This extra return allows poor countries to dramatically increase investment capital and raise efficiency until becoming to the law of diminishing returns and they are growing at the same speed as more advanced countries. However, one of the reasons for this occurrence of divergence is because the poor countries mostly have little in the supply of technology and capita. Since they do not have the access to capital to invest or own the proper resources to improve their processes, they are trapped in this low-efficiency pattern. They can imitate the developed countries, but they will not be able to catch-up because of this limitation. The Limitations of catch up effect is because the poor country does not assurance that catch-up growth will be achieved. Moses Abramovitz emphasized the need for â€•Social Capabilitiesâ€– to benefit from catch-up growth. These include an ability to absorb new technology, attempt capital and participate in global markets. According to Abramovitz, these prerequisites must be in place in its economy before catch-up growth can occur, and explain why there is still have divergence situation in the world today. To be more understanding, the theory also assumes that technology is free
Question: Examine two fundamental reasons why less developed economies grow faster than rich ones, attribute to the standard growth theories in view of the Thailand economy and state three types of convergence hypothesis?
2. â€œNew Zealand ranks first in the world ranking of â€˜Best countries for international Businessâ€™. Its economy, highly dependent on international trade and finance remains one of the most vibrant in the world. Even though it is one of the smallest economy, it ranks first in personal freedom, investor protection as well as lack of red tape and corruption. New Zealand credits one of the worldâ€™s lowest tax burdens and a high level of monetary freedom. New Zealandâ€™s economy grew 5% last year and the unemployment rate is a scant 3.2%â€.
â€œDeregulation helps economic transformation and privatization brings balanceâ€. Analyze the statement with a context of the case given above.
3. â€œInfrastructure is often called as the lifeline of the economy of a nation. It comprises of a well-established and well-knit network of power, telecom, ports, airports, roads, civil aviation, railways and road transport in a country. Countries need adequate infrastructure so that various economic activities in an economy are executed efficiently, smoothly and above all in time. The deficiencies in the of infrastructural needs of a nation cannot be made up through imports rather the best approach is that it must be created within the domestic economy to put it on through the higher growth trajectory. However, building of infrastructure requires large and lumpy investment and has a relatively long gestation period. Due to this fact, infrastructural facilities are either built or run by the government and public sector enterprises and if private sector is permitted to make investment and run infrastructural projects, they must be regulated in order to ensure quality infrastructure to one and all in the societyâ€
Base on the case study extract above, Differentiate Any four determinants of economic growth and economic development with suitable examples?
4.â€œCountry attractiveness is a measure of a country’s attractiveness to the international investors. In international business, investment in foreign countries is the most important aspect and hence firms want to determine how suitable a country is in terms of its external business environments. Overall attractiveness of a country as a potential market and/or investment site for an international business depends on balancing benefits, costs, and risks associated with doing business in that countryâ€
Demonstrate it in detail through the clear identification of Risk, benefits and cost involved in attractiveness of economies with proper examples?
Rubric for essay questions out of 10:
9-10 = Details are fully complete and demonstrate deep understanding of content, uses specific examples from the text as proof, Provide detailed/clear explanation of your answer.
7-8 = Answer is acceptable but lacks minor details, Demonstrate an above average knowledge of the material(s)
5-6 = Answer is responsive but not fully complete, Provide a vague explanation
3-4 = Major details are missing and shows low level of understanding of the content
1-2= Answer is lacking multiple major details
0 = Question in not answered or answer given is inappropriate
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