Understanding Economic Change

Understanding Economic Change


Understanding Economic Growth

This book coordinates and integrates the two strands of economic growth and development: the endogenous theory of growth and the extra-market models of evolutionary economics dominated by innovation efficiency.

Understanding Economic Growth

Modern economies have undergone a dramatic change. There has been a shift from large scale material manufacturing to the design and application of new technology with R&D and human capital. The new information age has introduced significant productivity gains through increasing returns and learning by doing, which has challenged the traditional growth models based on competitive market structures. Institutions outside the traditional markets and the genetic principle of survival of the fittest have dominated the current theory of industry growth. This book coordinates and integrates the two strands of economic growth and development: the endogenous theory of growth and the extra-market models of evolutionary economics dominated by innovation efficiency. It presents this new paradigm in terms of both theory and historical experiences. The book addresses the role of innovations and human capital, the impact of information technology, the role of institutions as mechanisms of evolutionary economies and the experiences of Asian growth miracles, and will be of interest to readers in economics and political science concerned with economic growth and development.

Understanding Economic Development

David Christian, Macquarie University, Australia Colin White transcends a number of false dichotomies in this work. He shows that we need both theory and history in order to comprehend the transition to modern economic growth.

Understanding Economic Development

An invaluable survey of the literature on growth. Colin White argues persuasively and expertly that any attempt to solve the profound mystery of economic growth at the large scales of world history must move beyond the limited vision of neo-classical economic theory, and incorporate the narrative methods and perspectives of history as well. This is a superb overview and critique of contemporary attempts to explain economic growth, and a perceptive re-examination of the whole issue of growth in human history. David Christian, Macquarie University, Australia Colin White transcends a number of false dichotomies in this work. He shows that we need both theory and history in order to comprehend the transition to modern economic growth. He appreciates that this transition was neither inevitable as many theorists argue nor entirely contingent as historical treatments often suggest. He argues that advice to present-day less developed countries should combine a general understanding of the process of transition with detailed analysis of the history and conditions of the country in question. He appreciates that it makes sense to speak of an Industrial Revolution while also recognizing that this was a gradual process that in turn built upon even more gradual changes in earlier centuries in the British economy. Less obviously but importantly he realizes that we can best understand economic growth if we recognize the limitations of each scholarly approach in order to integrate the best of these. Rick Szostak, University of Alberta, Canada This fascinating book considers one of the most important problems in economics: the inception of modern economic development. There is at present no satisfactory explanation of the inception of modern economic development; an excessive focus on either pure theory or on unique histories limits the explanatory power. This book realises the need to integrate the two approaches, moving beyond the proximate causes of economic theory to review the role in an analytic narrative of significant ultimate causes geography, risk environments, human capital, and institutions. Colin White distils the conclusions of a vast literature, drawing from economics, economic history and business and management, exploring economic theory, demonstrating limitations and highlighting alternative approaches. Particular attention is paid to the appropriate role of innovative entrepreneurs and of government, and three case studies illustrate how to build an analytic narrative. Showing how far we can generalise about the determinants of economic development and in particular how to understand the specific determinants in individual countries, this book will prove a stimulating and thought provoking read to academics, students and researchers with an interest in economics and economic development.

Understanding Economic Change

Prior to the development of the NGT, some economists tried to consider the sources of these increasing returns as resulting from the economic activity itself. Kaldor develops a post-Keynesian approach to economic growth, accounting for ...

Understanding Economic Change

With increasing innovations, the economy seems to be changing rapidly at a global scale. Are there any laws governing the incessant process of economic and social transformations? What does economic theory have to say on this change, and how do institutions and our democracies cope with the challenges that come with it? This volume discusses the advances which evolutionary economics has made in exploring questions like these. Leading international experts in the field review its development, outlining across three parts how the evolutionary approach is increasingly expanding into other domains in economics. The first part of the book focuses on the political economy and welfare effects of transformation. The second part discusses how economic theory can be extended to account for the salient features of the process of change. The third and final part deals with the paradigmatic shift that an evolutionary approach implies for economics.

