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How does colonial background influence the development process?
Colonial experience influences:
• Language for example the official language of US is English.
• Legal and value system
• Infrastructure for example, New York inherited an extensive railway network onto independence
• Model of international trade.
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Consider the economy (above) again where the following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4) for the prices (p 1 , p 2 , p 3 )=(1, 1, 1).
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Managerial economics bridges the gap between economic theory and practice
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