Analyze and compare strategies of investment-based growth and domestic market based growth on consumption expenditure in the case of China
Answer the following:
Some commentators on the Chinese economy have argued that the opportunities for investment-based growth have run their course and that major problems of underutilized capital equipment and unemployment of workers are inevitable, especially when the global economy slows down, unless the Chinese government switches from a strategy of investment-led growth to domestic market based growth on consumption expenditure. Do you agree with the above statement? Explain the costs and benefits of adopting such a strategy for a country like China. Hint: analyze this question in the context of the production possibilities frontier (PPF) of Text chapter 2.
Summarize: (Pass: 50% to 64% of marks for the question, depending upon quality of answer) Provide in ‘everyday language’ and without reference to diagrams a summary of a correct answer to the question asked. This summary should include a succinct description of the point from where the analysis commences, the initial impact of the change in economic circumstances discussed in the question, identification of the problem(s)/issue(s) these changes create, the likely business/policy measure(s) taken in reaction to these changes, the short run and long run results of the measure(s) employed and a brief evaluation of the measures taken.
Theorize: (Credit: 65% to 74% of marks for the question, depending upon quality of answer)
Complete Part 1 and be able to recognise the correct economic theory and the associated diagram(s)/model(s) for the analysis. Be able to explain the basics of the theory and of the construction of the diagram(s)/model(s) and identify the appropriate equilibrium starting point in the context of the diagram(s)/model(s).
Utilize: (Distinction: 75% to 84% of marks for the question, depending upon quality of answer)
Complete Part 2 and utilize the diagram(s)/model(s) to correctly identify the initial change in the diagram(s)/model(s) that results from the change in economic circumstances discussed in the question.
Analyze: (High Distinction: 85% to 100% of marks for the question, depending on quality of
Complete part 3 and using the diagram(s)/model(s) correctly identify the economic problem(s)/benefit(s)/issue(s) created by the change in economic circumstances and analyze if business/government should respond, what the response should be and, if a response is made, analyze the effectiveness of the response by reference to the diagram(s)/model(s) in the short-run and long-run.
Answers should be typed and diagrams must be clear and neat.
Both hand-drawn and electronically drawn diagrams are acceptable. The answer to the question should be divided into four parts (as indicated in the marking criteria above: Part 1: Summarize; Part 2: Theorize; Part 3: Utilize and Part 4: Analyze) and each part should be carefully labeled.
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