No mere tautology: the division of labour is limited by the division of labour

2019 ◽  
Author(s):  
Andrew Smyth ◽  
Bart J Wilson
Keyword(s):  
Economic Growth ◽  
Transaction Costs ◽  
Theory Of The Firm ◽  
Division Of Labour ◽  
Increasing Returns ◽  
Growth Theory ◽  
Opportunity Costs ◽  
Treatment Conditions ◽  
New Ideas

Abstract We explore the intersection of growth theory and the theory of the firm with an experiment. Economic growth is possible in our experiment when agents specialize to exploit increasing returns. We find that low opportunity costs are sufficient for Marshallian internal economies, but that Marshallian external economies are slow to emerge in four probing treatment conditions. Transaction costs do not hamper external economies as we anticipated prior to collecting data. When external economies falter, it is because new ideas of more extensive specialization fail to emerge. Ideas make further divisions of the division of labour—and thus economic growth—possible. Conversely, a lack of ideas make further divisions of labour and economic growth impossible. Our data reveal how the likelihood of new ideas is inseparably tied to the existing extent of specialization.

Technology Management by Objectives (TMO)

2011 ◽  
pp. 86-91
Author(s):  
Jaby Mohammed
Keyword(s):  
Economic Growth ◽  
Technology Management ◽  
21St Century ◽  
Increasing Returns ◽  
Growth Theory ◽  
Management By Objectives ◽  
New Knowledge ◽  
Common Goals ◽  
The Common ◽  
Goals And Objectives

This chapter introduces the concept of technology management by objectives. Technology is one of the fastest moving elements in the 21st Century, which could be well explained using the growth theory. The growth theory is defined on the basis of the economic growth from the increasing returns that is associated with the new knowledge. The knowledge has various dimensions in today’s world, one of which is the technology. The major portion of any improvement or any development in any sector is due to technology or due to a change in technology. Technology in any organization can improve, sustain, and diminish the business based on the approaches used in the model. The ability to connect technology and gain organization advantage depends upon how efficiently and effectively the technology is managed within the organization. Technology has been managed by different means based on the application of the technology. This chapter would discus how the technology could be management by objectives (TBO). Many approaches have been utilized to integrate individual and team goal with the overall goals of the organization of an enterprise. Each group goal would have a set of objectives and satisfying all these objectives is virtually impossible because many of them contradict to each others. Technology by objectives is a process in which the common goals are identified and would define individually the major area of responsibility in terms of the results and objectives expected in detail. The goals would be jointly established by the administrators and the sub-ordinates and would emphasis on the output variables. Every corporation has different technological goals and visions, so based on the enterprise the goals and objectives are set.

Contemporary Principles of Heterodox Political Economy

2009 ◽  
pp. 38-57 ◽  
Author(s):  
Ph. O’Hara
Keyword(s):  
Economic Growth ◽  
Political Economy ◽  
Economic Development ◽  
Ethnic Discrimination ◽  
Mainstream Economics ◽  
Theoretical Perspectives ◽  
Analytical Review ◽  
New Ideas ◽  
Historical Specificity ◽  
Scientific Results

In this analytical review the author describes the main trends in the modern heterodox political economy as an alternative to mainstream economics. Historical specificity as well as the contradictory and uneven character of economic development are examined in detail. The author also discusses problems of class, gender and ethnic discrimination and their influence on economic growth. It is shown that there are tendencies to convergence of different theoretical perspectives and schools, common themes, topics of research and conceptual apparatus are being formed. The forces of integration and differentiation help establish new ideas and receive interesting scientific results in such fields as development economics, macroeconomics and international economics.

2018 Nobel Economics Prize: Integrating Climate Change Measures into Sustainable Economic Growth

2018 ◽  
Vol 34 (4) ◽  
Author(s):  
Nguyen Thi Thuc An ◽  
Dau Kieu Ngoc Anh
Keyword(s):  
Climate Change ◽  
Economic Growth ◽  
Endogenous Growth ◽  
Environmental Issues ◽  
Growth Theory ◽  
Endogenous Growth Theory ◽  
Technological Advances ◽  
Academy Of Sciences ◽  
Sustainable Economic Growth

