What will the economist suggest the leaders

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Reference no: EM13146719

Suppose that a low-income country experiences a change in government leadership. Prior to this change, the country had a centrally planned economy. The new leaders are willing to try a different system if someone can convince them that it will yield better results. They hire an economist from a country with a market economy to advise them and will order their citizens to follow the economist’s recommendations for change. The economist suggests that a market economy replace central planning to answer the nation’s economic questions (what, how, and who?). 1. What will the economist suggest the leaders order their citizens to do in order to change from a centrally planned economy to a market economy? 2. Are there reasons why the leaders and citizens of this country might not accept the economist’s suggestions? Briefly explain.

Reference no: EM13146719

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