Nafziger Economic Development (4th ed)

756Glossary

stock A variable with no time dimension. An example is the stock (amount) of coal deposits below the ground.

structural adjustment See adjustment.

(CEPAL), that emphasizes the necessity for long-run institutional and structural economic change–accelerating the growth of export earnings, improving the external terms of trade, increasing the supply elasticity of food output through land reform, reducing income inequality, and expanding the industrial sector and antimonopoly measures before shorter-term financial and exchange-rate policies would be effective.

surplus Output minus wages, depreciation, and purchases from other units.

sustainable development Economic growth that results in the survival of the human species and the maintenance of the productivity of natural, produced, and human assets from generation to generation.

takeoff Walter Rostow’s central historical stage, a decisive expansion occurring over 20 to 30 years, that radically transforms a country’s economy and society, so that growth becomes the normal condition.

target variables Goals set by planners, including growths of manufacturing, agriculture, and annual GDP; poverty reduction; and balance of payments position.

tariff rate The import tax as a percentage of the price of a good. For example, if the price of a shirt is $20 and the import tax on that shirt is $8, the tariff rate is 8/20 = 40 percent.

technical progress See total factor productivity.

technology Technical knowledge, connoting the practical arts, ranging from hunting,

fishing, and agriculture through manufacturing, communication, medicine, and electronics. All known processes transforming inputs into outputs.

terms of trade See commodity terms of trade.

theory A systematic explanation of interrelationships among economic variables to explain causal relationships among these variables.

third world The lowand middle-income economies or less-developed countries. Sometimes the term is used to refer to Asian, African, and Latin American lessdeveloped countries.

Tobin tax A tax on all foreign-exchange transactions, levied to discourage short-term (especially speculative) capital movements, on which the burden of the tax is substantial. The author, James Tobin, suggests that each country tax transactions originating in its country at one-tenth of 1 percent per dollar per transaction.

total external debt (EDT) The stock of debt owed to nonresident governments, businesses, and institutions and repayable in foreign currency, goods, or services.

total factor productivity (TFP) Output per combined factor input. TFP growth is a measure of technical progress.

total fertility rate (TFR) The number of children born to the average woman during her reproductive years.

township and village enterprises (TVEs)

Chinese rural enterprises that were initially organized as cooperatives, but later took other forms, such as joint-stock cooperatives, limited liability companies, or even private firms. In the 1980s, TVEs, taking advantage of cheap labor, startup capital, and land, produced 60–70 percent of rural output.

trade creation Formation of a regional trade organization resulting in imports from another member country displacing highercost domestic production. Economists

Glossary

argue that this creation increases total welfare.

trade diversion Formation of a regional trade organization resulting in imports from a member country displacing imports from a lowest cost third country. Economists argue that this diversion reduces total world welfare.

“tragedy of the commons” The principle that people overuse and degrade a resource free for all to use (Hardin).

transactions costs Costs of information, coordination, bargaining, monitoring, and enforcement of agreements or contracts.

transparency The quality of a government being open, accessible, frank, and disclosing information (Stiglitz 2002e).

turnkey projects Investment projects in which foreigners, for a price, provide inputs and technology, build plant and equipment, and assemble the production line so that locals can initiate production straightaway.

$2-per-day poverty A real income international line for poverty equivalent to $PPP2 in 1985 and $PPP2.92 in 1998, which provides for consumption in excess of the bare physical minimum, but varies from country to country, reflecting the cost of participating in the everyday life of society, for example including indoor plumbing and potable water as a necessity in some countries.

unbalanced growth A deliberate, predesigned strategy to unbalance the economy, making current investments to create linkages and thus spur subsequent investments (Hirschman).

uncertainty A situation in which the probabilities of future net returns occurring are unknown.

unconditional convergence Convergence without considering changes in control variables.

underemployment A form of labor underutilization referring to those who work less

757

than they would like to work. Expressing this as a rate usually involves spurious accuracy, as there are no operational guidelines for measurement.

unemployment The status of those in the labor force without work but available and seeking employment. The unemployment rate is a percentage of the labor force (employed plus unemployed).

United Nations Conference on Trade and Development (UNCTAD) The U.N. organization devoted to the economic interests of the Asian, African, and Latin American less-developed economies.

unlimited supply of labor An infinite elasticity of labor at a given wage, as assumed in the Lewis model. In this model, urban industrialists can attract an unlimited supply of labor migrants from the subsistence agricultural sector.

urban bias Government policy that allocates disproportionate benefits to cities, including tax concessions, prices and exchange rates, and spending on education, health, and infrastructure.

Uruguay Round The 1986–94 negotiations under GATT before GATT was superseded by the WTO.

usufruct Right of use, as with land.

value-added The difference between the value of goods as they leave a stage of production and the cost of goods as they entered that stage.

value-added tax (VAT) A tax on the difference between the sales of a firm and its purchases from other firms. The appeals of this tax are simplicity, uniformity, the generation of buoyant revenues, and the enabling of a gradual lowering of other tax rates throughout the system.

variance The average squared deviation of each number from its mean, a measure of how spread out a distribution is.

758Glossary

vertical integration Decision coordination between a producing unit and its upstream suppliers and its downstream buyers.

vicious circle The perpetuation of poverty through mutually reinforcing negative feedback on both supply and demand sides.

virtuous circle A dynamic process in which growing countries save more, contributing to continuing faster growth.

voice option Expressing dissatisfaction and attempting to change the practices or products of an organization or firm when unhappy with an objectionable state of affairs. When the “exit” option is not available, as under a monopolistic market, “voice” may be the only option. The term was coined by Albert Hirschman.

Wagner’s law The proposition that states that as real GNP per capita rises, people demand relatively more social goods and relatively fewer private goods.

Washington consensus A basic agreement by Washington-based institutions, the World Bank, International Monetary Fund, and U.S. Treasury, on international economic policies toward LDCs. This consensus is derived from neoclassical economics, dominated by orthodox economists trained in the United States and United Kingdom and especially associated with the views of U.S. President Ronald Reagan and U.K. Prime Minister Margaret Thatcher during the 1980s. See also liberalism.

workfare The payment of food or low wages in exchange for work, increasing the probability that only the poor will select this antipoverty program.

World Bank (International Bank for Reconstruction and Development or IBRD) The agency created in 1944 at Bretton Woods,

New Hampshire, charged with loans for the development of LDCs and (initially) postwar reconstruction.

World Economic Forum An annual meeting of many of the world’s economic elites that celebrates the advances of globalization. See also Davos.

world’s middle class (1) Countries with a real GDP per capita less than that of Italy and more than that of Brazil (Milanovic and Yitzhaki 2001), or (2) individuals with annual PPP incomes between $3,650 and $14,600 at 1993 prices (Bhalla 2002).

World Social Forum An annual meeting of antiglobalization forces, a rival to the annual World Economic Forum of the world’s economic elites. See also Porto Alegre and antiglobalization.

World Trade Organization (WTO) A multilateral organization of market economies that administers rules of conduct in international trade. WTO maintains continuity with the General Agreements on Tariffs and Trade, whose precedents WTO recognizes. See also General Agreements.

worker-managed socialism A form of market socialism that combines state ownership and worker control of the means of production with use of the market to allocate resources. Under this economic system, a workers’ council controls the firm’s means of production, hiring managers to carry out decisions in the interest of the workers of the firm.

zero marginal revenue productivity of labor

No change in revenue attributable to the last unit of labor, that is, adding or withdrawing a labor unit from a firm or sector does not decrease output.

Abbreviations

Articles, Books, and Monographs

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