Clark's Sector Model
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The Clark Sector Model describes an economic theory that divides societies into four sectors of activity: primary (extracting raw materials), secondary (processing raw materials), tertiary (providing services), and quaternary (research and high-level decision making). It was developed in the 1940s to explain industrialization and urbanization. While it can model economic development, it makes outdated assumptions about linear development and does not account for international trade.
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Clark sector model
The document describes Clark's sector model which categorizes economic growth and employment rates across four sectors - primary, secondary, tertiary, and quaternary. It notes the sectors are more applicable to developed Western countries and do not account for international economic contexts or imports in less developed countries where service sectors can exist without strong secondary industries.
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Rostow's theory of economic growth outlines 5 stages of development:
1. The traditional society, characterized by agricultural economies with little change.
2. Preconditions for take-off including increased investment, nationalism, and new technology.
3. The take-off stage where industrialization occurs rapidly over 20-30 years through sectors like manufacturing emerging.
4. The drive to maturity where economies become self-sustaining through industrial skills and technology over 60 years.
5. The age of high mass consumption where economies focus on services and social welfare with high consumption levels.
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This document discusses theories of economic development including the Big Push theory and Leibenstein's critical minimum effort theory. The Big Push theory proposes that a large, comprehensive investment package is needed to spur development and realize economies of scale. Leibenstein's theory argues that underdeveloped countries are trapped in a cycle of poverty and need a critical minimum level of stimulus to increase incomes and break out of this cycle into self-sustaining growth. However, both theories have been criticized for oversimplifying relationships and neglecting key factors such as agriculture, population growth, and institutional realities in underdeveloped nations.
Clark And Fisher Model Of Developmentx
The document discusses the Clark-Fisher model of development proposed by economists John Bates Clark and Irving Fisher. The model suggests that as economies develop they progress through three stages of production: primary, secondary, and tertiary. Primary production involves extracting raw materials, secondary involves manufacturing, and tertiary involves providing services. Some criticisms of the model are that it does not account for countries with service-based economies or international trade. The document provides biographies of Clark and Fisher and examples of how the three-stage model describes economic development.
Chapter 3-1 Classic Growth and Development Models.ppt
The document discusses several classic theories of economic growth and development:
1. Rostow's stages of growth model and the Harrod-Domar growth model propose that countries pass through linear stages of economic development as saving, investment, and foreign aid drive growth.
2. The Lewis two-sector model and Chenery model describe theories of structural change, where resources shift from low-productivity agriculture to higher-productivity industry and services as countries develop.
3. International dependence theories examine how countries are influenced by relationships with more developed nations in their economic progress.
4. Neoclassical, free-market theories counter that open markets and free trade best promote development.
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Clark sector model
The document describes Clark's sector model which categorizes economic growth and employment rates across four sectors - primary, secondary, tertiary, and quaternary. It notes the sectors are more applicable to developed Western countries and do not account for international economic contexts or imports in less developed countries where service sectors can exist without strong secondary industries.
Rostow theory of economic growth
Rostow's theory of economic growth outlines 5 stages of development:
1. The traditional society, characterized by agricultural economies with little change.
2. Preconditions for take-off including increased investment, nationalism, and new technology.
3. The take-off stage where industrialization occurs rapidly over 20-30 years through sectors like manufacturing emerging.
4. The drive to maturity where economies become self-sustaining through industrial skills and technology over 60 years.
5. The age of high mass consumption where economies focus on services and social welfare with high consumption levels.
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Clark And Fisher Model Of Developmentx
The document discusses the Clark-Fisher model of development proposed by economists John Bates Clark and Irving Fisher. The model suggests that as economies develop they progress through three stages of production: primary, secondary, and tertiary. Primary production involves extracting raw materials, secondary involves manufacturing, and tertiary involves providing services. Some criticisms of the model are that it does not account for countries with service-based economies or international trade. The document provides biographies of Clark and Fisher and examples of how the three-stage model describes economic development.
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The document discusses several classic theories of economic growth and development:
1. Rostow's stages of growth model and the Harrod-Domar growth model propose that countries pass through linear stages of economic development as saving, investment, and foreign aid drive growth.
