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Describe and critically evaluate Arthur Lewis’ theory of growth with surplus labor. 

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ECS 3013 Professor: Sharmila Vishwasrao List of Questions for Test 1. (For all theories you should know, main assumptions, basic structure, major conclusions, policy recommendations and criticisms) 1. Define economic development. 2. What are the limitations of using GNI growth as a measure of development? 3. What is PPP GNI? Does it improve on traditional methods of income comparison across countries? 4. What are the main characteristics of developing countries? (Know the relationships between income and literacy, health, poverty etc) 5. What are the five stages of economic development according to Rostow? Describe each briefly. 6. What are the determinants of growth according to the Harrod-Domar model? 7. What are the determinants of growth according to the Neo-classical (Solow) model of economic growth? What effect do population growth, new technology and higher savings have on income growth? What are the criticisms of this approach? 8. Why does the neoclassical model predict income convergence between rich and poor countries? 9. Describe and critically evaluate Arthur Lewis’ theory of growth with surplus labor. 10. Discuss the importance of spillovers and complementary capital in the Romer model. 11. Briefly describe Kremer’s O ring model. Discuss whether it predicts income convergence or divergence. 12. Discuss why underdevelopment may be persistent. What can be done if underdevelopment is a low-income equilibrium trap? 13. Discuss what role geography and institutions play in explaining differences in the wealth of nations. (Know why geography might influence growth, what are good institutions etc) Be sure you know how to interpret basic data and minimal calculations like per capita anything, growth rates, H-D equation of growth, etc
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