Economics 15th Edition by James Gwartney,Richard Stroup,Russell Sobel,David Macpherson

Exercise 8

Suppose that you have just been appointed to a high-level position in the economic analysis unit of the State Department. The secretary of state has asked you to prepare a memo describing the key policies and economic arrangements that less-developed countries should follow in order to achieve rapid growth and high income levels. Briefly describe your response. Be sure to indicate why each factor you mention is important if a nation is going to attain a high level of economic progress.