ECO501 - Development Economics

Total Marks 6 Starting Date Friday, June 05, 2020 Closing Date Thursday, June 11, 2020 Status Open Question Title Classical Theories of Economic Growth and Development Question Description The Case: The economic development is the aim of every country. To achieve the development, there are four broad approaches (a) stages of growth, (b) structural patterns of development, © dependence, and (d) neoclassical. South Korea and Argentina showed similarities with respect to population and income group. Both countries had midsize in population i.e. 40 million in Argentina and 49 million in South Korea. In 2008, both countries were classified as middle-income countries. In 2008, the per capita income of South Korea was about 28,000whilepercapitaincomeofArgentinawas 14,000. However, Now, South Korea is categorized as high-income country by the World Bank. Requirement: Being a student of development economics, you are required to read the complete case studies from the textbook “Economic Development by Michael P. Todaro and Stephen C. Smith entitled as “Schools of Thought in Context: South Korea and Argentina” given at the end of Chapter # 03. Discuss four broad approaches of development in the case of South Korea. Note: Be specific in your answer. Write to the point in your own words. Avoid irrelevant details.