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Development Economics Writing Assignment. Mathematics &Economics Essay

Essay Instructions:

The country I'm choosing is Korea. And the essay should be no more than 1000 words as in the requirement.

 

Development Economics, EC 410 Christian Ahlin, Professor Writing Assignment 
  See this page for the specifics and next page for the grading rubric of this class’s writing assignment, which involves analyzing the growth experience of a developing country using the lens of this class’s growth models.    Step 1.  Choose a developing country (or one that would have been considered less developed in 1960).  To reserve your country, email the TA Pedro Meza Quintanilla  At most two students can choose any given country, and countries are allocated on a first-come, first-served basis.  Make sure you receive confirmation from the TA of your country choice before beginning research.  The deadline for choosing is February 5.  One point is deducted for each day a student is late in selecting a valid country.  It is desirable to choose a country that has significant World Bank data available for it – see step 2.  The TA is available to help you choose a country.  Step 2.   Find the recent data on four specific variables (listed in 3b. below) capturing income, growth, and investment rates in physical and human capital for your country.  You can do this by searching for “World Development Indicators” (which I found at databank.worldbank.org/data/reports.aspx?source=world-developmentindicators).  There you can select your country, the variables you are interested in (“Series”), and the years of interest (make sure to use all available years).  You can click “Chart” to view the data, which can then be saved as a picture (PNG file seems to give the clearest picture); or click “Download” to save to Excel and create your own chart.  Step 3.  Write a paper assessing how well the country’s growth experience over the last few decades fits the growth theory learned in class, specifically the predicted relationship between investment rates and growth.  The paper may be no more than 1000 words (including any headings and extra credit, but excluding bibliography).   In more detail, here’s what the paper must include: a. A cover page with student’s first and last name, current date, and country.  The rest of the paper should have no name or other identifying information. b. Clear, labeled, and informative graph(s) of the required data.  All available years’ data on four variables are required: GDP per capita (in constant $, and ideally in both PPP and non-PPP terms), GDP per capita growth rate, Gross capital formation (as % of GDP), and School enrollment rate (secondary enrollment, gross or net, in rates not raw numbers; if secondary enrollment data are sparse, can supplement with primary enrollment data).  The graph(s) should be included within the paper, not in a separate file, and be easy to read: precisely labeled, not containing too many variables, and using appropriate scales. c. Theoretical discussion.  How do changes in investment rates in physical and human capital affect the growth rate of income per capita, according to the growth theory learned in class?  Why do these effects occur?  No graphs or variables are needed here, just clear and accurate answers to these questions. d. Data analysis.  Analyze how the growth rate of income per capita is related to investment rates in physical and human capital, in your country of study.  That is, based on the data collected (part b.), does your country’s growth experience fit the relationship predicted by theory (part c.)?  (Note: Investment rates in physical and human capital are measured by the gross capital formation variable and the school enrollment variable, respectively; analyze whether growth responds to these as theory predicts.) e. Extra credit.  Is there a variable from outside the theory learned in class (not population growth rate or total factor productivity growth, e.g.) that helps explain the growth in your country?  If so, graph it as described above, discuss theoretically why this variable should be a significant causal factor behind growth in your country, and analyze how well it explains your country’s growth data.  The first draft is due by email to [email protected] by 11:59pm March 16, in Microsoft Word format.  This counts 30% of the assignment grade.  Drafts will be graded and returned, and a final draft is due by email to [email protected] by 11:59pm April 15.  The final draft counts 70% of the assignment grade.  The format, grading scale, and requirements are the same for both drafts – the first draft is not a “rough draft”.  The second draft will not receive a lower grade than the first draft, even if no second draft is turned in (barring academic dishonesty). Students are responsible for understanding and complying with university plagiarism guidelines.  Students must complete this assignment themselves, using their own wording.  Failure to do so is likely to be reported to the MSU administration and to substantially lower the student’s grade for the class (not just the assignment). Please direct questions about how to access and graph the data to the TA by email or in office hours.   
 Grading Rubric 
 20 – Writing: grammar, spelling, organization, overall clarity  
    25 – Data: Graph(s) displaying the four key variables, labelled and clear, use all data, contain required elements 
      25 – Theory: General discussion of how and why changes in investment rates in physical and human capital affect the growth rate of income per capita, according to the growth theory learned in class [Hint: growth rate, not income level]     
   30 – Analysis: Assessment of whether, in these data, the growth rate moves with either or both investment rates as theory predicts; important to use specific references to the data over the range of years [Hint: growth rate, not income level]     
   20 – (Extra Credit) Presentation of other factor explaining growth – clear graph, analysis of empirical relationship to this country’s growth, theoretical discussion of this variable as a causal factor behind growth    
  SUBTOTAL:  
 – 1 per day late for country choice (first draft only) – 3 if name is missing – 3 if date is missing or incorrect – 5 per day late for paper turn-in ___ deduction for words over limit or incorrect submission format 
 

Essay Sample Content Preview:

Development Economics Writing Assignment
First Name Last Name
Current Date:
Korea
Development Economics Writing Assignment
Labeled, and informative graph capturing income, growth, and investment rates in physical and human capital for Korea.
Theoretical Discussion
Changes in investment rates in physical and human capital affect the growth rate of income per capita
* How changes investment rates affect the growth rate of income per capita
In the case of Korea, increased investments in both physical and human capital accelerated the growth rate of income per capita from 1960 to 2019. In 1960 the country invested less in both physical and human capital, and, therefore, the per capita levels were significantly low. However, fifty years later, after increased total investments, the country recorded income higher per capita.
Why changes in investment rates affect the growth rate of income per capita
Before explaining why changes in investment rates in physical and human capital affect the growth rate of income per capita, it is worth starting first by defining the key terms. Physical capital refers to already-produced goods that are used to produce others. For example, a carpenter uses a harmer to drive the nails into the wood when constructing a table. In this case, the hammer is a capital good – a physical item used to produce other goods. It is, however, worth noting that the carpenter would use a hard rock to drive the same nail into the wood, but this might take a longer period, or even injure the carpenter’s hands. Therefore, a hammer is a suitable capital good that would be chosen over hard rock. Human capital, on the other hand, refers to the sets of skills and knowledge that a group of individuals have in society (Murphy & Topel, 2016). What separates a pilot from non-pilot is the set of skills and knowledge that the pilot has as far as the aviation industry is concerned.
A country’s income per capita is dependent on both the rate of investments in both human capital and the physical capital. A nation that invests more in physical capital improves the productivity of skilled workers in the nation (Murphy & Topel, 2016). As a result, such experienced people spend less time doing more work, thereby gaining more income from their work. Critics have, however, criticized the H-D economic theory stating that there is no way developing nations would increase savings when they lack enough food to eat. Such criticism also points out Harrod’s repudiation of the model, where he stated that his theory did not provide a long term economic growth solution.
Based on Solow economic growth model, the level of output (Y), capital (K), and labor (L) are interrelated in an economic equation = Y = aF(K, L). A nation that invests more in education increases the number of skilled laborers in its territory. This is one reason why nations encourage more investments in all levels of educations, from pre-primary ...
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