Instruct: Given a question, retrieve relevant documents that can help answer the question.
Query: When was the Heckscher–Ohlin model developed?
Bertil Ohlin first explained the theory in a book published in 1933. Ohlin wrote the book alone, but he credited Heckscher as co-developer of the model because of his earlier work on the problem, and because many of the ideas in the final model came from Ohlin's doctoral thesis, supervised by Heckscher.
Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes".
The theory of technological dualism comes under the subject of development economics. This theory was propounded by Benjamin Higgins in place of Social dualism theory by Professor Boeke. In the words of Prof Higgins "dualism is the situation in which productive employment opportunities are limited not because of lack of effective demand but because of resource and technological constraints in the two sector". The two sector here means the traditional rural sector and modern sector.
This theory is prevalent in less developed countries. According to Prof Higgins this is the cause of unemployment and underemployment in these less developed countries. The traditional rural sector and the modern sector both use different production function and have different resource endowments and this is the reason for technological dualism in these less developed economies.
Trade deficits mean that consumers buy too much foreign goods and too few domestic products. According to Keynesian theory, trade deficits are harmful. Countries that import more than they export weaken their economies. As the trade deficit increases, unemployment or poverty increases and GDP slows down. And surplus countries getting richer at the expense of deficit countries. They destroy the production of their trading partners. John Maynard Keynes thought that surplus countries should be taxed to avoid trade imbalances. The tariff is used to equalize the trade balance in order to protect domestic workers. Peter Temin explain that "a tariff is an expansionary policy, like a devaluation as it diverts demand from foreign to home producers".
Economics is a social science which studies the production, distribution, trade, and consumption of goods and services. Economics focuses on measurable variables, and is broadly divided into two main branches: microeconomics, which deals with individual agents, such as households and businesses, and macroeconomics, which considers the economy as a whole, in which case it considers aggregate supply and demand for money, capital and commodities. Aspects receiving particular attention in economics are resource allocation, production, distribution, trade, and competition. Economic logic is increasingly applied to any problem that involves choice under scarcity or determining economic value.
In international relations theory, hegemony denotes a situation of (i) great material asymmetry in favour of one state, who has (ii) enough military power to systematically defeat any potential contester in the system, (iii) controls the access to raw materials, natural resources, capital and markets, (iv) has competitive advantages in the production of value added goods, (v) generates an accepted ideology reflecting this status quo; and (vi) is functionally differentiated from other states in the system, being expected to provide certain public goods such as security, or commercial and financial stability.
The socialist market economy (SME) is the economic system and model of economic development employed in the People's Republic of China. The system is based on the predominance of public ownership and state-owned enterprises within a market economy. The term "socialist market economy" was first used during the 14th National Congress of the Communist Party of China in 1992 to describe the goal of China's economic reforms. Originating in the Chinese economic reforms initiated in 1978 that integrated China into the global market economy, the socialist market economy represents a preliminary or "primary stage" of developing socialism. Despite this, many Western commentators have described the system as a form of state capitalism.
Following the footsteps of the Enlightenment rationalism and experimentalism, Germany began to see the rise of agricultural experiment stations, indicating the beginnings of an attempt to merge traditional agronomy with analytical chemistry. In 1840, Justus von Liebig, an influential German chemist and professor at the University of Giessen, published his book "Organic Chemistry in its Application to Agriculture and Physiology". Liebig theorized that nitrogen and trace minerals from soil erosion were essential to plant nutrition, and, from this analytical chemistry perspective, simplified agriculture to a series of chemical reactions. While Liebig’s work inspired a generation of analytical agricultural chemists interested in fundamental questions of plant nutrition, founders of early German agricultural experiment stations did not solely seek to pursue questions of soil chemistry, but rather sought to bridge the gap between the two fields of agriculture and chemistry.
From 1918 to 1921, the family lived in the Netherlands while Heckscher's father served as the Weimar Republic's ambassador to The Hague; there, Heckscher enrolled at the Nederlandsch Lyceum. Heckscher pursued his interests in history and Flemish art by spending his off hours studying at the Dutch Royal Library, the Mauritshuis and the Kröller-Müller Museum, but was dismissed from the Lyceum in 1920 for "lack of scholarly potential". After the family returned to Hamburg, Heckscher attended the city's Kunstgewerbeschule, now the Hochschule für bildende Künste Hamburg, but failed a class in ceramics.
