|Died||December 1, 2000 88) (aged|
|Alma mater||Harvard University and Columbia University|
|Known for||Economic history|
|Fields||Economics and Education|
Moses Abramovitz (January 1, 1912 – December 1, 2000) was a 20th-century American economist and professor. During his career, he made many contributions to the study of macroeconomic fluctuations and economic growth over time. 
Born and raised in a Jewish family in Brooklyn, New York, he completed his bachelor's degree in economics summa cum laude at Harvard University. He went to Harvard with the intention of becoming a lawyer and studied criminal justice as well as economics. However, he became more interested in economics because he was able to connect it to the world in which he was living. He earned his Ph.D. at Columbia University in 1939.  In 1985, he was awarded an honorary doctorate from the Faculty of Social Sciences at Uppsala University, Sweden.  In 1992, he was invited to Rome to become a fellow of the prestigious Accademia Nazionale Dei Lincei. He was awarded another doctorate from the University of Ancona in 1992. Abramovitz died at Stanford Hospital in California on December 1, 2000, at the age of 88, after contracting a gastrointestinal infection.
Abramovitz, called Moe by family and friends, was known for his modest personality and was described as one of the least ego-driven scholars in economics. He married Carrie Glasser, a Brooklyn-born painter and sculptor, in 1937. She died in 1999. 
Abramovitz started his career as a lecturer at Harvard in the mid-1930s. After finishing his doctorate at Columbia, he joined the National Bureau of Economic Research in New York, where he began his investigation of inventory investment cycles. During World War II, Abramovitz served on the War Production Board and in the Office of Strategic Services as chief of the European industry and trade section. In 1945 and 1946, he was an economic adviser to the United States representative on the Allied Reparations Commission.  He was also a founding faculty member of the Department of Economics at Stanford University, which he joined in the fall of 1948. He taught there for almost 30 years.  From 1962 to 1963, he was the adviser to the secretary general of the Organization for Economic Cooperation and Development in Paris. He then served as the organization chair from 1963 to 1965 and from 1971 to 1974. Over the course of his career, Abramovitz carried out many pioneering studies of macroeconomics and long-term growth. His 1986 article, "Catching Up, Forging Ahead and Falling Behind" is the second most cited of all the papers published by the Journal of Economic History . 
He referred to total factor productivity as a "measure of our ignorance about the causes of economic growth".
This result is surprising in the lopsided importance which it appears to give to productivity increase, and it should be, in a sense, sobering, if not discouraging, to students of economic growth. Since we know little about the causes of productivity increase, the indicated importance of this element may be taken to be some sort of measure of our ignorance about the causes of economic growth in the United States and some sort of indication of where we need to concentrate our attention.— Moses Abramovitz, Resource and output trends in the United States since 1870 (1956)
Abramovitz's catch-up growth hypothesis attempted to explain Western Europe's Golden Era of economic growth from 1948 to 1972. He essentially concluded that the key to the growth was Western Europe's ability to import and implement technology from the United States. The growth rate of a developing country will be higher than the growth rate of a developed country because the diminishing return of developing countries is much lower. If a country is trying to be industrialized, it can only be better off; it will grow much faster than countries that are already industrialized. In the process, the country creates more jobs and more capital, which means the economy's total revenue will increase more and more quickly. 
Abramovitz's theory does not guarantee that poor countries will catch up to developed countries, because the poor countries might fail to adapt to new technology, attract capital and participate in the global market.
If a country cannot adapt to the technology it is offered, it will not be able to generate more capital, which will cause the catch-up process to fail. If the country does not build relationships with developed nations, the process will also fail. Building such relationships is so important because it is developed countries that will purchase most of developing countries' capital. If the developing country sells more capital, it will grow. If it grows, it will catch up. 
During his time at the National Bureau of Economics Research, Abramovitz researched the role inventories play in business cycles. A business cycle is a fluctuation in economic activity over a period of time. The fluctuation may be good, as with a boom and economic expansion, or bad, as with a recession or depression. In his paper "The Role of Inventories in Business Cycles," Abramovitz wrote that inventory can play a negative role if there is a lag in the production of the inventory. A lag can occur for the following reasons:
Aggregate inventories of wholesalers and retailers also appear to have lagged behind sales by about six months. Detailed studies reveal that this lag reflects large differences in the ability of merchants in different trades to keep the rate at which they receive goods in line with the rate at which they can dispose of them. Some merchants' ability to adjust inventories to sales is so limited as to produce a long lag of stocks behind sales, or even an inverse relationship between sales and inventories. If these various lags are worked out, a country can stop the negative effect of inventories on the national market.
Selected publications in chronological order:
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold in a specific time period by countries. Due to its complex and subjective nature this measure is often revised before being considered a reliable indicator. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP.
Macroeconomics is a branch of economics which deals with the performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and government spending to regulate an economy's growth and stability. This includes regional, national, and global economies. According to a 2018 assessment by economists Emi Nakamura and Jón Steinsson, economic "evidence regarding the consequences of different macroeconomic policies is still highly imperfect and open to serious criticism."
Kenneth Joseph Arrow was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972.
Business cycles are intervals of expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are measured by examining trends in a broad economic indicator such as Real Gross Domestic Production.
Capital intensity is the amount of fixed or real capital present in relation to other factors of production, especially labor. At the level of either a production process or the aggregate economy, it may be estimated by the capital to labor ratio, such as from the points along a capital/labor isoquant.
Simon Smith Kuznets was an American economist and statistician who received the 1971 Nobel Memorial Prize in Economic Sciences "for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development."
Real wages are wages adjusted for inflation, or, equivalently, wages in terms of the amount of goods and services that can be bought. This term is used in contrast to nominal wages or unadjusted wages.
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The Kuznets curve expresses a hypothesis advanced by economist Simon Kuznets in the 1950s and 1960s. According to this hypothesis, as an economy develops, market forces first increase and then decrease economic inequality. The Kuznets curve appeared to be consistent with experience at the time it was proposed. However, since the 1960s, inequality has risen in the US and other developed countries.
Export-oriented industrialization (EOI) sometimes called export substitution industrialization (ESI), export led industrialization (ELI) or export-led growth is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. Export-led growth implies opening domestic markets to foreign competition in exchange for market access in other countries.
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. It is the contradiction between the point-of-time and time series findings that is the root of the paradox. 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.
Dynamic stochastic general equilibrium modeling is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. DSGE econometric modelling applies general equilibrium theory and microeconomic principles in a tractable manner to postulate economic phenomena, such as economic growth and business cycles, as well as policy effects and market shocks.
The following outline is provided as an overview of and topical guide to economics:
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Kitchin cycle is a short business cycle of about 40 months discovered in the 1920s by Joseph Kitchin.
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The balanced growth theory is an economic theory pioneered by the economist Ragnar Nurkse (1907–1959). The theory hypothesises that the government of any underdeveloped country needs to make large investments in a number of industries simultaneously. This will enlarge the market size, increase productivity, and provide an incentive for the private sector to invest.
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