Disequilibrium occurs when market forces prevent reaching equilibrium. Keynes first proposed this theory in 1930s. Market equilibrium requires supply equal to demand at market-clearing price
Brain drain refers to substantial emigration of individuals from one country to another. Geographic brain drain occurs between countries with better opportunities. Organizational brain drain happens when workers leave companies for better pay. Industrial brain drain involves leaving entire industries
OECD was established in 1961 as successor to OEEC. Currently has 38 member countries, including major developed economies. Headquartered at Château de la Muette in Paris. Members represent 1.38 billion people with average life expectancy of 80
Adaptation is adjusting to climate change effects to moderate harm or exploit opportunities. It aims to manage impacts and risks for people and nature. Adaptation can be reactive (responding to impacts) or proactive (anticipating future changes)
Economic development improves nation's well-being through targeted goals. Concept existed in West longer than 20th century. Truman identified development of undeveloped areas as priority in 1949
In 2020, 37.9 million Americans lived in poverty. The poverty rate was 11.6% according to the Official Poverty Measure. The poverty threshold for a single person was $13,800 in 2021. The Supplemental Poverty Measure (SPM) showed 16% poverty in 2011