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O-ring theory of economic development, the Glossary

The O-ring theory of economic development is a model of economic development put forward by Michael Kremer in 1993, which proposes that tasks of production must be executed proficiently together in order for any of them to be of high value.^[1]

20 relations: Assortative mating, Complementary good, Economic development, Economic equilibrium, Economic model, Elasticity (economics), Garett Jones, Human capital, Human capital flight, International inequality, Journal of Economic Behavior and Organization, Labour economics, Michael Kremer, O-ring, Oxford University Press, Production function, Productive efficiency, Space Shuttle Challenger disaster, Substitute good, The Quarterly Journal of Economics.
Organizational structure

Assortative mating

Assortative mating (also referred to as positive assortative mating or homogamy) is a mating pattern and a form of sexual selection in which individuals with similar phenotypes or genotypes mate with one another more frequently than would be expected under a random mating pattern.

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Complementary good

In economics, a complementary good is a good whose appeal increases with the popularity of its complement.

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Economic development

In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. O-ring theory of economic development and economic development are development economics.

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Economic equilibrium

In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

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Economic model

An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them.

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Elasticity (economics)

In economics, elasticity measures the responsiveness of one economic variable to a change in another.

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Garett Jones

Garett Jones is an American economist and author.

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Human capital

Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. O-ring theory of economic development and human capital are human resource management.

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Human capital flight

Human capital flight is the emigration or immigration of individuals who have received advanced training at home.

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International inequality

International inequality refers to inequality between countries, as compared to global inequality, which is inequality between people across countries.

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Journal of Economic Behavior and Organization

The Journal of Economic Behavior and Organization is an academic journal published by Elsevier.

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Labour economics

Labour economics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour.

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Michael Kremer

Michael Robert Kremer (born November 12, 1964) is an American development economist currently serving as University Professor in Economics at the University of Chicago and Director of the Development Innovation Lab at the Becker Friedman Institute for Research in Economics.

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O-ring

An O-ring, also known as a packing or a toric joint, is a mechanical gasket in the shape of a torus; it is a loop of elastomer with a round cross-section, designed to be seated in a groove and compressed during assembly between two or more parts, forming a seal at the interface.

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Oxford University Press

Oxford University Press (OUP) is the publishing house of the University of Oxford.

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Production function

In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. O-ring theory of economic development and production function are production economics.

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Productive efficiency

In microeconomic theory, productive efficiency (or production efficiency) is a situation in which the economy or an economic system (e.g., bank, hospital, industry, country) operating within the constraints of current industrial technology cannot increase production of one good without sacrificing production of another good. O-ring theory of economic development and productive efficiency are production economics.

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References

[1] https://en.wikipedia.org/wiki/O-ring_theory_of_economic_development

Also known as Kremer's O-Ring Theory of Economic Development, O-ring production, O-ring theory, O-ring theory of productivity.