The 2018 Nobel Economics Prize was awarded to two American economists - William D. Nordhaus and Paul M. Romer - who designed methods for better assessing environmental issues and technological advances on growth. This year’s Laureates, Nordhaus was the first person to create an intergrated model to assess interactions between society and nature and Romer laid the foundation for what is now called endogenous growth theory. According to the Swedish Royal Academy of Sciences, these two macroeconomists’ research have helped “significantly broaden the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge” which integrates climate change measures into long-term sustainable economic growth. Keywords Nobel in economics, William D. Nordhaus, Paul M. Romer, climate change, endogenous growth theory, economic growth References [1] Y Vân (2018), “Lý lịch 'khủng' của hai nhà khoa học vừa giành giải Nobel Kinh tế 2018”, Vietnambiz, đăng tải ngày 08/10/2018, https://vietnambiz.vn/ly-lich-khung-cua-hai-nha-khoa-hoc-vua-gianh-giai-nobel-kinh-te-2018-95776.html[2] Jonas O. Bergman, Rich Miller (2018), “Nordhaus, Romer Win Nobel for Thinking on Climate, Innovation”, đăng tải ngày 8/10/2018, https://www.bloomberg.com/news/articles/2018-10-08/nordhaus-romer-win-2018-nobel-prize-in-economic-sciences [3] Antonin Pottier (2018), “Giải Nobel” William Nordhaus có thật sự nghiêm túc?”, Nguyễn Đôn Phước dịch, đăng tải ngày 11/10/2018, http://www.phantichkinhte123.com/2018/10/giai-nobel-william-nordhaus-co-that-su.html[4] Thăng Điệp (2018), “Giải Nobel kinh tế 2018 về tay hai người Mỹ”, đăng tải ngày 8/10/2018, http://vneconomy.vn/giai-nobel-kinh-te-2018-ve-tay-hai-nguoi-my-20181008185809239.htm[5] Lars P. Syll (2018), “Cuối cùng - Paul Romer cũng có được giải thưởng Nobel”, Huỳnh Thiện Quốc Việt dịch, đăng tải ngày 14/10/2018, http://www.phantichkinhte123.com/2018/10/cuoi-cung-paul-romer-cung-co-uoc-giai.html[6] Phương Võ (2018), “Nobel Kinh tế 2018: Chạm tới bài toán khó của thời đại”, đăng tải ngày 9/10/2018, https://nld.com.vn/thoi-su-quoc-te/nobel-kinh-te-2018-cham-toi-bai-toan-kho-cua-thoi-dai-20181008221734228.htm[7] Đông Phong (2018), “Nobel Kinh tế cho giải pháp phát triển bền vững và phúc lợi người dân”, đăng tải ngày 8/10/2018, https://news.zing.vn/nobel-kinh-te-cho-giai-phap-phat-trien-ben-vung-va-phuc-loi-nguoi-dan-post882860.html[8] Thanh Trúc (2018), “Giải Nobel kinh tế 2018: Thay đổi tư duy về biến đổi khí hậu”, https://tusach.thuvienkhoahoc.com/wiki/Gi%E1%BA%A3i_Nobel_kinh_t%E1%BA%BF_2018:_Thay_%C4%91%E1%BB%95i_t%C6%B0_duy_v%E1%BB%81_bi%E1%BA%BFn_%C4%91%E1%BB%95i_kh%C3%AD_h%E1%BA%ADu[9] Cẩm Anh (2018), “Nobel kinh tế 2018: Lời giải cho tăng trưởng kinh tế bền vững”, đăng tải ngày 11/10/2018, http://enternews.vn/nobel-kinh-te-2018-loi-giai-cho-tang-truong-kinh-te-ben-vung-137600.html.

Developing an economy based on knowledge and innovation in the context of the middle income trap

2015 ◽  
Vol 60 (10) ◽  
pp. 56-74
Author(s):  
Paweł Wieczorek
Keyword(s):  
Economic Growth ◽  
New Technologies ◽  
Current Model ◽  
Growth Theory ◽  
Labor Costs ◽  
Average Income ◽  
Middle Income ◽  
Endogenous Growth Theory ◽  
Middle Income Trap

The article is a contribution to the discussion on the necessity to change the current model of economic growth of Poland for model of economy based on knowledge and innovation. In this way, our country will be able to overcome the threats that might push the economy into the trap of the average income, expressed in long-term slowdown in GDP growth. The endogenous growth theory, formed after 1989 and characterized by duplication of Western technology, enabled relatively rapid growth by over 20 years. Currently, Poland to ensure an economic growth is facing the need for innovative technologies and innovation. Risks associated with middle income trap are very real because of the disappearance of comparative advantage, which results from relatively low labor costs. The creation in Poland conditions to accelerate economic growth requires action to increase the propensity of entrepreneurs to reach for new technologies and innovation and attractive market offer from the national centers for research and development.

