|Born||February 4, 1926|
Thomas Vietorisz (born February 4, 1926 in Budapest, Hungary) is an American economist who specialized in urban planning.
Budapest is the capital and the most populous city of Hungary, and the tenth-largest city in the European Union by population within city limits. The city had an estimated population of 1,752,704 in 2016 distributed over a land area of about 525 square kilometres. Budapest is both a city and county, and forms the centre of the Budapest metropolitan area, which has an area of 7,626 square kilometres and a population of 3,303,786, comprising 33 percent of the population of Hungary.
Hungary is a country in Central Europe. Spanning 93,030 square kilometres (35,920 sq mi) in the Carpathian Basin, it borders Slovakia to the north, Ukraine to the northeast, Austria to the northwest, Romania to the east, Serbia to the south, Croatia to the southwest, and Slovenia to the west. With about 10 million inhabitants, Hungary is a medium-sized member state of the European Union. The official language is Hungarian, which is the most widely spoken Uralic language in the world. Hungary's capital and its largest city and metropolis is Budapest. Other major urban areas include Debrecen, Szeged, Miskolc, Pécs and Győr.
An economist is a practitioner in the social science discipline of economics.
Vietorisz completed his undergraduate studies at Budapest, Basel, and Zurich. In 1948, he received a Master of Science degree in Chemical Engineering and in 1956, a doctorate degree in economics from the Massachusetts Institute of Technology (MIT).
Basel is a city in northwestern Switzerland on the river Rhine. Basel is Switzerland's third-most-populous city with about 180,000 inhabitants.
The Massachusetts Institute of Technology (MIT) is a private research university in Cambridge, Massachusetts. Founded in 1861 in response to the increasing industrialization of the United States, MIT adopted a European polytechnic university model and stressed laboratory instruction in applied science and engineering. The institute is traditionally known for its research and education in the physical sciences and engineering, but more recently in biology, economics, linguistics and management as well. MIT is often ranked among the world's top five universities.
From 1963 to 1995, Vietorisz worked in the graduate faculty of The New School for Social Research in New York city. He held the position of department chair in 1977; senior lecturer from 1990 to 1994 and Professor Emeritus from 1995. Since 1996, he has been an adjunct Professor at Columbia University. Vietorisz also worked as an adjunct professor at Cornell University, Ithaca, New York from 1970 to 1973 and from 1977 onwards.
The New School is a private non-profit research university centered in Manhattan, New York City, located mostly in Greenwich Village. It was founded in 1919 as The New School for Social Research with an original mission dedicated to academic freedom and intellectual inquiry and a home for progressive thinkers. Since then, the school has grown to house five divisions within the university. These include the Parsons School of Design, the Eugene Lang College of Liberal Arts, The New School for Social Research, the Schools of Public Engagement, the College of Performing Arts which consists of the Mannes School of Music, the School of Drama, and the School of Jazz and Contemporary Music. In addition, the university maintains the Parsons Paris campus and has also launched or housed a range of institutions, such as the international research institute World Policy Institute, the Vera List Center for Art and Politics, the India China Institute, the Observatory on Latin America, and the Center for New York City Affairs.
Columbia University is a private Ivy League research university in Upper Manhattan, New York City. Established in 1754, Columbia is the oldest institution of higher education in New York and the fifth-oldest institution of higher learning in the United States. It is one of nine colonial colleges founded prior to the Declaration of Independence, seven of which belong to the Ivy League. It has been ranked by numerous major education publications as among the top ten universities in the world.
Cornell University is a private and statutory Ivy League research university in Ithaca, New York. Founded in 1865 by Ezra Cornell and Andrew Dickson White, the university was intended to teach and make contributions in all fields of knowledge—from the classics to the sciences, and from the theoretical to the applied. These ideals, unconventional for the time, are captured in Cornell's founding principle, a popular 1868 Ezra Cornell quotation: "I would found an institution where any person can find instruction in any study."
Vietorisz worked in the field of applied and theoretical economics. An early example of his theoretical contribution is his method to quantize for priority ordering of projects in planning.Another example is his theory of "Decentralization in NonConvex System" that was highlighted in Econometrica. The aim was to represent a two-level planning and decision making system within the traditional Edgeworth box diagram, but extended for non-convex analysis.
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, health economics, monetary economics, public economics, and economic history. The process often involves a reduction in the level of abstraction of this core theory. There are a variety of approaches including not only empirical estimation using econometrics, input-output analysis or simulations but also case studies, historical analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It is a concept with multiple meanings. Among broad methodological distinctions, one source places it in neither positive nor normative economics but the art of economics, glossed as "what most economists do".
In economics, an Edgeworth box, named after Francis Ysidro Edgeworth, is a way of representing various distributions of resources. Edgeworth made his presentation in his book Mathematical Psychics: An Essay on the Application of Mathematics to the Moral Sciences, 1881. Edgeworth's original two-axis depiction was developed into the now familiar box diagram by Pareto in his 1906 book "Manual of Political Economy" and was popularized in a later exposition by Bowley. The modern version of the diagram is commonly referred to as the Edgeworth–Bowley box.
An example of a practical suggestion Vietorisz makes is discussed in his challenge of the substitution-based theory for setting the US minimum wage which came under discussion in the forum of the journal Challenge.In that forum, McCulloch raised the question as to where the other factors of production will come from to support an increase in the minimum wage. Vietorisz proposed that there were historic precedents to show that government-assisted loans were a possible source, and that in the case of the agricultural sector, there was no shortage of land since some was being taken out of cultivation through subsidy programs. In short, McCulloch argued from the neoclassical perspective; Vietorisz, from the Dual Labor Market and Moral perspectives. The two different paradigms to view the issue of minimum wage are still being reconciled in the literature.