For his work in game theory, Selten won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash). Selten was Germany's first and, at the time of his death, only Nobel winner for economics.
In 1932–1933, Heckscher lived in New York where he worked as Panofsky's assistant. During this time, he enrolled in the Graduate Department of Art History at the Institute of Fine Arts at New York University to study American art history. Heckscher returned to Germany to continue his studies in 1934. He and his mother were detained by the Gestapo and interrogated for ten days after being accused of having pacifist connections.
The terms were coined in 1954 by linguist Kenneth Pike, who argued that the tools developed for describing linguistic behaviors could be adapted to the description of any human social behavior. As Pike noted, social scientists have long debated whether their knowledge is objective or subjective. Pike's innovation was to turn away from an epistemological debate, and turn instead to a methodological solution. "Emic" and "etic" are derived from the linguistic terms phonemic and phonetic respectively, which are in turn derived from Greek roots. The possibility of a truly objective description was discounted by Pike himself in his original work; he proposed the emic/etic dichotomy in anthropology as a way around philosophic issues about the very nature of objectivity.
In the historical writing of the 19th century, the denotation of "hegemony" extended to describe the predominance of one country upon other countries; and, by extension, "hegemonism" denoted the Great Power politics (c. 1880s – 1914) for establishing hegemony (indirect imperial rule), that then leads to a definition of imperialism (direct foreign rule). In the early 20th century, in the field of international relations, the Italian Marxist philosopher Antonio Gramsci developed the theory of cultural domination (an analysis of economic class) to include social class; hence, the philosophic and sociologic theory of cultural hegemony analysed the social norms that established the social structures (social and economic classes) with which the ruling class establish and exert cultural dominance to impose their "Weltanschauung" (world view)—justifying the social, political, and economic "status quo"—as natural, inevitable, and beneficial to every social class, rather than as artificial social constructs beneficial solely to the ruling class.
Consumer economics is a branch of economics. It is a broad field, principally concerned with microeconomic analysis behavior in units of consumers, families, or individuals (in contrast to traditional economics, which primarily government or business units). It sometimes also encompasses family financial planning and policy analysis. The term largely describes what was more commonly called "home economics" in the past.
After regaining its independence in 1963, Kenya promoted Africanization of the Kenyan economy, rapid economic growth through public investment, encouragement of smallholder agricultural production, and incentives for private often foreign industrial investment.The sessional paper number 10 of 1965 stressed the need for Kenya to avoid the western driven capitalistic economy,the eastern driven communism but concentrate on African socialism while ensuring that Kenya's economic fortunes are not dependent on a satellite relationship to any country or group of countries. Gross domestic product (GDP) grew at an annual average of 6.6% from 1963 to 1973 and 7.2% during the 1970s. Agricultural production grew by 4.7% annually during the same period, stimulated by redistributing estates, diffusing new crop strains, and opening new areas to cultivation. Between 1974 and 1990, however, Kenya's economic performance declined. With GDP growth averaging 4.2% per year in the 1980s and 2.2% a year in the 1990s.
Xue Muqiao introduced the term "underdeveloped socialism" in his book "China's Socialist Economy". The book was written in the orthodox Marxist–Leninist framework enunciated by Joseph Stalin in "Economic Problems of Socialism in the U.S.S.R." (1952). Xue wrote that within the socialist mode of production there were several phases and for China to reach an advanced form of socialism it had to focus on developing the productive forces. He proposed a theory in which the basic laws of economic growth were those in which "the relations of production must conform to the level of the productive forces". Similar to Stalin, Xue considered the productive forces to be primary and that the relations of production had to conform to the level of the productive forces. Xue believed that this was a fundamental universal law of economics. Unlike Stalin, Xue believed there were principles that guided the socialist transition, the key one being the principle of "from each according to his ability, to each according to his work"; this principle would guide socialist development, even when China had reached advanced socialism, and would be replaced with "from each according to his ability, to each according to his need" only when there existed general abundance. Xue based his arguments upon the economic policies pursued during the Cultural Revolution, which he believed had led to "the most severe setbacks and heaviest losses suffered by the Party, the state and the people since the founding of the People's Republic".
