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Economics 3 Pages

Response To Economics Discussion Questions

Question

Assignment 1 (version A)

Assignment 1 comprises five written response questions. Your response to each of the five questions should be approximately 150 to 250 words. Prepare your responses for all five questions in one document (Microsoft Word or compatible).

Discuss the following statements:

  • “A large injection of capital into a typical LDC should be sufficient to break patterns of stagnation and replace them with a template for self-sustaining economic development.”
  • What are the three core values of development? Explain the meaning of each. 
  • What are the Millennium Development Goals? Do you think they will have a major impact? Explain why or why not. 
  • What key institutional arrangements are necessary preconditions to the operation of a well functioning market economy?
  • Discuss how Sen’s capabilities approach to understanding the meaning of development differ from simply focusing on average income levels.
Solution

Title: Response To Economics Discussion Questions
Length: 3 pages (923 Words)
Style: MLA

Preview

Discussion Questions

Answer 1

Classical economists define stagnation as that situation in which the total output/output per capita is constant, either it is falling slightly, or it is rising in a sluggish manner (Njobvu and Koopman 3). During stagnation period, unemployment is chronic. Stagnation can exist in some industries or in the whole economy. According to Njobvu and Koopman, when Less Developed Countries are injected with sufficient funds, they can finance major development projects and provide essential public services to the population. The financing can help to boost the declining enterprises, development projects, industries and as well change the vicious circles of poverty that hold and keep many LDCS in a state of static equilibrium.

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