Understanding the Process of Economic Change

UNDERSTANDING the process of economic change would enable us to account for the diverse performance of economies, past and present. We would be able to account for the long history of sustained growth of the United States and western ...

Understanding the Process of Economic Change

In this landmark work, a Nobel Prize-winning economist develops a new way of understanding the process by which economies change. Douglass North inspired a revolution in economic history a generation ago by demonstrating that economic performance is determined largely by the kind and quality of institutions that support markets. As he showed in two now classic books that inspired the New Institutional Economics (today a subfield of economics), property rights and transaction costs are fundamental determinants. Here, North explains how different societies arrive at the institutional infrastructure that greatly determines their economic trajectories. North argues that economic change depends largely on "adaptive efficiency," a society's effectiveness in creating institutions that are productive, stable, fair, and broadly accepted--and, importantly, flexible enough to be changed or replaced in response to political and economic feedback. While adhering to his earlier definition of institutions as the formal and informal rules that constrain human economic behavior, he extends his analysis to explore the deeper determinants of how these rules evolve and how economies change. Drawing on recent work by psychologists, he identifies intentionality as the crucial variable and proceeds to demonstrate how intentionality emerges as the product of social learning and how it then shapes the economy's institutional foundations and thus its capacity to adapt to changing circumstances. Understanding the Process of Economic Change accounts not only for past institutional change but also for the diverse performance of present-day economies. This major work is therefore also an essential guide to improving the performance of developing countries.

Earnings Inequality

The author analyzes the change in male earnings inequality since the mid-1970s to see how much is attributable to changes in labor market opportunities

Earnings Inequality

The author analyzes the change in male earnings inequality since the mid-1970s to see how much is attributable to changes in labor market opportunities

Core Social Science Econonics Understanding Economic Development Class For class 10

In the last few decades , there was further shift from secondary sector to tertiary sector . ... importance of the three different sectors in the Indian economy , we need to understand the meaning of Gross Domestic Product ( GDP ) .

Core Social Science Econonics Understanding Economic Development Class For class 10


Understanding Economic Growth

The first is the emphasis on dynamic capability and core competence as the basic forces of economic change. The second is the Schumpeterian model of “innovations” where the “entrepreneur” plays an active role in creating new ...

Understanding Economic Growth

Modern economies have undergone a dramatic change. There has been a shift from large scale material manufacturing to the design and application of new technology with R&D and human capital. The new information age has introduced significant productivity gains through increasing returns and learning by doing, which has challenged the traditional growth models based on competitive market structures. Institutions outside the traditional markets and the genetic principle of survival of the fittest have dominated the current theory of industry growth. This book coordinates and integrates the two strands of economic growth and development: the endogenous theory of growth and the extra-market models of evolutionary economics dominated by innovation efficiency. It presents this new paradigm in terms of both theory and historical experiences. The book addresses the role of innovations and human capital, the impact of information technology, the role of institutions as mechanisms of evolutionary economies and the experiences of Asian growth miracles, and will be of interest to readers in economics and political science concerned with economic growth and development.

Understanding Economic Indicators

The first of the three economic indicators are leading economic indicators. These are economic conditions or activities that change before the economy changes. Even when the economy may seem perfectly sound to most people, ...

Understanding Economic Indicators

Examines the three types of economic indicators--leading, lagging, and coincident.

Understanding Economic Data

Discusses the different data economists use to determine the economic condition of the nation.

Understanding Economic Data

Discusses the different data economists use to determine the economic condition of the nation.

Understanding the World Economy

The chapter summary diagrams help make the book a usefl introduction for those just beginning the subject as well as lay readers. The book is also suitable for those studying International Baccalaureate courses in economics.

Understanding the World Economy

The world economy is in a constant state of change and development. This 2nd edition has been fully revised and updated to take account of current developments in this area of economics. Building on the first edition, the overall structure is retained whilst new topic boxes and up-to-date examples add to its accessibility. Key areas covered include: the economics of unemployment and inflation; free trade agreements, custom unions and common markets, including the recent introduction of the Euro; money, banking and international finance; development issues; environmental issues; material on the Asian crisis; and the impact of globalization. Key theories are illustrated using real-world settings and explained non-technical language. The chapter summary diagrams help make the book a usefl introduction for those just beginning the subject as well as lay readers. The book is also suitable for those studying International Baccalaureate courses in economics.

