Financial development, social capital, favourable business regulation, trade openness are different aspects of ‘social capability’ influencing innovation processes and, therefore, economic development. Make a ranking of these factors according to their observed degree of importance for economic development. Explain why ‘inclusiveness’ and ‘equality in opportunities’ can strengthen the innovation capability of an economy.

Financial development, social capital, favourable business regulation, trade openness are different aspects of ‘social capability’ influencing innovation processes and, therefore, economic development. Make a ranking of these factors according to their observed degree of importance for economic development. Explain why ‘inclusiveness’ and ‘equality in opportunities’ can strengthen the innovation capability of an economy.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter21: Economic Development

Section: Chapter Questions

Problem 2QFR

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Financial development, social capital, favourable business regulation, trade openness are different aspects of ‘social capability’ influencing innovation processes and, therefore, economic development. Make a ranking of these factors according to their observed degree of importance for economic development.Explain why ‘inclusiveness’ and ‘equality in opportunities’ can strengthen the innovation capability of an economy?
Some resource-rich countries have succeeded in converting resource wealth into longterm and equitable economic development, while many others have not. Natural resources have played a fundamental role in the growth of several industrialized economies, including Germany and the United Kingdom, where coal and iron ore deposits were a precondition for the Industrial Revolution. The United States was the world’s leading mineral economy from the mid-nineteenth to the mid-twentieth century and in the same period became the world’s leader in manufacturing (van der Ploeg 2011). More recently, countries such as Botswana, Chile, and Norway have used abundant oil and mineral resources as the foundation for economic growth. Discuss in depth, based on your understanding of the various sources of fiscal risks what complicates fiscal management in resource rich countries. Taking Zambia as a case study, suggest ways in which these risks can be managed.
Looking at the lessons of the East Asian Development Model, which claim is not true: -Over time economic development will lead to better informed citizens. -Most economists agree that democracy and free markets are prerequisites for economic growth and development. -The East Asian development model requires governments to take a hands-off approach to economic policy. -Democracy will continue to face continuing pressure in East Asia -. East Asian culture highly values saving and investment .
Describe fully Ragnar Nurske"s theory of economic growth and development.
Economic growth is represented on a production possibilities frontier model by the production possibilities frontier shifting outward. shifting inward. becoming steeper. becoming flatter.
explain how economic growth is measured and with the aid of a diagram, discuss how a PPF may be used to illustrate the economic growth of a country
To answer this question please refer to chapter 13, "Development Economics: The Wealth and Poverty of Nations," in Charles Wheelan's Naked Economics:Undressing the Dismal Science. According to Wheelan all of the below are important determinants for economic growth and development of nations, EXCEPT THIS ONE. Which of the below does Wheelan consider to be NOT ESSENTIAL for economic growth and development? A) Well-defined property rights. B) Openness to trade. C) Non-excessive levels of regulation. D) Possession of large amounts of natural resources. E) Human capital. F) Responsible fiscal and monetary policy.
Apply the IPAT model to the example of China provided in the chapter. How do population, affluence, technology, and ecological sensitivity affect China’s environment? Now consider your own country or your own state. How do population, affluence, technology, and ecological sensitivity affect your environment? How can we minimize the environmental impacts of growth in the human population?
List and discuss the two (2) main factors of economic growth according to the production possibility frontier model.
Consider an economy with a large agricultural sector. A long period of drought hits the country. Using the Malthusian growth model, discuss and explain how output, labor, consumption and population change as a result of the drought.
Examine the institutional structures necessary for modern economic growth.
). Fill in the blanks Maximum development economists from the developed _________countries consider. _____________ to be the key instrument of economic development. _____________ dismissed the Modernisation Theory as useless from a policy perspective. _____________in the capital stock lead to _________ in the marginal productivity of labor which in turn generally enhances wage rates. Natural resources play important role in _______and ____________. Rural development policies are designed to improve the conditions under which the rural people _______and _______.