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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).
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.
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors. Opponents argue that protectionist policies reduce trade and adversely affect consumers in general as well as the producers and workers in export sectors, both in the country implementing protectionist policies and, in the countries, protected against.
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.
Economic inequality is an umbrella term for a) income inequality or distribution of income, b) wealth inequality or distribution of wealth, and c) consumption inequality. Each of these can be measured between two or more nations, within a single nation, or between and within sub-populations.
In economics, income distribution covers how a country's total GDP is distributed amongst its population. Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world.
The idea of convergence in economics is the hypothesis that poorer economies' per capita incomes will tend to grow at faster rates than richer economies. In the Solow-Swan growth model, economic growth is driven by the accumulation of physical capital until this optimum level of capital per worker, which is the "steady state" is reached, where output, consumption and capital are constant. The model predicts more rapid growth when the level of physical capital per capita is low, something often referred to as “catch up” growth. As a result, all economies should eventually converge in terms of per capita income. Developing countries have the potential to grow at a faster rate than developed countries because diminishing returns are not as strong as in capital-rich countries. Furthermore, poorer countries can replicate the production methods, technologies, and institutions of developed countries.
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.
Paul Michael Romer is an American economist and policy entrepreneur who is a University Professor in Economics at Boston College. Romer is best known as the former Chief Economist of the World Bank and for co-receiving the 2018 Nobel Memorial Prize in Economic Sciences for his work in endogenous growth theory. He also coined the term "mathiness," which he describes as misuse of mathematics in economic research.
International inequality refers to inequality between countries, as compared to global inequality, which is inequality between people across countries. International inequality research has primarily been concentrated on the rise of international income inequality, but other aspects include educational and health inequality, as well as differences in medical access. Reducing inequality within and among countries is the 10th goal of the UN Sustainable Development Goals and ensuring that no one is left behind is central to achieving them. Inequality can be measured by metrics such as the Gini coefficient.
The IZA - Institute of Labor Economics, until 2016 referred to as the Institute of the Study of Labor (IZA), is a private, independent economic research institute and academic network focused on the analysis of global labor markets and headquartered in Bonn, Germany.
Income inequality has fluctuated considerably in the United States since measurements began around 1915, moving in an arc between peaks in the 1920s and 2000s, with a 30-year period of relatively lower inequality between 1950 and 1980.
The Center for Global Development (CGD) is a nonprofit think tank based in Washington, D.C., and London that focuses on international development.
The Elusive Quest For Growth: Economists’ Adventures and Misadventures in the Tropics is a 2001 book by World Bank development economist William Easterly. Upon its release, the book received acclaim from such figures as Bruce Bartlett, Robert Solow, and Paul Romer, and has since become widely cited in the Economic Development literature.
Economic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization. Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and people.
Gary Sheldon Fields is an American economist, the John P. Windmuller Professor of International and Comparative Labor and Professor of Economics at Cornell University. Fields has performed extensive research in labor economics and development economics, in particular labor mobility, which was rewarded with the IZA Prize in Labor Economics in 2014.
Andy Sumner is an inter-disciplinary development economist. He has published extensively on global poverty, inequality and economic development including ten books.
Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, a lower population-wide satisfaction and happiness and even a lower level of economic growth when human capital is neglected for high-end consumption. For the top 21 industrialised countries, counting each person equally, life expectancy is lower in more unequal countries. A similar relationship exists among US states.
Eva Love Vivalt is a Canadian economist. She is currently an Assistant Professor of Economics at the University of Toronto and the director of the Global Priorities Institute at the University of Oxford.
The learning crisis or global learning crisis is a term describing the fact that, despite a large increase in access to schooling, learning outcomes remain poor, especially in developing countries. Worldwide, millions of children who attend school do not acquire basic skills such as literacy and numeracy, and many more are far behind age-appropriate expectations in their national curricula. Proponents argue that this crisis needs to be addressed due to the importance of education in fostering children's development, social mobility, and subsequent opportunities.
References
- ↑ "Let Their People Come: Breaking the Gridlock on Global Labor Mobility". Center For Global Development. Retrieved 27 December 2018.
- ↑ "IDinsight | Board of Advisors". Archived from the original on 2016-07-31. Retrieved 2016-08-27.
- ↑ Pritchett, Lant. "Monitoring progress on poverty: the case for a high global poverty line" (PDF). ODI.
- ↑ "No matter what extreme poverty line you choose, the share of people below that poverty line has declined globally". Our World in Data. Retrieved 2019-09-22.
- ↑ "Is Your Impact Evaluation Asking Questions That Matter? A Four Part Smell Test". Center For Global Development. Retrieved 2017-02-27.
- ↑ "Urbanization Passes the Pritchett Test – Paul Romer". paulromer.net. Retrieved 2017-02-27.
