Introduction Long Wave Theory, often referred to as Kondratiev Waves, proposes that capitalist economies move through long-term cycles of expansion and contraction, each lasting approximately 40 to 60 years. Named after the Russian economist Nikolai Kondratiev, this theory has found…
Introduction to Progressive Taxation Taxation is a critical tool used by governments worldwide to generate revenue, fund public services, and ensure social welfare. Progressive taxation, specifically, is an approach designed not only to raise funds but also to foster a…
Income distribution, a fundamental topic in sociology and economics, refers to the way in which a nation’s total income is divided among its population. This concept is crucial for understanding social inequality, economic stability, and overall societal well-being. In this…
Economic dualism is a concept rooted in the structural differentiation within economies, where a developed, modern sector coexists with an underdeveloped, traditional sector. This dualism, which can manifest in various forms including urban-rural divides and formal-informal economic activities, is central to understanding economic disparities and developmental challenges in many societies. This essay explores the origins, characteristics, implications, and sociological perspectives on economic dualism.
Economic dualism has its theoretical foundations in the work of early development economists and sociologists who sought to explain the persistent underdevelopment in parts of the world during the mid-20th century. Key among these theorists was Sir Arthur Lewis, whose "dual sector model" laid the groundwork for understanding economic dualism. Lewis posited that economies in developing countries are characterized by a modern industrial sector and a traditional agricultural sector. The modern sector is marked by high productivity and wages, while the traditional sector is characterized by low productivity and subsistence wages.
Lewis's model highlights the transfer of labor from the traditional to the modern sector as a critical driver of
Learn about the Gini coefficient, a measure of income inequality in society. Understand how to calculate the Gini coefficient and its significance in understanding social inequality. Explore the limitations and criticisms of the Gini coefficient. Gain valuable insights into the distribution of wealth and income within societies.
Learn about the key causes of economic recessions from a sociological perspective. This article explores financial instability, bursting of asset bubbles, income inequality, global economic factors, and government policy and regulation. Understanding these causes can help navigate and mitigate the impact of economic recessions.
Learn about the concept of inflation in sociology and its social consequences. Discover how inflation affects income inequality, standard of living, employment, and social institutions. Gain insights into the interplay between economics and society.
Economic instability refers to the fluctuations and uncertainties in the economic system that can have significant social and economic consequences. This article outlines and explains the key factors contributing to economic instability, including global economic factors, government policies, income inequality, technological advancements, and environmental factors. Understanding these causes helps analyze the social and economic implications of economic instability and work towards creating more stable and equitable economic systems.
