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Institutional economics examines how institutions—the rules and norms governing economic activity—shape economic behavior and outcomes. It emphasizes the role of historical and cultural contexts in the development of economic systems, challenging the notion that markets operate independently of social and political influences.
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Path dependence is the idea that historical events or decisions significantly shape the trajectory of future developments, making certain outcomes more likely due to the influence of past choices. It highlights how initial conditions and early events can lock systems into specific paths, often leading to inefficiencies or suboptimal outcomes that persist over time.
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Economic development refers to the process by which a nation improves the economic, political, and social well-being of its people. It involves a multifaceted approach that includes increasing productivity, fostering innovation, and ensuring equitable distribution of resources.
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Poverty traps are self-reinforcing mechanisms that cause poverty to persist, making it difficult for individuals or communities to escape without external intervention. They often result from a combination of economic, social, and institutional factors that limit access to resources and opportunities needed for upward mobility.
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Political Economy is an interdisciplinary field that examines the relationship between politics and economics, focusing on how political institutions, the political environment, and the economic system influence each other. It analyzes the impact of policies on economic performance and how economic interests shape political decisions, aiming to understand the distribution of power and resources in society.
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Systemic inequality refers to the entrenched and pervasive disparities in resources, opportunities, and treatment that are perpetuated by social, economic, and political systems. These inequalities are often rooted in historical and institutional biases, affecting marginalized groups and hindering social mobility and equity.
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Hydrocarbon trapping refers to the geological process that enables the accumulation of hydrocarbons in the subsurface through the formation of impermeable barriers that prevent their migration. Effective traps, often paired with adequate reservoir rocks and seal integrity, are essential for hydrocarbon exploration and successful extraction.
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