“Since 1776 "The Pursuit of Happiness" has been the great world question. Here, reflecting on modern survey techniques and results, Carol Graham drills deeper. What does happiness mean? For example, is it opportunity for a meaningful life? Or, is it blissful contentment? And why does it vary, as it does, across individuals and around the world? How does the perception of happiness differ in countries as disparate as Cuba, Afghanistan, Japan, and Russia? Carol Graham is opening up a whole new frontier in economic and social policy.” –George Akerlof, Professor of Economics at UC Berkeley and 2001 Nobel Laureate in Economics
Regional civil wars broke out in 1910 and lasted until 1920, known generally as the Mexican Revolution. Following the military phase of the Revolution, Mexican regimes attempted to "transform a largely rural and backward country … into a middle-sized industrial power." The Mexican Constitution of 1917 gave the Mexican government the power to expropriate property, which allowed for the distribution of land to peasants, but also the Mexican oil expropriation in 1938. Mexico benefited economically from its participation in World War II and the post-war years experienced what has been called the Mexican Miracle (ca. 1946–1970). This growth was fueled by import substitution industrialization. The Mexican economy experienced the limits of ISI and economic nationalism and Mexico sought a new model for economic growth. Huge oil reserves were discovered in the Gulf of Mexico in the late 1970s and Mexico borrowed heavily from foreign banks with loans denominated in U.S. dollars. When the price of oil dropped in the 1980s, Mexico experienced a severe financial crisis.
Bolivia was hit with hyperinflation as well. During the 1980s, economist Jeffrey Sachs was sent as a consultant and new President Gonzalo Sànchez de Lozada reined in inflation in the 1990s by severely cutting government spending. While Bolivia remained a very poor country, the authors argue that it is better off now because its inflation was curtailed. They also argue that Bolivia's example vindicates the bad reputation free-market economics acquired in Chile as Bolivia's reforms came after a democratic election.
On September 19, 2001, retired speculator George Soros put forward a proposal based on the IMF's existing special drawing rights (SDRs) mechanism. In Soros' scheme, rich countries would pledge SDRs (which are denominated as a basket of multiple 'hard' currencies) for the purpose of providing international assistance. Soros was not necessarily dismissing the Tobin tax idea. He stated, "I think there is a case for a Tobin tax ... (but) it is not at all clear to me that a Tobin tax would reduce volatility in the currency markets. It is true that it may discourage currency speculation but it would also reduce the liquidity of the marketplace." In this Soros appeared to agree with the Chicago School.
Internal working model of attachment is a psychological approach that attempts to describe the development of mental representations, specifically the worthiness of the self and expectations of others' reactions to the self. This model is a result of interactions with primary caregivers which become internalized, and is therefore an automatic process. John Bowlby implemented this model in his attachment theory in order to explain how infants act in accordance with these mental representations. It is an important aspect of general attachment theory.
Ohlin's name lives on in one of the standard mathematical models of international free trade, the Heckscher–Ohlin model, which he developed together with Eli Heckscher. He was jointly awarded the Nobel Memorial Prize in Economic Sciences in 1977 together with the British economist James Meade "for their pathbreaking contribution to the theory of international trade and international capital movements".
The Heckscher–Ohlin theorem is one of the four critical theorems of the Heckscher–Ohlin model, developed by Swedish economist Eli Heckscher and Bertil Ohlin (his student). In the two-factor case, it states: "A capital-abundant country will export the capital-intensive good, while the labor-abundant country will export the labor-intensive good."
In the early 1900s, a theory of international trade was developed by two Swedish economists, Eli Heckscher and Bertil Ohlin. This theory has subsequently become known as the Heckscher–Ohlin model (H–O model). The results of the H–O model are that the pattern of international trade is determined by differences in factor endowments. It predicts that countries will export those goods that make intensive use of locally abundant factors and will import goods that make intensive use of factors that are locally scarce.
The Heckscher–Ohlin model (H–O model) is a general equilibrium mathematical model of international trade, developed by Eli Heckscher and Bertil Ohlin at the Stockholm School of Economics. It builds on David Ricardo's theory of comparative advantage by predicting patterns of commerce and production based on the factor endowments of a trading region. The model essentially says that countries export products that use their abundant and cheap factors of production, and import products that use the countries' scarce factors.