The Science of Economic Development and Growth: The Theory of Factor Proportions: The Theory of Factor Proportions
A theoretical framework aiming to facilitate study of development economics. The author presents his theory in three sections: how advanced nations developed; a proposed third dimension, in addition to labour and capital; and why capital accumulation is unnecessary, even potentially harmful.
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achieve advanced economy analysis argued basic billion capital deepening capital/labor ratio century China Chinese claimed companies comparative advantage competition conventional economics conventional economists cost country«s crisis demand Depression developing countries development and growth East Asian economic development economic growth economy of scale economy«s effect Endogenous Growth Theory equipment Europe example exports factor endowments factor proportions factors of production firms foreign investment globalization Greenspan Ibid important income increase industry innovation input international trade iron Krugman and Obstfeld labor labor-intensive lean production macroeconomic manufacturing Marshall Plan mass production material NAIRU natural resources needed neoliberal output percent plant political poor countries poverty primal societies problems production aids production techniques relative result Samuelson and Nordhaus scientific sector social South Korea strategy structural imbalances substitution sustainable theory of factor U.S. economy underdeveloped unemployment United University Press World Bank York