“Economic development is not just about income; but, to achieve a high level of well-being for the average person, a society that is starting out at a low level of income per person needs to achieve and sustain rapid economic growth.” Do you agree or disagree? Discuss critically.
“To achieve economic development, a society needs to save and invest some of what it earns every year; but too much saving, beyond a certain point, is actually harmful to the well-being of the average person.” Do you agree or disagree? Discuss critically.
“Democracy is a good thing in its own right; but in the early stages of economic development, an authoritarian government may be better than democracy for the well-being of the average person.” Do you agree or disagree? Discuss critically.
“Import substitution and central planning were selected as policy choices to jump-start economic development in a range of developing countries; but, in practice, this approach led to low growth, over-investment, poor quality and over-priced goods for consumers, continuing high rates of poverty, and politically well-connected license holders and corrupt politicians and bureaucrats getting rich at the expense of the public. That is why such policies were eventually replaced by economic liberalization and outward orientation in many of these countries.” Do you agree or disagree? Discuss critically.
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