Structuralism is an intellectual current and methodological approach, primarily in the social sciences, that interprets elements of human culture by way of their relationship to a broader system. It works to uncover the structural patterns that underlie all the things that humans do, think, perceive, and feel.
Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics.
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton.
In economics, effective demand (ED) in a market is the demand for a product or service which occurs when purchasers are constrained in a different market. It contrasts with notional demand, which is the demand that occurs when purchasers are not constrained in any other market. In the aggregated market for goods in general, demand, notional or effective, is referred to as aggregate demand. The concept of effective supply parallels the concept of effective demand. The concept of effective demand or supply becomes relevant when markets do not continuously maintain equilibrium prices.
Dependency theory is the idea that resources flow from a "periphery" of poor and exploited states to a "core" of wealthy states, enriching the latter at the expense of the former. A central contention of dependency theory is that poor states are impoverished and rich ones enriched by the way poor states are integrated into the "world system". This theory was officially developed in the late 1960s following World War II, as scholars searched for the root issue in the lack of development in Latin America.
Raúl Prebisch was an Argentine economist known for his contributions to structuralist economics such as the Prebisch–Singer hypothesis, which formed the basis of economic dependency theory. He became the executive director of the Economic Commission for Latin America in 1950. In 1950, he also released the very influential study The Economic Development of Latin America and its Principal Problems.
Celso Monteiro Furtado was a Brazilian economist and one of the most distinguished intellectuals of the 20th century. His work focuses on development and underdevelopment and on the persistence of poverty in peripheral countries throughout the world. He is viewed, along with Raúl Prebisch, as one of the main formulators of economic structuralism, an economics school that is largely identified with CEPAL, which achieved prominence in Latin America and other developing regions during the 1960s and 1970s and sought to stimulate economic development through governmental intervention, largely inspired on the views of John Maynard Keynes. As a politician, Furtado was appointed Minister of Planning and Minister of Culture.
Sir Hans Wolfgang Singer was a German-born British development economist best known for the Prebisch-Singer thesis, which states that the terms of trade move against producers of primary products. He is one of the primary figures of heterodox economics.
John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.
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.
Michał Kalecki was a Polish Marxian economist. Over the course of his life, Kalecki worked at the London School of Economics, University of Cambridge, University of Oxford and Warsaw School of Economics and was an economic advisor to the governments of Poland, France, Cuba, Israel, Mexico and India. He also served as the deputy director of the United Nations Economic Department in New York City.
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.
Applied economics is the application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics, it is typically characterized by the application of the core, i.e. economic theory and econometrics to address practical issues in a range of fields including demographic economics, labour economics, business economics, industrial organization, agricultural economics, development economics, education economics, engineering economics, financial economics, health economics, monetary economics, public economics, and economic history. From the perspective of economic development, the purpose of applied economics is to enhance the quality of business practices and national policy making.
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern, early modern and modern. Systematic economic theory has been developed mainly since the beginning of what is termed the modern era.
Mihir Rakshit is an Indian economist, known for his work on fiscal, monetary and other policy, especially issues that concern developing economies. Originally from Chittagong, which is now in Bangladesh, he did his graduation from Presidency College, Calcutta, post-graduation from the University of Calcutta and his PhD from London School of Economics. He taught at the departments of Economics of The University of Calcutta, The University of Burdwan, Presidency College Calcutta, and Indian Statistical Institute Calcutta, as faculty. He also taught at Delhi School of Economics and Erasmus University Rotterdam, as visiting faculty. He served the Reserve Bank of India for two terms as a member of its Central Board of Directors. He was director of the open access quarterly journal Money and Finance published by ICRA Limited from 1997 to July 2016.
Athanasios "Tom" Asimakopulos was a Canadian economist, who was the "William Dow Professor of Political Economy" in the Department of Economics, McGill University, Montreal, Quebec, Canada. His monograph, Keynes's General Theory and Accumulation, reviews important areas of Keynes's General Theory and the theories of accumulation of two of his most distinguished followers, Roy Harrod and Joan Robinson.
José Antonio Ocampo Gaviria is a Colombian writer, economist and academic who was the professor of professional practice in international and public affairs and director of the Economic and Political Development Concentration at the School of International and Public Affairs at Columbia University from July 2007 to August 2022. Prior to his appointment, Ocampo served in a number of positions in the United Nations and the Government of Colombia, most notably in the United Nations as Under-Secretary-General for Economic and Social Affairs and Executive Secretary for the Economic Commission for Latin America and the Caribbean, and in Colombia as Minister of Finance and Public Credit and Minister of Agriculture and Rural Development.
Kazimierz Łaski was a Polish-Austrian economist. During the antisemitic purge of 1968 Łaski had to leave Poland and moved to Austria, where he worked for the rest of his life and was widely recognized as a major contributor to Post-Keynesian economics.
Lance Jerome Taylor was an American economist who was known for his contributions to structuralist macroeconomics. He was the Arnhold Professor of International Cooperation and Development and director of the Center for Economic Policy Analysis at the New School for Social Research
Marxism and Keynesianism is a method of understanding and comparing the works of influential economists John Maynard Keynes and Karl Marx. Both men's works has fostered respective schools of economic thought that have had significant influence in various academic circles as well as in influencing government policy of various states. Keynes' work found popularity in developed liberal economies following the Great Depression and World War II, most notably Franklin D. Roosevelt's New Deal in the United States in which strong industrial production was backed by strong unions and government support. Marx's work, with varying degrees of faithfulness, led the way to a number of socialist states, notably the Soviet Union and the People's Republic of China. The immense influence of both Marxian and Keynesian schools has led to numerous comparisons of the work of both economists along with synthesis of both schools.