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Another topic of study is the impact of sudden stops on output. Sudden stops can be accompanied by a currency crisis and/or a banking crisis. Empirical studies show that the effects of a banking crisis are more pernicious than the effects of a currency crisis, due to the additional effect of the credit channel on output. Lower asset prices are ...
A Wall Street Journal report earlier this year revealed that Trump’s economic advisers drafted a plan to undermine the Fed’s independence by giving the president a greater say in the central ...
The U.S. central bank agreed at its meeting last month to hold rates steady even as a 12-7 majority indicated in new projections that one more hike might be needed by the end of the year to ensure ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
It was first proposed by Karl Polanyi, [1] who argues that the term "economics" has two meanings. The formal meaning, used by today's neoclassical economists, refers to economics as the logic of rational action and decision-making, as rational choice between the alternative uses of limited (scarce) means, as "economizing", "maximizing", or ...
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The backwardness model is often contrasted with the Rostovian take-off model developed by W.W. Rostow, which presents a more linear and structuralist model of economic growth, planning it out in defined stages. The two models are not mutually exclusive, however, and many countries appear to follow both models rather adequately.
In this context, Ritzer has a very specific meaning of "efficiency". In the example of McDonald's customers, it is the fastest way to get from being hungry to being full. Efficiency in McDonaldization means that every aspect of the organization is geared toward the minimization of time.