scholarly journals Interdependence of Growth, Structure, Size and Resource Consumption During an Economic Growth Cycle

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Carey W. King
Keyword(s):  
Economic Growth ◽  
World War Ii ◽  
Bargaining Power ◽  
Economic Transition ◽  
Growth Cycle ◽  
Resource Consumption ◽  
Limits To Growth ◽  
Marginal Costs ◽  
Growing Economy ◽  
Structural Metrics

AbstractThis paper explains how the Human and Resources with MONEY (HARMONEY) economic growth model exhibits realistic dynamic interdependencies relating resources consumption, growth, and structural change. We explore dynamics of three major structural metrics of an economy. First, we show that an economic transition to relative decoupling of gross domestic product (GDP) from resource consumption is an expected pattern that occurs because of physical limits to growth, not a response to avoid physical limits. While increasing operational resource efficiency does increase the level of relative decoupling, so does a change in pricing from one based on full costs to one based only on marginal costs that neglect depreciation and interest payments. Marginal cost pricing leads to higher debt ratios and a perception of higher levels of relative resource decoupling. Second, if assuming full labor bargaining power for wages, when a previously-growing economy reaches peak resource extraction and GDP, wages remain high but profits and debt decline to zero. By removing bargaining power, profits can remain positive at the expense of declining wages. Third, the internal structure of HARMONEY evolves in the same way the post-World War II U.S. economy. This is measured as the distribution of intermediate transactions within the input-output tables of both the model and U.S. economy.

Conclusion

2017 ◽  
Author(s):  
Roberts Cynthia ◽  
Leslie Armijo ◽  
Saori Katada
Keyword(s):  
Economic Growth ◽  
South Africa ◽  
Bargaining Power ◽  
Global Finance ◽  
Middle Income ◽  
Outside Options ◽  
Power Shift ◽  
Global Power ◽  
Common Interests ◽  
Sustainable Economic Growth

The chapter analyzes the prospects for continued BRICS collective financial statecraft. Contrary to initial expectations, the BRICS (Brazil, Russia, India, China, and South Africa) have hung together by identifying common aversions and pursuing common interests within the existing international order. Their future depends not only on their bargaining power, but also on their ability to overcome domestic impediments to the sustainable economic growth that provides the basis for their international positions. To continue successfully with collective financial statecraft, the members must tackle the so-called middle-income trap, as well as their preferences for informal rules originating from their own institutional weaknesses or regime preferences. This study shows that, in the context of a global power shift, the BRICS club has operated to protect the member countries’ respective policy autonomy, while also advancing their joint voice in global governance. Recently, the BRICS have made concrete institutional gains, giving them expanded outside options to achieve specific objectives in global finance.

Theorizing About Post-Keynesian Economics in Australasa

2013 ◽  
pp. 411-435
Author(s):  
Paul Dalziel ◽  
J. W. Nevile
Keyword(s):  
Higher Education ◽  
Economic Growth ◽  
Monetary Policy ◽  
World War Ii ◽  
Fiscal Policy ◽  
Aggregate Demand ◽  
World War ◽  
Keynesian Economics ◽  
Low Levels ◽  
Monetary And Fiscal Policy

There was much in common in the development of post-Keynesian economics in Australia and New Zealand, but there were also many differences. Both countries shared a common heritage in higher education. In the first twenty-five years after World War II, both countries adopted broadly Keynesian policies and experienced very low levels of unemployment. Increasingly over these years more theorizing about macroeconomic policy had what now would be called a post-Keynesian content, but this label was not used till after the event. In both countries, apart from one important factor, the experience of actual monetary policy and theorizing about it were similar. Keynesian ideas were more rapidly adopted in Australia than in many other countries. Not surprisingly for a couple of decades after 1936, analysis of policy and its application was Keynesian rather than post-Keynesian, with fiscal policy playing the major role. The conduct of both monetary and fiscal policy depends on the theory of inflation. This chapter examines post-Keynesian economics in Australasia, focusing on aggregate demand, economic growth, and income distribution policy.

scholarly journals Multi-faceted insights of entrepreneurship facing a fast-growing economy: A literature review

2020 ◽  
Vol 3 (1) ◽  
pp. 25-41 ◽  
Author(s):  
Quan Hoang Vuong ◽  
Viet Phuong La ◽  
Thu Trang Vuong ◽  
Phuong Hanh Hoang ◽  
Manh Toan Ho ◽  
...  
Keyword(s):  
Economic Growth ◽  
Literature Review ◽  
Emerging Economies ◽  
Research Output ◽  
Middle Income Country ◽  
Developing Economy ◽  
Middle Income ◽  
Entrepreneurship Research ◽  
Rapid Economic Growth ◽  
Growing Economy

AbstractThis study explores entrepreneurship research in Vietnam, a lower-middle-income country in Southeast Asia that has witnessed rapid economic growth since the 1990s but has nonetheless been absent in the relevant Western-centric literature. Using an exclusively developed software, the study presents a structured dataset on entrepreneurship research in Vietnam from 2008 to 2018, highlighting: low research output, low creativity level, inattention to entrepreneurship theories, and instead, a focus on practical business matters. The scholarship remains limited due to the detachment between the academic and entrepreneur communities. More important are the findings that Vietnamese research on entrepreneurship, still in its infancy, diverges significantly from those in developed and emerging economies in terms of their content and methods. These studies are contextualized to a large extent to reflect the concerns of a developing economy still burdened by the high financial and nonfinancial costs.

