British American economist. He is the Ronald A. Kurtz Professor of Entrepreneurship at the MIT Sloan School of Management and a senior fellow at the Peterson Institute for International Economics. He has held a wide variety of academic and policy-related positions, including professor of economics at Duke University's Fuqua School of Business. From March 2007 through the end of August 2008, he was Chief Economist of the International Monetary Fund.
Konstantin Sonin is a Russian-born American economist. He is a professor at the University of Chicago Harris School of Public Policy, research fellow at the Centre for Economic Policy Research (CEPR), London, and an associate research fellow at the Stockholm Institute of Transition Economics. In recognition for his outstanding research in the field of political economy, in December 2015, he was named the John Dewey Distinguished Service Professor of the University of Chicago.
The Colonial Origins of Comparative Development is a 2001 article written by Daron Acemoglu, Simon Johnson, and James A. Robinson and published in American Economic Review. It is considered a seminal contribution to development economics through its use of European settler mortality as an instrumental variable of institutional development in former colonies. The theory proposed in the article is that Europeans only set up growth-inducing institutions in areas where the disease environment was favourable so that they could settle. In areas with unfavourable disease environments to Europeans, such as central Africa, they instead set up extractive institutions which persist to the present day and explain much of the variation in income across countries. Other theories explored in the article argue that it is the choices of institutions within the country that result in the effective and efficient use of resources in leading to the successful development of that country. Important issues with the data and analysis have been identified, causing some doubt as to the accuracy of these results.
Why Nations Fail: The Origins of Power, Prosperity, and Poverty, first published in 2012, is a book by economists Daron Acemoglu and James A. Robinson. The book applies insights from institutional economics, development economics and economic history to understand why nations develop differently, with some succeeding in the accumulation of power and prosperity and others failing, via a wide range of historical case studies.
Critical juncture theory focuses on critical junctures, i.e., large, rapid, discontinuous changes, and the long-term causal effect or historical legacy of these changes. Critical junctures are turning points that alter the course of evolution of some entity. Critical juncture theory seeks to explain both (1) the historical origin and maintenance of social order, and (2) the occurrence of social change through sudden, big leaps.