Variable Elasticity of Substitution and Economic Growth: Theory and Evidence

2005 ◽  
pp. 21-37 ◽  
Author(s):  
Giannis Karagiannis ◽  
Theodore Palivos ◽  
Chris Papageorgiou
Keyword(s):  
Economic Growth ◽  
Elasticity Of Substitution ◽  
Growth Theory

scholarly journals   Study on Chinese farmer cooperative economy organization and agricultural specialization

2012 ◽  
Vol 58 (No. 3) ◽  
pp. 135-146 ◽  
Author(s):  
D. Yang ◽  
Z. Liu
Keyword(s):  
Transaction Costs ◽  
Agricultural Production ◽  
Division Of Labour ◽  
Agricultural Enterprises ◽  
Classical Economics ◽  
Internal Mechanism ◽  
Market Transaction ◽  
Economics Model ◽  
Responsibility System ◽  
Cooperative Economy

 Under the background of the Chinese Household Contract Responsibility System (HCRS), farmers have to pay higher transaction costs and encounter a huge trading risk if they engage in agricultural production only through the market transaction. Since the special properties of agricultural production limit the formation and development of agricultural enterprises, farmer cooperative economy organizations with the main functional characteristics of transaction coordination begin to flourish. By building a new classical economics model, this paper demonstrates the theoretical assertion that the generation of a farmer cooperative economy organization is accompanied by the evolution of the division of labour, the improvement of farmers’ effectiveness and the development of agricultural specialization. Furthermore, this paper does an empirical analysis with the micro-survey data to verify this theoretical assertion. Therefore, this article effectively explains the generation condition of a farmer cooperative economy organization and the internal mechanism of how it promotes the development of agricultural specialization. So this paper provides a strong theoretical and practical evidence for the development of a farmer cooperative economy organization and agricultural specialization.    

scholarly journals DIGITAL TRANSFORMATION OF THE RUSSIAN ECONOMY AND ALIGNMENT OF ECONOMIC INTERESTS

2021 ◽  
Vol 230 (4) ◽  
pp. 410-416
Author(s):  
N.V. RASSKAZOVA ◽  
Keyword(s):  
Economic Growth ◽  
Transaction Costs ◽  
Digital Technologies ◽  
Digital Economy ◽  
Digital Transformation ◽  
Production Costs ◽  
Economic Interests ◽  
Digital Platforms ◽  
Russian Economy ◽  
Reproduction Process

The problems of the digital economy development are central, since the introduction of digital technologies in the reproduction process provides for increased efficiency and reduced production costs. This fact encourages the development of digital platforms and mechanisms that allow to accelerate the process of interaction between different actors and reduce the transaction costs of coordinating economic interests at the micro and macro levels, which will eventually lead to economic growth. In this regard, the problem of digitalization of the Russian economy and its branches is relevant.

scholarly journals Endogenous growth theory and regional development policy

Spatium ◽  
2015 ◽  
pp. 10-17
Author(s):  
Slobodan Cvetanovic ◽  
Milorad Filipovic ◽  
Miroljub Nikolic ◽  
Dusko Belovic
Keyword(s):  
Economic Growth ◽  
Regional Development ◽  
Endogenous Growth ◽  
Driving Forces ◽  
Growth Theory ◽  
Regional Competitiveness ◽  
Endogenous Growth Theory ◽  
Neoclassical Growth Theory ◽  
Neoclassical Growth

The numerous versions of endogenous explanations of economic growth emphasize the importance of technological change driving forces, as well as the existence of appropriate institutional arrangements. Endogenous growth theory contributes to a better understanding of various experiences with long-term growth of countries and regions. It changes the key assumptions of the Neoclassical growth theory and participates in the modern regional development physiology explanation. Based on these conclusions, the paper: a) explicates the most important theoretical postulates of the theory, b) explains the most important factors of economic growth in the regions in light of the Endogenous growth theory messages and c) emphasizes the key determinants of regional competitiveness which in our view is conceptually between the phenomena of micro- and macro-competitiveness and represents their necessary and unique connection. First of all, micro-competitiveness is transformed into a regional competitiveness; then regional competitiveness is transformed into a macro-competitiveness. In turn, macro - influences the microeconomic competitiveness, and the circle is closed. After that, the process starts over again.

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