ECO 501 Solution please??? – ECO501 Development Economics – Solution VU
Schools of thought
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, (c) 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 $28,000 while per capita income of Argentina was $14,000. However, Now, South Korea is categorized as high-income country by the World Bank.
Being a student of development economics, you are required to read the complete case studies from the textbook “Economic Development”, 12th Edition 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.
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