2. The Lewis two-sector model and Chenery model describe theories of structural change, where resources shift from low-productivity agriculture to higher-productivity industry and services as countries develop.
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This document discusses the dual gap analysis model for analyzing savings-investment gaps and foreign exchange gaps that constrain economic growth in developing countries. It explains that if a country's targeted growth rate requires higher investment than can be supported by domestic savings, there will be an ex-ante savings gap that can be filled by foreign aid inflows. Similarly, if the foreign exchange required for imports to support the targeted growth rate exceeds potential foreign exchange earnings, there will be an ex-ante foreign exchange gap that can also be filled by foreign aid. The dual gap analysis is useful for developing countries to estimate capital requirements and calculate how much investment and savings can be generated domestically versus relying on foreign resources.
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Theory of Development Rostow Model Ppt
Rostow's stages of economic growth model outlines 5 stages of development:
1. Traditional society dominated by subsistence agriculture.
2. Preconditions for take-off with emerging infrastructure and trade.
3. Take-off stage where industrialization increases and workers move to manufacturing.
4. Drive to maturity where the economy diversifies and innovation increases.
5. Age of mass consumption where the economy focuses on mass production for consumers.
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Dr. Katundu is a lecturer at the Moshi Co-operative University (MoCU). He works under the Department of Community and Rural Development specializing in the area of rural development. He holds a PhD and Master of Arts in Rural development from the Sokoine University of Agriculture (SUA), Morogoro Tanzania and a Bachelor of Arts (Hons) in Geography and Environmental Studies from the University of Dar-Es-Salaam, Tanzania. His research interests include: Agriculture and rural development, rural land reform, rural livelihoods and cooperatives, community driven development, environment and natural resource management, entrepreneurship development, impact evaluation. His PhD thesis is titled: Entrepreneurship Education and Business Start Up: Assessing Entrepreneurial Tendencies among University Graduates in Tanzania whereas; Master dissertation is titled: Evaluation of the Association of Tanzania Tobacco Traders’ Reforestation Programme: The Case of Urambo District.
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The Lewis model explains how economic growth is initiated through a structural shift as the industrial sector grows relative to subsistence agriculture. It focuses on the transfer of surplus labor from the traditional to the industrial sector. Rostow identified five stages of economic growth: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption. Developing countries are typically in the early stages of traditional society or preconditions.
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1) An offer curve graphically represents the quantities of one good a country is willing to export in exchange for imports of another good at different price ratios, or terms of trade.
2) The derivation of a country's offer curve involves plotting its domestic cost line and determining the export-import combinations it can trade at different terms of trade.
3) The intersection of two countries' offer curves determines the terms of trade and trade quantities that will result from free trade between them. Shifts in the curves can also change the trade outcomes.
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Rostow's stages of growth
Rostow's Stages of Economic Growth model outlines five stages of modernization:
1. Traditional Society, dominated by subsistence activities.
2. Preconditions for Take-off, where entrepreneurs begin money-making industries and infrastructure improves.
3. Take-off, marked by rapid economic growth as the economy transitions from traditional to modern.
4. Drive to Maturity, a long period of rising living standards through increased technology and economic diversification.
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2. Nurkse's version of balanced growth stresses balancing investment between sectors to avoid bottlenecks. Hirschman's theory of unbalanced growth proposes strategically investing in certain industries to stimulate growth in other sectors through linkages.
3. Hirschman categorized investment as either social overhead capital or direct productive activities and argued that underdeveloped countries should initially focus on one type, which would then stimulate the other.
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- It provides examples of using map evidence to identify features and explain the location of industries like the Honda factory in Swindon. Both advantages like new jobs and infrastructure, and disadvantages like congestion and loss of green spaces are discussed.
- The impacts of de-industrialisation and the shift to knowledge-based industries are examined for places like Manchester and Swindon. Re-industrialisation
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Dualgap analysis
This document discusses the dual gap analysis model for analyzing savings-investment gaps and foreign exchange gaps that constrain economic growth in developing countries. It explains that if a country's targeted growth rate requires higher investment than can be supported by domestic savings, there will be an ex-ante savings gap that can be filled by foreign aid inflows. Similarly, if the foreign exchange required for imports to support the targeted growth rate exceeds potential foreign exchange earnings, there will be an ex-ante foreign exchange gap that can also be filled by foreign aid. The dual gap analysis is useful for developing countries to estimate capital requirements and calculate how much investment and savings can be generated domestically versus relying on foreign resources.