McCulloch, Scrope, and Hodgskin: Nineteenth-Century Versions of Julian Simon

2003 ◽  
Vol 25 (3) ◽  
pp. 289-301 ◽  
Author(s):  
William S. Kern
Keyword(s):  
Economic Growth ◽  
Nineteenth Century ◽  
Population Growth ◽  
Natural Resources ◽  
Natural Resource ◽  
Resource Scarcity ◽  
Limits To Growth ◽  
Economic Progress ◽  
Natural Resource Scarcity ◽  
Growing Population

In The Ultimate Resource (1981, 1996), and in many other publications over the last several decades, Julian Simon put forth controversial views regarding the connection between natural resource scarcity, population growth, and economic progress. Simon argued, in contrast to those espousing the limits to growth, that natural resources were not getting scarcer, but more abundant, and that a large and growing population was an asset rather than a liability in the pursuit of economic growth.

Anti, Alternative, and Post: A Review of Post-Growth A Review of Post-Growth Approaches to Radical Transformation in the Global South

2018 ◽  
Vol 12 (1) ◽  
Author(s):  
Rebecca Hollender
Keyword(s):  
Economic Growth ◽  
Political Ecology ◽  
Global South ◽  
System Reform ◽  
Limits To Growth ◽  
Prefigurative Politics ◽  
Negative Impacts ◽  
Global Systems ◽  
Systems Of Domination

A diverse set of post-growth theories, proposals, and practices are emerging out of dramatically different contexts across the Global South in response to the recognition that the negative impacts of economic growth are rooted in dominant global systems including development, capitalism, and coloniality.  The emergence of post-growth comes after decades of failed attempts by reform-based approaches, such as sustainable development, limits to growth, and alter-globalization, to meet environmental and social objectives.  While reform-based approaches provide important tools for calculating appropriate limits for growth and promoting sustainability agendas, they do not address growth’s embeddedness in dominant systems.  Also, reform measures often neglect the historical and spatial complexities of poverty, inequality, and environmental problems in Southern societies, rendering these approaches inappropriate and/or infeasible.  As a result, a number of radical post-growth theories, including political ecology, post-development, anti-globalization, anti-capitalism, capitalist crisis critique, decolonial theory, and post-ideological anarchism reject system reform and call for the creation of alternatives that address the unique circumstances of the Global South.  Despite having disparate conceptualizations of the global systems of domination, radical post-growth theories largely converge around the politics and processes of change, espousing the construction of ‘alternatives to’ via a series of radical democratic practices including open-endedness, pluriversality, and prefigurative politics.  Through an examination of the academic approaches that engage with post-growth in the Global South, this review will contribute to understanding and potentiating Southern efforts at anti-systemic transformation.  It will reveal how different radical post-growth theories (1) identify and understand the systems of domination responsible for upholding the primacy of economic growth; (2) contemplate Southern contexts and concerns; and (3) foment long-term processes of building anti-systemic alternatives.  It will identify some practical impediments to moving beyond post-growth theories to implementable proposals, policies, and practices, many of which are exemplified by post-extractivist efforts in Peru.

Economic Growth and Human Development since 1820

2018 ◽  
pp. 22-54
Author(s):  
Şevket Pamuk
Keyword(s):  
Economic Growth ◽  
World War Ii ◽  
Human Development ◽  
Industrial Revolution ◽  
Physical Capital ◽  
Modern Economic Growth ◽  
Education Levels ◽  
Modern Economic ◽  
Proximate Causes ◽  
The One

This chapter examines the trends in economic growth and human development in Turkey during the last two centuries. Economists have learned a great deal about modern economic growth since the end of World War II. The large and growing literature has emphasized that increases in productivity, achieved through technological progress on the one hand, and increases in per capita physical capital and education levels, on the other, were the most important factors contributing to economic growth. In addition, the labor force is much better educated than in 1820. In short, technological change and higher rates of investment in both physical and human capital are seen today as the leading proximate causes of economic growth since the Industrial Revolution.