The minimum wage in the United States is set by US labor law and a range of state and local laws. Employers generally have to pay workers the highest minimum wage prescribed by federal, state, and local law. Since July 24, 2009, the federal government has mandated a nationwide minimum wage of $7.25 per hour. As of January 2018, there were 29 states with a minimum wage higher than the federal minimum. From 2017 to 2018, eight states increased their minimum wage levels through automatic adjustments, while increases in eleven other states occurred through referendum or legislative action.
Max Franklin Millikan was an American economist, Professor of Economics at MIT, Assistant Director of the Office of Research and Reports at the CIA, and director of the MIT Center for International Studies.
The United Nations Industrial Development Organization (UNIDO), French/Spanish acronym ONUDI, is a specialized agency in the United Nations system, headquartered in Vienna, Austria. The Organization's primary objective is the promotion and acceleration of industrial development in developing countries and countries with economies in transition and the promotion of international industrial cooperation. It is also a member of the United Nations Development Group.
Import substitution industrialization (ISI) is a trade and economic policy which advocates replacing foreign imports with domestic production. ISI 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, although it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton.
The five-year plans for the development of the national economy of the Soviet Union (USSR) consisted of a series of nationwide centralized economic plans in the Soviet Union, beginning in the late 1920s. The Soviet state planning committee Gosplan developed these plans based on the theory of the productive forces that formed part of the ideology of the Communist Party for development of the Soviet economy. Fulfilling the current plan became the watchword of Soviet bureaucracy.
Industrialisation is the period of social and economic change that transforms a human group from an agrarian society into an industrial society, involving the extensive re-organisation of an economy for the purpose of manufacturing.
The economic history of Japan is most studied for the spectacular social and economic growth in the 1800s after the Meiji Restoration, when it became the first non-Western great power, and for its expansion after the Second World War, when Japan recovered from devastation to become the world's second largest economy behind the United States, and from 2013 behind China as well. Scholars have evaluated the nation's unique economic position during the Cold War, with exports going to both U.S.- and Soviet-aligned powers, and have taken keen interest in the situation of the post-Cold War period of the Japanese "lost decades".
The big push model is a concept in development economics or welfare economics that emphasizes that a firm's decision whether to industrialize or not depends on its expectation of what other firms will do. It assumes economies of scale and oligopolistic market structure and explains when industrialization would happen.
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 term Family Economy can be used to describe the family as an economic unit. The early stages of development in many economies are characterized by family based production.
The Great Deflation or the Great Sag refers to the period from 1870 until 1890 in which the world prices of goods, materials and labor decreased, although at a low rate of less than 2% annually. This is one of the few sustained periods of deflationary growth in the history of the United States. This had a negative effect on businesses in established industrial economies such as that of the United Kingdom of Great Britain and Ireland while simultaneously allowing strong growth in the United States which was just beginning to industrialize.
The dual-sector model is a model in developmental economics. It is commonly known as the Lewis model after its inventor W. Arthur Lewis. It explains the growth of a developing economy in terms of a labour transition between two sectors, the capitalist sector and the subsistence sector.
The Five-Year Plans of Vietnam are a series of economic development initiatives. The Vietnamese economy is shaped primarily by the Vietnamese Communist Party through the plenary sessions of the Central Committee and national congresses. The party plays a leading role in establishing the foundations and principles of communism, mapping strategies for economic development, setting growth targets, and launching reforms.
Economic planning is a mechanism for the allocation of resources between and within organizations which is held in contrast to the market mechanism. As an allocation mechanism for socialism, economic planning replaces factor markets with a direct allocation of resources within a single or interconnected group of socially-owned organizations.
The Five-Year Plans of South Korea were an economic development project of South Korea.
Helen Dolly Hughes was an Australian economist. She was Professor Emerita at the Australian National University, Canberra, and Senior Fellow at the Centre for Independent Studies, Sydney. Hughes has been described as Australia's greatest female economist.
Isher Judge Ahluwalia is an Indian economist. She is Chairperson, Board of Governors, the Indian Council for Research on International Economic Relations (ICRIER).
Economic restructuring refers to the phenomenon of Western urban areas shifting from a manufacturing to a service sector economic base. This transformation has affected demographics including income distribution, employment, and social hierarchy; institutional arrangements including the growth of the corporate complex, specialized producer services, capital mobility, informal economy, nonstandard work, and public outlays; as well as geographic spacing including the rise of world cities, spatial mismatch, and metropolitan growth differentials.
The Heavy-Chemical Industry Drive was an economic development plan enacted in the 1970s under the regime of South Korean dictator Park Chung Hee.
The economy of the Union of Soviet Socialist Republics was based on a system of state ownership of the means of production, collective farming, industrial manufacturing and centralized administrative planning. The economy was characterised by state control of investment, public ownership of industrial assets, macroeconomic stability, negligible unemployment and high job security.
Visakhapatnam–Chennai Industrial Corridor (VCIC), also Vizag–Chennai Industrial Corridor, is a key part of the East Coast Economic Corridor (ECEC), India's first coastal corridor. VCIC is aligned with the Golden Quadrilateral and is poised to play a critical role in driving India’s Act East Policy and Make in India campaign. The nearly 800-kilometer corridor links India with the Association of Southeast Asian Nations (ASEAN) and East Asian economies that form the bedrock of global manufacturing economy. The corridor traverses nine districts of the state of Andhra Pradesh. VCIC intends to complement the ongoing efforts of the Government of Andhra Pradesh (GoAP) to enhance industrial growth and create high quality jobs.