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1. Traditional society dominated by subsistence agriculture.
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4. Drive to maturity where the economy diversifies and innovation increases.
5. Age of mass consumption where the economy focuses on mass production for consumers.
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Lewis model & rastow stages
The document provides information about Naseem Shahzad and their educational qualifications. It then summarizes Lewis's two-sector model of economic development and Rostow's stages of economic growth model.
The Lewis model explains how economic growth is initiated through a structural shift as the industrial sector grows relative to subsistence agriculture. It focuses on the transfer of surplus labor from the traditional to the industrial sector. Rostow identified five stages of economic growth: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption. Developing countries are typically in the early stages of traditional society or preconditions.
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2) The derivation of a country's offer curve involves plotting its domestic cost line and determining the export-import combinations it can trade at different terms of trade.
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1. Traditional Society, dominated by subsistence activities.
2. Preconditions for Take-off, where entrepreneurs begin money-making industries and infrastructure improves.
3. Take-off, marked by rapid economic growth as the economy transitions from traditional to modern.
4. Drive to Maturity, a long period of rising living standards through increased technology and economic diversification.
5. High Mass Consumption, where incomes exceed basics and demand grows for additional consumer goods and services.
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2. Nurkse's version of balanced growth stresses balancing investment between sectors to avoid bottlenecks. Hirschman's theory of unbalanced growth proposes strategically investing in certain industries to stimulate growth in other sectors through linkages.
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The Clark-Fisher model shows how an economy's sectors change as it develops through different stages. In pre-industrial economies, the primary sector (e.g. mining, agriculture) dominates. During industrialization, the secondary sector (manufacturing) grows to support population and demand. In post-industrial economies, the tertiary sector (services) becomes most important as manufacturing declines. Some developed economies have progressed to a quaternary sector focused on research and IT. Globalization may accelerate these shifts, and different countries may develop through alternative paths.
Networks, Clusters and Ecosystems: Taking Regional Innovation to a New Level
This document provides an overview of networks, clusters, and ecosystems and how they are important for building shared prosperity. Some key points:
- Networks, clusters, and ecosystems are becoming central to building economies based on shared prosperity as knowledge and collaboration become more important.
- Regions, communities, and companies must "jump the curve" and shift to new ways of thinking, behaving, and working together in networks to prosper in this new environment.
- Ecosystems can be developed to encourage startup companies through initiatives like incubators and accelerators, or support innovation in existing companies through open innovation and transforming internal practices.
Networks, Clusters and Ecosystems: Taking Regions to the Next Level with Open...
This document explores how the Purdue Agile Strategy Lab has developed a portfolio of tools, frameworks and approaches to developing clusters and ecosystems with open innovation.
Syllabus-Micro-Economics.docx
This document outlines a course syllabus for a 3-unit Micro Economics course. The syllabus includes 7 topics that will be covered over 54 hours of instruction. Topic areas include an introduction to economics, economic theory, an overview of the economy including the three economic problems and circular flow, demand and supply analysis, consumer behavior and production theory, market structures and price/output determination, and labor organizations and wages. Learning outcomes, teaching methods such as lectures and discussions, assessments including tests and essays, and references are provided for each topic. The course aims to help students demonstrate knowledge in microeconomic analysis.
Ud.2 Economic organisation
The document provides an overview of economic systems and how economies function. It discusses (1) the three phases of economic activity: production, distribution, and consumption; (2) the key factors affecting production: natural resources, labor, capital, and technology; (3) the four economic sectors: primary, secondary, tertiary, and quaternary; and (4) different economic systems including subsistence, capitalist, planned, and alternative economies.
Cooperative Entrepreneurship: The Case of MONDRAGON 1956-2019
An introduction to Cooperative Entrepreneurship analyzing MONDRAGON entrepreneurial journey since 1956 until today. This presentation is a lecture at "Platform Co-ops Now!" program organized by NEWSCHOOL and MTA MONDRAGON Unibertsitatea in the mist of COVID19.
