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Economic Development
The word development is from the Latin root ‘Voloper’ which meant wrap up, envelop. The English used this word along with ‘des’ meaning ‘undo’. The word used was ‘disvelop’. The French replaced this word in 1656 with ‘develop’ which meant unfold or unwrap. The act of unwrapping may also be interpreted to mean expanding, diversifying, redistributing the contents. The popularity of the term development began with decolonialisation.
Going through several conceptual metamorphosis through the decades, currently development is taken to mean economic growth that is contributed by a large cross-section of the population which in turn would also mean large scale employment, increasing incomes and a resultant appreciation in the quality of life of the people. The distributional effects of growth [i.e. ‘growth with and through justice’ policy or the ‘equality in growth’ dimension] are incorporated in the current conception of development.
The basic concepts of price theory
Consider an economy with three states. The following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4). The t=0 prices of these stocks are given as follow
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Uses and Habit Forming Commodity -price elasticity of demand: The number of possible uses : A commodity has high price elasticity of demand (or elastic demand) if it can be p
You are the CEO of Comchip, a firm that sells specialized computers. Each of the firm's computers contain a unique chip that is produced at Comchip's west coast plant at a cost of
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The Productivity Growth Slowdown However in 1973 steady trend of climbing rates of productivity growth stopped cold. Between 1973 and 1995 measured growth in output per worker
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