5 Linear stages theory, Structural-change model (Lewis two-sector model), International dependence/dominance model, Neoclassical model How do the contemporary models differ from the previous models? Coordination failures Complementarity Why do these models emphasize multiple equilibria and what does it mean? What problems may prevent economy from moving from a bad equilibrium to a stable one? Need to understand that graph What are the big push and O-ring theories (important to have a broad or general understanding of the two theories?)
5 Linear stages theory, Structural-change model (Lewis two-sector model), International dependence/dominance model, Neoclassical model How do the contemporary models differ from the previous models? Coordination failures Complementarity Why do these models emphasize multiple equilibria and what does it mean? What problems may prevent economy from moving from a bad equilibrium to a stable one? Need to understand that graph What are the big push and O-ring theories (important to have a broad or general understanding of the two theories?)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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5 Linear stages theory, Structural-change model (Lewis two-sector model), International dependence/dominance model, Neoclassical model
How do the contemporary models differ from the previous models?
Coordination failures
Complementarity
Why do these models emphasize multiple equilibria and what does it mean?
What problems may prevent economy from moving from a bad equilibrium to a stable one?
Need to understand that graph
What are the big push and O-ring theories (important to have a broad or general understanding of
the two theories?)
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