Related Research Articles
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.
Industrial policy is government policy to encourage the development and growth of all or part of the economy in pursuit of some public goal. Historically, it has often focused on the manufacturing sector, militarily important sectors, or on fostering an advantage in new technologies. In industrial policy, the government takes measures "aimed at improving the competitiveness and capabilities of domestic firms and promoting structural transformation". A country's infrastructure is a major enabler of industrial policy.
Development economics is a branch of economics that 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.
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 Harrod–Domar model is a Keynesian model of economic growth. It is used in development economics to explain an economy's growth rate in terms of the level of saving and of capital. It suggests that there is no natural reason for an economy to have balanced growth. The model was developed independently by Roy F. Harrod in 1939, and Evsey Domar in 1946, although a similar model had been proposed by Gustav Cassel in 1924. The Harrod–Domar model was the precursor to the exogenous growth model.
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.
The economic history of the Republic of Turkey had four eras or periods. The first era had the development policy emphasizing private accumulation between 1923 and 1929. The second era had the development policy emphasized state accumulation in a period of global crises between 1929 and 1945. The third era was state-guided industrialization based on import-substituting protectionism between 1950 and 1980. The final, era was the opening of the economy to liberal trade in goods, services and financial market transactions since 1981.
Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism. As an allocation mechanism for socialism, economic planning replaces factor markets with a procedure for direct allocations of resources within an interconnected group of socially owned organizations which together comprise the productive apparatus of the economy.
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.
Frances Julia Stewart is professor emeritus of development economics and director of the Centre for Research on Inequality, Human Security and Ethnicity (CRISE), University of Oxford. A pre-eminent development economist, she was named one of fifty outstanding technological leaders for 2003 by Scientific American. She was president of the Human Development and Capability Association from 2008 to 2010.
The Feldman–Mahalanobis model is a Marxist model of economic development, created independently by Soviet economist Grigory Feldman in 1928 and Indian statistician Prasanta Chandra Mahalanobis in 1953. Mahalanobis became essentially the key economist of India's Second Five Year Plan, becoming subject to much of India's most dramatic economic debates.
John Desmond FitzGerald is the former head of the macroeconomics and resource economics division and former coordinator of the research programme of macroeconomics of the Economic and Social Research Institute (ESRI) in Dublin, Ireland. He joined the ESRI in 1984, after 12 years at the Department of Finance. He holds master's degrees in history and economics from University College Dublin.
Structuralist economics is an approach to economics that emphasizes the importance of taking into account structural features (typically) when undertaking economic analysis. The approach originated with the work of the Economic Commission for Latin America and is primarily associated with its director Raúl Prebisch and Brazilian economist Celso Furtado. Prebisch began with arguments that economic inequality and distorted development was an inherent structural feature of the global system exchange. As such, early structuralist models emphasised both internal and external disequilibria arising from the productive structure and its interactions with the dependent relationship developing countries had with the developed world. Prebisch himself helped provide the rationale for the idea of import substitution industrialization, in the wake of the Great Depression and World War II. The alleged declining terms of trade of the developing countries, the Singer–Prebisch hypothesis, played a key role in this.
The East Asian model, pioneered by Japan, is a plan for economic growth whereby the government invests in certain sectors of the economy in order to stimulate the growth of specific industries in the private sector. It generally refers to the model of development pursued in East Asian economies such as Japan, South Korea, Hong Kong and Taiwan. It has also been used by some to describe the contemporary economic system in Mainland China after Deng Xiaoping's economic reforms during the late 1970s and the current economic system of Vietnam after its Đổi Mới policy was implemented in 1986. Generally, as a country becomes more developed, the most common employment industry transitions from agriculture to manufacturing, and then to services.
Lúcio Vinhas de Souza is a Brazilian-Born Portuguese economist. His main research areas are global macroeconomics, development economics, monetary economics, finance and country risk, with extensive work experience at the developed economies of the European Union and the US, and in several emerging market regions, from the former Soviet Union to East Asia, Africa and Latin America.
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.
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.
Pakistan began a period of economic liberalisation in the 1990s to promote and accelerate economic independence, development, and GDP growth.
Robert A. Blecker is an American economist who is currently a Professor in the Department of Economics at American University in Washington, DC. He is also Affiliate Faculty of the American University School of International Service and Center for Latin American and Latino Studies, and a research associate at the Economic Policy Institute and Political Economy Research Institute. His research has made contributions to the fields of post-Keynesian and neo-Kaleckian macroeconomics, open economy macroeconomics, international trade theory and policy, global imbalances and the U.S. trade deficit, the North American Free Trade Agreement, the economy of Mexico, export-led growth, and the theory of balance-of-payments constrained growth.
Malaysia's independence in 1957 was a catalyst for growth. As the nation took charge of managing its own affairs, it continued to develop the goals and means necessary for a financial structure conducive to the economic growth observed today. Critical to the transition of Malaysia from a low-income country to one of high-income status has been the expansion of its economy. From a commodity and agricultural-based economy, the Southeast Asian nation is transitioning to a leading exporter of more complex goods. As the nation opens up to trade and investment, the World Bank and the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) continue to assist with its development.
References
- ↑ Toye, J. (2017). Valpy FitzGerald: radical macroeconomist of development. Oxford Development Studies, 45(2), 116–124.
- ↑ https://fundacionhispanobritanica.org/que-hacemos/catedra-de-doctorado-reina-victoria-eugenia/
- ↑ https://ucm.es/english/honorary-doctorates
- ↑ Kemal, A. R. (1979). [Review of Public Sector Investment Planning for Developing Countries, by E. V. K. FitzGerald]. The Pakistan Development Review, 18(2), 187–189.
- ↑ Parker HR (1979) Fitzgerald, E. V. K. "Public Sector Investment Planning for Developing Countries" (Book Review) Third World Planning Review Volume 1, Number 2