Please answer any 4 of the following 8 Questions in the context of economic development theories you have learned in this session. Make sure you provide proper citations and references as guided APA writing style or MLA writing style.
Please also make sure you respond critically to at least another posting by your class mates. This critical response would be very brief but credible.
1. Critically compare some of the advantages and disadvantages of each of the following schools: linear stages, structural change, dependence and neoclassical.
2. Patterns of development or structural change analysis stress internal change in a developing country’s economic, industrial, and institutional structure. What are some of the most important changes?
3. What are the key assumptions of the Lewis model that give rise to its conclusions? How would the theory’s conclusions differ if these assumptions do not hold?
4. Apply what you have learned about development and development theories so speculate on the following thought experiment: What if anything might be different about today’s international economic order if the Spanish had colonized North America and the English had colonized South America?
Note: The above 4 Questions are related to the study guide and lecture summary given in WK3A part I session.The following 4 Qs are related to the study materials and reading references given in WK3A Part II. The students may choose any 4 out of the total 8 Qs.
5. Suppose that a developing country devotes extensive resources towards improving the education, technology and skill level of the labor force. How might this help the country avoid a coordination failure? Is this strategy likely to be successful? Why or why not? Explain how the government can help the economy avoid a coordination failure.
6. Show in a diagram an S-curve and a 45-degree line. Are all three points of intersection stable equilibrium points? Explain.
7. Compare and contrast between how can the O-ring theory and Big Push Theory help explain the existence of a low-level equilibrium that an economy may find itself in? Critically analyze the pros and cons of application of the Big Push and O’Ring theories in the context of economic development for developing countries.
8. Select a developing country that interests you and highlight the areas where those two theories in Q7 above are compatible. In your analysis, you may provide additional examples of economic development for countries such as Vietnam, Brazil, Chile, or China as emerging economies as relevant case studies for application of modern economic development theory. Make sure your reasoning is consistent with your analyses in the first part of the question, and thus integrated to the second part of this question.
PART 2 IN ATTACHED FILE
Please Cite all references.