EIU_InnovationClusters_Final-1
The document summarizes the life cycle of the Silicon Roundabout innovation cluster in London. It began with low rents and an open immigration policy that attracted global talent. This enabled knowledge sharing and the success of early startups. However, as rents doubled within 5 years and immigration policies tightened, restricting visas and graduate job opportunities, the enabling conditions changed. This pushed out smaller firms and startups, challenging the cluster's continued growth. The cluster demonstrates how factors that drive initial success may not be sustainable and can contribute to future difficulties if they change.
UD.2 What do you know about economics?
This document provides an overview of economics, including the key concepts of economic activity, factors of production, economic sectors, and economic systems. It discusses that economic activity involves production, distribution, and consumption of goods and services to meet people's needs. The main factors of production are natural resources, labor, capital, and technology/expertise. Economies are divided into the primary, secondary, tertiary, and now quaternary sectors. Finally, it outlines the main economic systems of subsistence, capitalism, planned economies, and alternative models.
Educational technology and the war on public education
- Educational technology is being used as a tool in the war on public education and the commodification of higher education.
- Technologies like cloud computing, learning management systems from companies like Blackboard, and mobile learning are enabling the privatization and outsourcing of academic services.
- These technologies facilitate the separation of work, distribution of skills to low-wage societies, and attempts to commodify and monetize aspects of education.
- Academics must critically examine and question how technologies impact universities and what can be done to re-imagine higher education as a public good rather than a private commodity.
Understanding Economics
This document provides an overview of key concepts in economics, including:
1. Economics is the study of how societies use scarce resources to satisfy unlimited wants. It includes microeconomics and macroeconomics.
2. Economic decision makers are consumers, who buy goods and services, and producers, who make goods and services. Goods are physical objects and services are actions.
3. Economic resources include natural resources, human resources, capital resources, and entrepreneurship. All resources are scarce but wants are unlimited, so societies must allocate resources efficiently.
Economics edss620
This document provides resources for teaching economics and related subjects. It lists websites from organizations like the Council for Economic Education and the Federal Reserve that offer lessons, games and interactive tools on topics like banking, money, and markets. It also includes links to history and news sites for students, as well as websites where students can create avatar representations of themselves.
Economics edss620
This document provides resources for teaching economics and related subjects. It lists websites from organizations like the Council for Economic Education and the Federal Reserve that offer lessons, games and interactive tools on topics like banking, money, and markets. It also includes links to history and news sites for students, as well as websites where students can create avatar representations of themselves.
Innovation of research in science and technology in the present era
1. Universities must take the initiative to meet the needs of economic and social development through innovation in science and technology, especially with regards to developing a low-carbon economy.
2. Key aspects of innovation include innovative ideas, organizations, infrastructure, personnel, mechanisms, and information and resource flows between these elements.
3. Universities should promote an innovative culture and construct innovative teams to strengthen their innovation system and abilities.
The Fundamentals of Third Generation Science Park Concept
The document discusses the fundamentals of third generation science park concepts. It notes that existing structures like institutions and corporations are not well adapted to rapid changes and unpredictability. Third generation science parks (3GSP) aim to address this by focusing on ecosystem dynamics and quality of interactions between stakeholders. 3GSP provide both physical and virtual platforms according to a "pull" philosophy, as opposed to traditional science parks which focus on established companies and rely more on hierarchies and a "push" approach. The document also briefly discusses a 2009 report on future knowledge ecosystems and science and technology parks.
WTA paper, Urban Mill case, Ilkka Kakko
"The process of creating something like Urban Mill is a novel example of the public -‐ private partnership. The orchestrating initiator and driver taking also an operative risk of succeeding is a private company Järvelin Design Oy, and other main stakeholders involved are
Aalto University, City of Espoo and RYM Oy (an industrial RDI consortium of urban development). This kind of setup has proved to be a dynamic foundation for the initiative and could be applied as a leading principle also in other contexts."
Lesson 01- Introduction to macro economics
This document provides an introduction and overview of microeconomics. It defines microeconomics as the study of individual economic decision-making units like households and firms, and the determination of prices and outputs. The document outlines some key microeconomics concepts like scarcity, choice, opportunity cost, production possibility frontier, factors of production, and circular flow. It also discusses different economic systems and schools of economic thought.
