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A particular specification of technological change or technological difference that is capital augmenting.
Industry:Economy
A measure of technological progress equal to the difference between the rate of growth of output and the weighted average of the rates of growth of capital and labor, with factor income shares as weights. Due to Solow (1957). Also called the growth of total factor productivity. Used to compare sources of growth across countries.
Industry:Economy
Ability of a borrower to make required payments on debt. For a person or firm, lack of solvency, or insolvency, usually leads to bankruptcy. For a government, no facility for bankruptcy exists, so insolvency leads either to default and consequent loss of the ability to borrow, or to bailout by another government or international financial institution.
Industry:Economy
A currency that is responsibly managed so as to avoid excessive inflation.
Industry:Economy
A framework proposed by the IMF for permitting countries facing financial crises to restructure their debts in an orderly manner and minimally disruptive manner, analogous to bankruptcy for a private debtor.
Industry:Economy
A country or region's power and ability to rule itself and manage its own affairs. Some feel that memberships in international organizations such as the WTO are a threat to their sovereignty.
Industry:Economy
An administrative procedure that is required as a condition of entry for an imported good, such as transport by the importing country's national fleet, or entry through a specific port or customs station.
Industry:Economy
1. Producing more than you need of some things, and less of others, hence "specializing" in the first. In international trade, this is just the opposite of self-sufficiency. 2. Doing less than everything, as when a country produces fewer different goods than it consumes. In a 2x2 trade model, this means a country produces just one good. With many goods and countries, it means a country has some goods that it does not (and cannot competitively) produce. Also may be called complete specialization.
Industry:Economy
A factor of production that is unable to move into or out of an industry. The term is used to describe factors that would not be of any use in other industries and also -- more loosely -- factors that could be used elsewhere but do not, in the short run, have the time or resources needed to move. See specific factors model. The term seems to come from Haberler (1937).
Industry:Economy
A model in which some or all factors are specific factors. The most common version is the Ricardo-Viner Model, with one specific factor (often capital or land) in each industry plus another factor (often labor) that is mobile between them. But an extreme form of the model, the Cairnes-Haberler Model, has all factors specific.
Industry:Economy