Approaches for Measuring Sustainability

2013 ◽  
pp. 158-184
Author(s):  
Evangelos Grigoroudis ◽  
Vassilis S. Kouikoglou ◽  
Yannis A. Phillis
Keyword(s):  
Economic Growth ◽  
Sustainable Development ◽  
Environmental Economic ◽  
Environmental Changes ◽  
Sustainability Assessment ◽  
Soil Formation ◽  
Sustainability Indicators ◽  
Measuring Technique ◽  
Policy Makers ◽  
Limits To Growth

The environment provides the economy with resources (e.g., water, air, fuels, food, metals, minerals, and drugs), services (e.g., the cycles of H2O, C, CO2, N, O2; photosynthesis, and soil formation), and mechanisms to absorb waste. Economic growth is based on these three services, and since the global ecosystem does not grow, economic growth cannot continue indefinitely. The concepts of sustainability and sustainable development have received much attention among policy-makers and scientists as a result of the existence of limits to growth and the dramatic environmental changes of the last decades. Sustainability integrates environmental, economic, and societal aspects. It also covers different geographical scales: ecosystems, regions, countries, and the globe. In this chapter, the authors review various models of sustainability assessment. Since there is no universally accepted definition and measuring technique of sustainability, these different models lead to different assessments. They also present a discussion of the sustainability indicators, aggregation tools, and data imputation techniques used in each approach.

From American Exceptionalism to the Great Compression

2021 ◽  
pp. 323-350
Author(s):  
Jon D. Wisman
Keyword(s):  
United States ◽  
Economic Growth ◽  
World War Ii ◽  
American Exceptionalism ◽  
The United States ◽  
Living Standards ◽  
World War ◽  
The Great Depression ◽  
The 1960S ◽  
First Time

The United States was an anomaly, beginning without clear class distinctions and with substantial egalitarian sentiment. Inexpensive land meant workers who were not enslaved were relatively free. However, as the frontier closed and industrialization took off after the Civil War, inequality soared and workers increasingly lost control over their workplaces. Worker agitation led to improved living standards, but gains were limited by the persuasiveness of the elite’s ideology. The hardships of the Great Depression, however, significantly delegitimated the elite’s ideology, resulting in substantially decreased inequality between the 1930s and 1970s. Robust economic growth following World War II and workers’ greater political power permitted unparalleled improvements in working-class living standards. By the 1960s, for the first time in history, a generation came of age without fear of dire material privation, generating among many of the young a dramatic change in values and attitudes, privileging social justice and self-realization over material concerns.

Japan’s Miracle Decades

2020 ◽  
pp. 85-100
Author(s):  
Akizumi Tsutsumi
Keyword(s):  
Economic Growth ◽  
Health Disparities ◽  
World War Ii ◽  
Large Scale ◽  
Growth Period ◽  
Japanese Economy ◽  
Occupational Groups ◽  
Total Employment ◽  
Dual Structure ◽  
Post War

Since the end of World War II, the Japanese economy has experienced two types of ‘dual structure’ issues among occupational groups. The period before the war until 1950 consisted of large-scale companies stemming from zaibatsu (financial cliques) and indigenous domestic industries. The health disparities across occupational groups, often observed in the West, increased between the pre-war period and the 1950s but declined in the subsequent high economic growth period. The decline in health disparities was aided by economic democratization policies, active labour union functions, and post-war economic growth. Near-total employment was achieved, at least among male workers, in the late 1960s to early 1970s. Later, recession in the wake of the bursting bubble economy after 1991, and the subsequent economy-first policy, brought another dual structure: regular employees versus lower-paid ‘precarious’ employees. The latter group includes many women. Stressful working conditions including long working hours among specific occupational groups may cause unique patterns of health disparity among Japanese workers.

scholarly journals Fiscal Behavior Volatility, Economic Growth, and Urban-Rural Income Disparity

2014 ◽  
Vol 2 (3) ◽  
pp. 217-225
Author(s):  
Yufeng Wang ◽  
Shulin Liu
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Local Governments ◽  
Economic Transition ◽  
Income Disparity ◽  
Dynamic Panel Model ◽  
Rural Income ◽  
Panel Model ◽  
Urban Rural ◽  
Fiscal Behavior

AbstractFiscal behavior of local governments has great volatility in China, especially in the period of economic transition. This paper estimates fiscal behavior volatility by making regression analysis of panel data of 30 provinces from 1994 to 2011. Then we establish a dynamic panel model to study the direct and indirect impact of the fiscal behavior volatility on the urban-rural income disparity. Empirical results show that urban-rural income disparity has nonlinear relationship with economic growth and financial development and that fiscal behavior volatility expands the urban-rural income disparity directly and indirectly. The larger fiscal behavior volatility comes greater urban-rural income disparity. We also find that the urban-rural income disparity is further enlarged through dual economic structure. If one of the economic growth and financial development is fixed, the other one has an inverted U-shaped relationship with urban-rural income disparity.

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