economic homework 2

Assignment is composed of five written-response questions. Your response to each of the five questions should be approximately 150–250 words. Prepare your responses for all five questions in one document (Microsoft Word or compatible).

Each question is worth 15 marks.

1.       What is the fundamental growth equation of the Harrod-Domar model? According to the Harrod-Domar model, what is the key or binding constraint on economic growth?  

2.       What are the main features and characteristics of the Lewis Theory of Development?  

3.       What is meant by the term neoclassical counterrevolution? What are its principal arguments?  

4.       Why might secure and well-defined private property rights be a precondition for rapid economic development?  

5.       How successful has the Grameen Bank been? Do you think there are obstacles to replicating this model elsewhere?