# 5 Industrial Revolution
The document provides learning outcomes and information about the beginnings of industrialization. It discusses how improvements in agriculture led farmers to move to cities to work in factories. New transportation methods like steam boats, roads, and railroads helped industrialization spread. The industrialization process improved productivity but also led to poor working and living conditions for many.
Similar to Clark's Sector Model (20)
Advanced And Contemporary Topics In Macroeconomics I
Advanced And Contemporary Topics In Macroeconomics I
Educational technology and the war on public education
Educational technology and the war on public education
Networks, Clusters and Ecosystems: Taking Regional Innovation to a New Level
Networks, Clusters and Ecosystems: Taking Regional Innovation to a New Level
Networks, Clusters and Ecosystems: Taking Regions to the Next Level with Open...
Networks, Clusters and Ecosystems: Taking Regions to the Next Level with Open...
Cooperative Entrepreneurship: The Case of MONDRAGON 1956-2019
Cooperative Entrepreneurship: The Case of MONDRAGON 1956-2019
Educational technology and the war on public education
Educational technology and the war on public education
Innovation of research in science and technology in the present era
Innovation of research in science and technology in the present era
The Fundamentals of Third Generation Science Park Concept
The Fundamentals of Third Generation Science Park Concept
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Regions of Florida most at risk from Hurricane Irma include southeast coastal areas like Miami due to projected strong winds, heavy rainfall and storm surge that could cause flooding in densely populated low-lying areas. Maps of Florida's elevation, population density and Irma's projected path and impacts indicate southern regions are most vulnerable to the hurricane's dangers.
China one child policy images
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help alleviate symptoms of mental illness and boost overall mental well-being.
Singapore population policy images
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Ib geo skills overview
The IB Geography syllabus specifies several skills that should be mastered during the course. The skills are not assessed explicitly in external exams but they are assessed implicitly via data response questions and the expectations of quality essays. The internal assessment based on geographic fieldwork and geography extended essays are the main ways that students have opportunity to demonstrate their geographic skills.
Eradication of Malaria from Sri Lanka
Sri Lanka has made extraordinary progress in eliminating malaria, reducing cases from over 500,000 in the early 20th century to just 17 reported cases in 2015. However, malaria elimination faces ongoing challenges, as imported malaria from travelers and migrants is increasing. Sustaining malaria elimination requires continued vigilance, such as ensuring all cases are properly treated according to guidelines, conducting case investigation and response, and preparedness for potential outbreaks. Cooperation with neighboring countries is also important to address the ongoing risk of imported malaria hampering elimination efforts.
Management of the spread of disease
This document discusses different methods of disease transmission including direct contact, indirect contact through fomites, droplets, airborne transmission, fecal-oral transmission, and vector-borne transmission. It also outlines common strategies for managing disease spread, which generally involve identifying infected individuals, providing early and aggressive treatment, implementing quarantine measures, conducting mass education efforts, and performing immunizations.
Starbucks homogenization of urban landscapes
A slideshow of images used as an introductory lesson to IB Higher Level lesson on the homogenization of urban landscapes
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Short slideshow of images highlighted the environmental effects of agro-industrialization as per IB HL Geography syllabus. Linked to the following web page of lesson activities on the same topic
http://www.mcleankids.wikifoundry.com/page/Degradation+Through+Raw+Material+Production
Ethiopia food and water security
Simple presentation highlighting correlation between topography, rainfall, food security, water security and population density in Ethiopia using maps
Gender and change
Slideshow that features as part of IB geography Core lesson on Gender and Change. See http://mcleankids.wikifoundry.com/page/Gender+and+Change+Version+2
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This presentation is part of a lesson on measuring disparities in wealth and development found at the following link : http://mcleankids.wetpaint.com/page/Measurements+of+Regional+and+Global+Disparities
Population pyramid ib case studies
These slides are designed to support the IB Geography lesson activities for the Population Change sub topic of the Core unit
Compass powerpoint
This Slidecast is one of a series showcasing the ways in which teachers at the International School of Manila have adapted their teaching to better facilitate sustainability education
Civil society
This document lists 5 types of organizations: NGOs, community based groups, trade unions, academic institutions, and faith based organizations. It does not provide any additional details about these organization types or their purpose.
