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Examine what has happened to the terms of trade for two countries of your choice over a period of at least five years.
What did Lewis mean when he wrote that there was a surplus of labor in agriculture? How does one easure that surplus?
Briefly explain the ideas of virtuous circles. Can you give two different examples of virtuous circles that might affect a less-developed economy?
Why might unbalanced growth be easier, and less costly, for a poor economy to follow than a balanced growth strategy?
Why and how did Hirschman argue that by putting things the wrong way around, by actually creating disequilibrium, economic development could be promoted?
How can a fair test of Rostow's stages model be formulated? Analyze the history of a specific economy to see if such a test can be made.
In what sense would you argue that the economists discussed in this chapter formed a school of thought? What ideas did they tend to share?
In what respects do their apparently contrasting views on exports actually coincide, and where do differences remain?
What can you say about the relative equilibrium level of income, y, in the two economies?
Explain why using the purchasing power parity measure of GNI per capita is considered a better measure for comparing development levels between nations.
What was the percent change, on average, per year of nominal GDP over the decade?
What was happening to Botswana's GDP per person over each period? What was the rate of growth of GDP per capita over both periods?
What other inflows of income to and outflows of income from a country can cause the GNI measure of income to differ from the GDP measure of income?
Just to help cement the concepts in your head, list here the fundamental structural changes. Discuss briefly the ways in which these changes are interrelated.
What are some of the direct and indirect (opportunity) costs to an economy of a high incidence of HIV/AIDS?
How does the technology of agricultural production in use differ in, say, the Sudan from that used in a developed nation, like the United States?
What progress have the major regions made in attaining Goal 1? You can find the data at the World Bank website in the Data section.
Why might former colonies that are only recently independent be more likely to be less-developed than long-independent nations?
How a country might go about attempting to maximize the net benefits from the location of foreign MNCs within its economy?
Briefly explain how each obstacle acts to retard economic progress. Indicate whether each is an internal or an external barrier.
How does the headcount measure of poverty differ from the poverty gap measure?
List five key characteristics that you think are shared by most less-developed economies.
Why do economists put so much emphasis on entrepreneurship? How can poor nations encourage it?
How does microfi nance alter prospects for economic growth? The distribution of political power?
Under what conditions would a country welcome a balance-of-payments deficit? When would it not want a deficit?