Understanding Economics

Events in what was Yugoslavia , given the collapse of communism , have seen a distinct change in the ... One aspect of the institutional framework which is particularly useful in understanding economic development are rules which relate ...

Understanding Economics

An interesting and accessible introduction to key economic ideas with examples drawn from a wide range of situations. The book is user friendly in style and requires no prior knowledge of economics and minimal mathematics.

Understanding Economic Growth A Macro level Industry level and Firm level Perspective

Likewise, differences in growth patterns at the industry level may also point to variations in the extent to which countries are benefiting from broader economic changes, or from the potential offered by new technologies ...

Understanding Economic Growth A Macro level  Industry level  and Firm level Perspective

This book is a unique tool providing facts, figures and analysis of economic growth in OECD countries. The analysis focuses on the growth patterns of OECD countries during the last decade and identifies the fundamental drivers of growth.

Toward a Comparative Institutional Analysis

In this book Masahiko Aoki uses modern game theory to develop a conceptual and analytical framework for understanding issues related to economic institutions.

Toward a Comparative Institutional Analysis

A conceptual and analytical framework for understanding economic institutions and institutional change. Markets are one of the most salient institutions produced by humans, and economists have traditionally analyzed the workings of the market mechanism. Recently, however, economists and others have begun to appreciate the many institution-related events and phenomena that have a significant impact on economic performance. Examples include the demise of the communist states, the emergence of Silicon Valley and e-commerce, the European currency unification, and the East Asian financial crises. In this book Masahiko Aoki uses modern game theory to develop a conceptual and analytical framework for understanding issues related to economic institutions. The wide-ranging discussion considers how institutions evolve, why their overall arrangements are robust and diverse across economies, and why they do or do not change in response to environmental factors such as technological progress, global market integration, and demographic change.

Foundations of Economic Change

The book illustrates the considerable advances in modern evolutionary economics and addresses core questions of economic behaviour, interaction of heterogeneous actors in uncertain environments and the possibility of aggregating ...

Foundations of Economic Change

The book illustrates the considerable advances in modern evolutionary economics and addresses core questions of economic behaviour, interaction of heterogeneous actors in uncertain environments and the possibility of aggregating observations on a macro-economic level. It presents the foundations of economic change as the major building blocks of an economic approach that focusses on complex processes driven by endogenous innovation as well as crisis. The theoretical considerations are complemented by econometric studies to demonstrate the relevance of evolutionary-economic thinking to improve our understanding of the most challenging issues related to economic growth and development.

Understanding Economic Forecasts

2.3 Some Essential Background This section notes various ways in which actual economies alter over time , and it considers some of the implications that those changes have for economic forecasting . Economies evolve over time and are ...

Understanding Economic Forecasts

How to interpret and evaluate economic forecasts and the uncertainties inherent in them.

Understanding Development Economics

21) of economic growth (that is, trend changes in the level of per capita GDP1). If development is a known effect, to understand development we need do nothing more than understand economic growth. This implies that DE should then stand ...

Understanding Development Economics

Important parts of development practice, especially in key institutions such as the World Bank, are dominated by economists. In contrast, Development Studies is largely based upon multidisciplinary work in which anthropologists, human geographers, sociologists, and others play important roles. Hence, a tension has arisen between the claims made by Development Economics to be a scientific, measurable discipline prone to wide usage of mathematical modelling, and the more discursive, practice based approach favoured by Development Studies. The aim of this book is to show how the two disciplines have interacted, as well as how they differ. This is crucial in forming an understanding of development work, and to thinking about why policy recommendations can often lead to severe and continuing problems in developing countries. This book introduces Development Economics to those coming from two different but linked perspectives; economists and students of development who are not economists. In both explaining and critiquing Development Economics, the book is able to suggest the implications of these findings for Development Studies, and more broadly, for development policy and its outcomes.