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The balanced growth theory can be explained with the views of: (a) Rosenstein Rodan and (b) Ragnar Nurkse and (c) Lewis (A) Views of Rosenstein Rodan: In 1943 article, Rosenstein Rodan propounded this theory but without using the term balanced growth. He stated that the Social Marginal Product (SMP) of...

C. P. Chandrasekhar On 31 July, the United States Federal Reserve System (US Fed) announced its decision to cut its benchmark short-term interest rate by one quarter of a percentage point to a target range between 2% and 2.25%. It also announced that it would put...

C.P. Chandrasekhar The Indian government’s effort to resolve by force its banking crisis with the help of the Insolvency and Bankruptcy Code (IBC) has hit yet another roadblock. Even when major secured creditors agree to a resolution plan, because they have to take a smaller haircut...

"Cultural phenomenon" redirects here. For other cultural phenomena, see culture. A literal "bandwagon", from which the metaphor is derived. The bandwagon effect is a phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases the more that they have already been adopted by others. In other words, the bandwagon...

Anis Chowdhury and Jomo Kwame Sundaram According to their own internal evaluations, both the World Bank (WB) and the International Monetary Fund (IMF) have huge credibility deficits due to the policy conditionalities and advice they have dispensed to developing countries in recent decades. Washington Consensus Taking advantage of...

Basic situation: Two identical countries (A and B) have different initial factor endowments. Autarky equilibrium ( ): no trade, individual production equals consumption. Trade equilibrium: both countries consume the same ( ), especially beyond their own Production–possibility frontier; production and consumption points are divergent. The Heckscher–Ohlin model (H–O model) is a general equilibrium mathematical model of international...

Tejvan Pettinger The environmental Kuznets curve suggests that economic development initially leads to a deterioration in the environment, but after a certain level of economic growth, a society begins to improve its relationship with the environment and levels of environmental degradation reduces. From a very simplistic viewpoint,...

Prabhat Patnaik First it was the Finance Secretary who said that if the government borrowed less then more savings would be available for the private sector to borrow. Then it was the Deputy Governor of the Reserve Bank of India who talked of government borrowing “crowding...

Economic growth means an increase in national income, but does economic growth actually help to reduce relative poverty and income inequality – or can economic growth exacerbate existing income inequalities? There are two types of poverty: Relative poverty: This is when income is a certain percentage less than...