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How does economic system influence the development process?
The development experience of free market or capitalist and command as socialist/communist countries is extremely different. The evidence considered clearly that:
• Command economies have been not capable to deliver sustained economic democracy and development.
• Just Cuba and North Korea manage a command economy and North-Korea standard of living (SoL) is far lower than its free market neighbour, South-Korea
• The former soviet block of countries are currently transitional economies moving by a command to free market system.
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why does the quantity of salt demanded tend to be unresponsive to change in its price?
a) What is the curse embodied in the standard production function? How does technological advance permit an economy to avoid this curse? b ) In what significant way doe
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What are the limits of development theories? Theories are generalisations: • When LDCs share similarities, each country is unique economic, cultural, social and historical
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