It is important to note that each institutionalism is not a concrete theory but rather, a school of thought in which a central question is presented, a critical juncture is identified, and a path-dependent development is presented. ... Hall and Taylor make it a point to note the importance of the fact that none of the institutions are wholly wrong or 'untrue' but perhaps provide one dimension of both 'the human action and institutional impact present there.'2 Moreover, the authors identify that the institutions are not so different from one another, once broken down an...

• Word Count: 1790
• Approx Pages: 7
• Has Bibliography
• Grade Level: Graduate

China roots its strategy in the work of Friedrich List, a classical economist, who argues that government intervention is important to an economy's growth. ... It is worth noting that FDI from developed countries are the primary source of fund in large-scale capital- and technology-intensive projects in China. ...

• Word Count: 878
• Approx Pages: 4
• Has Bibliography
• Grade Level: Undergraduate

Although most of his works are directly in line with the neo-classical economics taught in universities today, there are also some details to be further discussed in regard to Cantillon's ideas. ... However, it is initially worthy to note that Cantillon's definitions of both competition and an entrepreneur vary in context from the modern definitions commonly presented of such individuals. ... Cantillon does in fact note that entrepreneurs are the individuals that bear the risk of the market, but no one in the modern world looks at entrepreneurs to the extent that they are believ...

• Word Count: 2445
• Approx Pages: 10
• Has Bibliography
• Grade Level: Graduate

According to the classical economic theory, a purely competitive model refers to markets which are broadly characterized by a large number of producers and consumers, each without any substantial degree of market power, who are able to easily enter and exit market. ... It is worth noting here that these investments would probably have been unfeasible in the small firms which would have existed under the perfect competition model. ...

• Word Count: 1435
• Approx Pages: 6
• Has Bibliography
• Grade Level: Graduate

Japan is one of the world's leading powers, second only to the United States in terms of economic and technological advancement. It is also a fascinating country with a long history, rich culture and a keen sense of global citizenship. Japan is a country that has evolved from an agricultural, sub-standard industrial society to one of the world's most advance, industrial and technological countries in the world. It is also one of the closest allies and most important economic partners of the U.S. The scale of Japan's growth is easy to demonstrate but understanding the reason i...

• Word Count: 2410
• Approx Pages: 10
• Has Bibliography
• Grade Level: Undergraduate

Microeconomics is the motion associated with decisions made at a low level or otherwise known as a micro level. More precisely defined as by about economics (2014) as "the analysis of the decisions made by individuals and groups, the factors that affect those decisions, and how those decisions affect others". Therefor a key part of microeconomics and the main question of this part which what is supply and demand and the relationship they have between each other. Supply is defined by Geoff Riley (2008) as "the quantity of a product that a producer is willing and able to supply onto the ma...

• Word Count: 2078
• Approx Pages: 8
• Has Bibliography

As a hidden demonstration of corruption we can note the repeated promises of authorities of Yerevan and Republic about purchasing of the large buses for UPPVT (in Yerevan 3500 microbuses and only 100 buses function) which till remains as promises. ... In Armenia, considering particularity of conduction of privatization and current of tendencies in market economy, relative "availability" of law and order bodies and justice (that complicates the fight against SE), alongside of the classical forms of SE, the following forms are widely distributed: • Presence of the large number o...

• Word Count: 3271
• Approx Pages: 13
• Has Bibliography

Was the British entrepreneur the most important single reason for the relative decline of the British economy in the late nineteenth century? Despite a continued growth of production and wealth in absolute terms, the economy of "the first industrial nation" began to decelerate after 1870, in comp...

• Word Count: 3250
• Approx Pages: 13
• Grade Level: Undergraduate

As Simon (1979a) pointed out in his Nobel Memorial lecture, the good fits to the Cobb-Douglas production function "cannot be taken as strong evidence for the classical theory, for the identical results can readily be produced by mistakenly fitting a Cobb-Douglas function to data that were in fact generated by a linear accounting identity (value of output equals labor cost plus capital cost)". ...

• Word Count: 11086
• Approx Pages: 44
• Has Bibliography
• Grade Level: Undergraduate