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Q. The migration model of Todaro and Harris provided an important theoretical critique of the manufacturing-biased import-substitution trade-policy stance. Illustrate.
Answer: The Lewis model provide a rationale for manufacturing-biased import substitution trade policy since the marginal cost of expanding manufactures is close to zero just high enough to induce a worker to migrate from the farm to the city. Though Harris and Todaro identified a significant negative social and economic externality associated with this process namely the problems associated with unplanned and very rapid urbanization combined with rapidly rising expectations of urban migrants.
Question 1: (a) To what extent does the structural change model of Lewis adequately portrays the development phases in most developing countries? (b) Discuss the principal a
What are the reasons behind the growing importance of services in trade ?
how is exchange rate determined.
Suppose that industry 1 is monopolistically competitive, with a CES sub-utility function: U(c1,c2 ) = c1? + c?2 , 0 We let the marginal costs be denoted by c1(w,r), and the fixe
what is this theroy
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Q. Why did the Fed step in to organize a rescue for Long Term Capital Management (LTCM) in September 1998, rather than simply letting the trouble fund fail? Was the Fed's action
review the general equilibrium conditions under autarky and given free trade using the opportunity cost theory of trade
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Q. Based on the case study, answer the following question: Can currency boards make fixed exchange rates credible? Answer: No for the reason that is prohibited by law from a
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