The Science of Economic Development and Growth: The Theory of Factor Proportions: The Theory of Factor ProportionsA 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. |
Contents
Science and Economic Development | |
Primal State | |
Capital in Primal Societies | |
Materials in Primal Societies | |
Factor Substitution | |
Theory of Factor Proportions | |
International Trade Versus Economic Development and Growth | |
International Factor Mobility | |
The World Economy and Globalization | |
The U S Economy A Historical Perspective | |
New Economy Third Industrial Divide | |
Conclusion | |
Notes | |
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The Science of Economic Development and Growth: The Theory of Factor ... C.C. Onyemelukwe Limited preview - 2016 |
Common terms and phrases
achieve activities advanced economies Africa American analysis argued basic billion capital accumulation capital deepening capital-intensive capital/labor ratio century China Chinese claimed companies competition conventional economics conventional economists cost craft production crisis demand depends developing countries development and growth East Asian economic development economic growth economy of scale effect endogenous growth theory equipment example exports factor endowments factor proportions factors of production firms foreign investment globalization Greenspan human capital Ibid important income increase industry innovation institutions international trade iron Krugman and Obstfeld labor labor-intensive land lean production macroeconomic manufacturing mass production NAIRU natural resources neoliberal output percent plant political poor countries potential output poverty primal societies problems production aids production techniques relative result Samuelson and Nordhaus scientific sector social South Korea strategy substitution sustainable U.S. economy underdeveloped unemployment United workers World Bank York