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Development of neoclassical counter-revolution

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"The path of economic development is crucial to provide a better standard of living for the people in developing countries. Every nation strives for development. Economic and social progresses are essential components to provide basic needs and thus to secure a reasonable degree of financial security. Others, are less fortunate, have inadequate food and shelter" (Todaro and Smith, 2015, p. 2)

(a) Following the development of neoclassical counter-revolution and new growth theories, many developing countries have utilised various policies to achieve higher levels of growth. To what degree do you think modern economic growth has extended to developing countries?

Support your answer with specific country examples.

(b) Many developing countries are still trapped in a phase of low development status. What factors are essential to achieve high economic growth? Discuss the conditions for generating and sustaining economic growth for long term development. Give specific country examples to support your views.

Reference no: EM132162685

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