Department of Economics, College of Business & Public Administration
University of Liberia, Capitol Hill Monrovia. Development Economics (413) 2rd
Assignment. Directions: Please answer all questions to the best of your ability with
examples and references, point size “12” style Time Roman. March 21, 2025. Due
Next Week Friday, March 28, 2025 @ 12 PM
1. Explain why free market in most developing countries have fails to stimulate economic grow
and development.
2. Explain why government fail with reference to Liberia and what do you think as
a development policy maker can be the remedy to avoid government failure?
3. Explain What is a dual economy and why it is relevance in development economics?
4. With the aid of an appropriate diagram, explain in details the five stages of development,
according to Rostow (Rostow’s stages of Growth).
5. How relevant is the Lewis model in explaining development patterns in poor countries
today? Critically evaluate with specific reference to Gollin’s (2014) critique of the Lewis
model.
6.
Explain in detail the main criticisms that have been leveled against the Lewis’s classical
model of development
7. Explain why human capital development is entrenched in the field of economic development.
8. What can be done to redirect urban to rural migration?
9. With the types of people that we have in Liberia, is it possible to obtain structure change in
Liberia?
10. Explain in detail how can Liberia accelerate from low productivity to higher productivity