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Transformation in economics refers to a long-term change in dominant economic activity in terms of prevailing relative engagement or employment of able individuals. Human economic systems undergo a number of deviations and departures from the "normal" state, trend or development.
Economic transformation can be measured through production/value-added measures and trade-based measures. Production-based measures include: (1) sector value added and employment data, to show productivity gaps between sectors; and (2) firm-level productivity measures, to examine average productivity levels of firms within one sector.
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.
An Economic History of the World Since 1400 (2016) online 48 university lectures; Liss, Peggy K. Atlantic Empires: The Network of Trade and Revolution, 1713–1826 (Johns Hopkins University Press, 1983). Neal, Larry, and Rondo Cameron. A Concise Economic History of the World: From Paleolithic Times to the Present (5th ed. 2015) 3003 edition online
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Many studies show that modernization has contributed to democracy in some countries. For example, Seymour Martin Lipset argued that modernization can turn into democracy. [19] There is academic debate over the drivers of democracy because there are theories that support economic growth as both a cause and effect of the institution of democracy.
Economic factors One area that has a big influence on stock prices is data related to the overall economy. Whether the economy is growing faster than expected or slower can send stocks higher or ...
Another major cause of economic growth is the introduction of new products and services and the improvement of existing products. New products create demand, which is necessary to offset the decline in employment that occurs through labor-saving technology (and to a lesser extent employment declines due to savings in energy and materials).