Spatial pattern of globalization
This document discusses spatially representing variables from the KOF Index of Globalization. It maps out core network hubs of global interaction based on different components of economic and social globalization, including actual economic flows, restrictions on flows, personal contact through tourism, information flows through internet usage, and cultural proximity based on McDonald's restaurants. It also maps the spatial pattern of political globalization based on the number of embassies in each country.
Malaria ib food and health
A lazy ppt about Malaria focused on 2 key IB syllabus points that may likely appear as essay questions in final exams.
South Africa's HIV/AIDS Management Strategies
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Evaluating the impact of HIV/AIDS from the local to international levels
Within South Africa, HIV/AIDS prevalence is more than 18% in two of its districts and more than 14% nationally. It is a major cause of death in South Africa, where life expectancy has dropped from 64 years to 56 years from 1990 to 2017 due to HIV/AIDS. The epidemic heavily affects other countries in southern Africa as well. UNAIDS data shows that HIV prevalence in South Africa has stabilized in recent years after a major decline, but the disease continues to have significant economic and social impacts.
Evaluate the geographic impact of HIV/AIDS at the local, national and interna...
HIV/AIDS has had significant geographic impacts across local, national, and international scales in South Africa. At the local level, the disease has disproportionately affected the poor and black populations due to factors like poverty, lack of education, and sexual violence. Nationally, South Africa has seen its life expectancy drop dramatically and around 10% of its population is HIV positive, putting strain on healthcare resources. Internationally, HIV/AIDS has reduced life expectancy in many African countries and is now the fourth leading cause of death globally, with an estimated 36 million people infected worldwide mostly in developing areas.
Geographic Factors Affecting HIV/AIDS in South Africa (Prevention vs. Treatme...
The document examines the geographic factors responsible for the spread of HIV/AIDS in South Africa. It discusses trends in HIV prevalence over time as well as patterns across regions. Socio-cultural factors like apartheid, stigma, and gender inequality increased women's vulnerability and reduced access to services. Politically, former President Mbeki downplayed the epidemic. Economically, prevention was prioritized over treatment due to costs. Overall, the document analyzes how geography, socio-cultural issues, politics, and economics contributed to HIV/AIDS in South Africa with prevention emphasized more than treatment.
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Evaluating the impact of HIV/AIDS from the local to international levels
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Clark's Sector Model
- 1. Clark Sector Model Stephanie, Joy, Yusuke, Teru
- 2. What is the Clark Sector Model? Economic theory/hypothesis that provides a description of three type of activities (Primary Sector, Secondary Sector, Tertiary Sector, Quaternary/Quinary Sector) essential to all societies.
- 3. Primary Activities Resources extracted from the earth; not processed Secondary Activities Processed products from primary, both durable and nondurable goods, and construction Tertiary Activities Provision of services: teachers, nurses, etc. Quaternary Activities Research of science and technology /Levels of decision making for society/economy
- 8. • Able to Explain the process of urbanization, industrialization • Economic development of a nation can be well modelled • Shows how there is more than one path to development
- 9. • Assumption that development is linear • Developed in 1940's and is outdated • Only takes into account "MEDC"s (that can have different sectors. e.g: some countries have poorer secondary sectors, etc) • Not valid due to Interdependency - raw materials usage is not equal and Fair amongst nations • Model doesn't include the international economic context such as imported manufactured goods
- 10. " Clark Fisher Model." Slideshare. N.p., n.d. Web. 08 Oct. 2012. <http://www.slideshare.net/fozzie/clark-fisher-model>. "Peak Employment." Peak Employment. N.p., n.d. Web. 08 Oct. 2012. <http://www.streettalklive.com/off-the-street/1028-peak-employment- .html>. Seehorn, Ashley. "3 Sector Models of Economics." EHow. Demand Media, 04 Feb. 2011. Web. 08 Oct. 2012. <http://www.ehow.com/info_7894453_3- sector-models-economics.html>. "3 Sector Models of Economics." EHow.co.uk. N.p., n.d. Web. 08 Oct. 2012. <http://www.ehow.co.uk/info_7894453_3-sector-models- economics.html>.