self-efficacy also determines intention to become an entrepreneur. Researcher found that the root history of self-efficacy begins within Bandura’s in 1977, which known as social learning theory that was renamed social cognitive theory in 1986. Self-efficacy is the one of Bandura’s major concepts. According to Pajares in 2002, the theory refers to when people believe that they are able to achieve objectives they desire, they will have a strong motivation to act toward the accomplishment of the objectives. Based
drawn to the article "The life-cycle hypothesis of saving, the demand for wealth and the supply of capital", written by Modigliani (1966). In addition to the life-cycle hypothesis of saving, the precautionary saving theory, permanent income hypothesis, habit formation and the theory of the Ricardian Equivalence are discussed. The aim is to present the basic conditions of these models in order to get a deeper understanding of the complex relationship between private savings and its determinants
Economic growth – the annual rate of increase in a country’s gross domestic product (GDP) – is what determines the material well – being of people within a society. It is the process of accelerating growth that has allowed for a better style of living for majority of people as compared to the standards of living of say, 100 years ago. Though there has been an increased clamor by economists and policy makers for a broader perspective to economic growth – to include poverty alleviation, reduce inequality
According from the macroeconomics books, theories and policies the Tenth edition by Richard T.Froyen (2012) explained that inflation is a rise in the general level of prices. Based from the Investopedia, inflation is the rate at which general level of prices for goods and services is rising, and subsequently, purchasing power is falling. Inflation is a rise in consumer prices, increasing the cost of living. Some inflation is caused because a country has printed too much money or experienced tremendous
Robinson. In this book, Acemoglu and Robinson try to explain world inequality and investigate which factors are responsible for the success or failure of states. Which factor is the destiny of world inequality? Geography? Culture? Religion? Or economic policies?
many factors influence the establishment of regional economic cooperation. Functionalists believe that collaboration occur on the basis of mutual interests of nation-states . This theory is in line with a general principle of Liberalism: nation-states cooperate in matters where national interests converge . According to Jacob Viner in his Customs Union Theory (1950), the rationale of customs unions—or within this line of argument, regional economic cooperation—among developing countries is that “two
Economic development – A regional perspective The economic reforms have positively contributed towards the nation’s development in a macro perspective. Improvement in trade relations between nations and the free movement of goods and services led to increased growth in the economy. Thus the globalisation and liberalised economic policies by different nations has gradually frayed many national and state economic institutions. Globalisation has also played a key role in industrial development and
sportsmanlike qualities in the youth rather than focussing on empowering the youth in socio- economic and political activities, as a solution to national development (Fanon, 1961). Fanon (1961) argues that this is a retrogressive misconception and he points out that the young people of under-developed countries in 1961 are idle and that governments ought to provide occupations for them. In his view, empowering the youth would liberate Africa and bring forth sustainable development to Africa. Using
between democracy and economic growth has generated much controversy, research, and even bewilderment. If economic development is an expression of the level of development of societies, it will also be compatible with the level of democratic development. Democracy will become a catalyst and engine of economic and social development in society. To what extent does the economy affect the building of democracy? Is democracy a condition for economic development, or is economic development laying the
capital development and economic growth in Nigeria by empirically analyzing time series data spanning 1990 – 2013. The study employed Johansen co integration test and Vector error correction approach. The co-integrating vector coefficient showed a long run relationship between expenditure on education, gross capital formation, health expenditure and economic growth rates in Nigeria. However, only expenditure on education showed a positive and significant effect on economic growth rates in Nigeria in