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12 Cards in this Set
- Front
- Back
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stages of growth model of devel
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econs go through sequential stages to achieve development
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harrod-domar growth model
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growth rate of gross domestic product depends on national savings rate and inversely on national capital-output ratio
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capital output ratio
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units of capital required to produce a unit of output over given period of time
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net savings ratio
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savings as proportion of disposable income over some period
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lewis 2 sector model
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surplus labor from traditional agricultural sector is transferred to modern industrial sector, industrialization and sustained devel
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structural change theory
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undevel is a result of under utilization of resources. devel requires more than just capital formation
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neocolonial dependence model
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underdevel is a result of exploitation of economic, political, cultural rules from former colonial rulers
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false paradigm model
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idea that one econ model used in rich country will not always fit in developing countries
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dualism
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coexistence of two situations 1 bad 1 good that are mutually exclusive for different groups
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autarky
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closed economy attempting to be self reliant
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public choice theory
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self-interest guides all behavior and causes govts and people to become corrupt and selfish
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Solow neoclassical growth model
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diminishing returns to each factor of production but constant returns to scale
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