Description
Please read one of the case studies in the textbook (or any related materials in textbooks, academic papers, and online news) such as Case Study 4 “Understanding a Development Miracle: China” (p189-) or Case Study 5 “Institutions, Inequality, and Incomes: Ghana and Ivory Coast” (p250-) and briefly summarize an interesting story about economic development.
Explanation & Answer
Attached.
OUTLINE
INTRODUCTION
BODY
CONCLUSION
REFERENCE
Running head: ECONOMICS
1
Unconditional Convergence in Manufacturing
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ECONOMICS
2
Unconditional Convergence in Manufacturing
In the introductory part of the article, the empirical challenge of the neoclassical growth
theory is evident. The model claims convergence in the income level for economies with similar
technologies, while the poor ones experiencing marginal capital productivity should display
rapid growth. These two presumptions of the neoclassical model depend on the open nature of
the economy, where there is a chance of accessing the foreign market to widen operation facets
and enjoyment of foreign capital that solves financial constraints (Rodrik, 2012). In the practical
perspective, upon gathering data from some developing economies, and the article uses East Asia
as an example, there is a likelihood of the same, but in aggregate this claim of developing
countries growing faster does not hold in comparison to the growth rate of their wealthy
counterparts.
In this case, the condition...
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