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In economics, it is accepted that countries with good 'inclusive' institutions, such as strong property rights, are more productive and able to develop faster (or even develop at all) than countries with bad 'extractive' institutions, such as forced labor (see Acemoglu 2008, Acemoglu & Robinson 2000a, 2000b, 2001, 2006, 2008; Olson 1984, Bates 1981, 1983,...


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Climate change in itself, its measurement and the fact that it is happening, and modeling its speed or trying to discover its causes (e.g., carbon emissions, methane emissions and so on) is not an economics question/problem. The process itself at the core is physical/biological and that is not what economics studies. However, question of what policy we can ...


3

As you point out, going by the typical doctrine of extractive institutions from Why Nations Fail (Acemoglu), we have this basic framework: Disenfranchisement of private sector leads to capital flight / brain drain If long-lasted, this leads to slower economic growth and potentially a failed state However, I think we may want more granularity here. A ...


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What is in the realm of economics is not well-defined. Nowadays, you see many topics that were traditionally tackled by political scientists, sociologists, criminalistics, psychologists, epidemiologist, statisticians, etc. are being studied by economists. Some people say economics broadly is defined as the science of studying the incentive of humans. I would ...


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The trade in itself was not that much different per se but it was restricted and overseen by the government. For example, USSR was net oil exporter and most of its oil was sold for US dollars at international market prices and then USSR used dollars to buy imports that government officials decided to import. For example, you can see overview of trade in ...


1

There is not necessarily any contradiction. Full employment does not mean every single person in economy is employed. Full employment is (Worswick; 1987): Full employment does not mean zero unemployment. There can be dislocations where large numbers of workers are displaced from their present employment, and time is needed before new workplaces can be ...


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