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Contents
BECC 109 Solved Assignment 2021-22 In English Medium
Course Code: BECC-106
Assignment Code: ASST/BECC 109/ 2021-22
Total Marks: 100
Assignment I
Answer the following Descriptive Category Questions in about 500 words each. Each question carries 20 marks. Word limit does not apply in the case of numerical questions. 2 × 20 = 40
1) Bring out the salient features of the Solow model of economic growth.
Merits of the Model:
Solow’s growth model may be a unique and splendid contribution to economic process theory. It establishes the steadiness of the steady-state growth through a really simple and elementary adjustment mechanism.
Certainly, the analysis is certainly an improvement over Harrod-Domar model, as he succeeded in demonstrating the steadiness of the balanced equilibrium growth by implying neo-classical ideas. In fact, Solow’ growth model marks a brake through within the history of economic process .
The merits of Prof. Solow’s model are under-mentioned:
(i) Being a pioneer of neo-classical model, Solow retains the most features of Harrod-Domar model like homogeneous capital, a proportional saving function and a given rate of growth within the labour forces.
(ii) By introducing the likelihood of substitution between labour and capital, he gives the expansion process and adjustability and provides more realistic touch.
(iii) He considers endless production function in analysing the method of growth.
(iv) Prof. Solow demonstrates the steady-state growth paths.
(v) He successfully shunted aside all the difficulties and rigidities of recent Keynesian income analysis.
(vi) The long-run rate of growth is decided by an expanding labour force and technical process.
Short Comings of the Model:
1. No Study of the matter of Balance between G and Gw:
Solow takes up only the matter of balance between warranted growth (Gw) and natural growth (Gn) but it doesn’t take under consideration the matter of balance between warranted growth and therefore the actual growth (G and Gw).
2. Absence of Investment Function:
There is a absence of investment function in Solow’s model and once it’s introduced, problem of instability will immediately reappear within the model as within the case of Harrodian model of growth.
3. Flexibility of Factor Price may bring Certain Problems:
Prof. Solow assumed the pliability of factor prices but it’s going to bring certain difficulties within the path of steady growth.
For example, the speed of interest could also be prevented from falling below a particular minimum level and this might successively , prevent the capital output ratio from rising to A level necessary for sustained growth.
4. Unrealistic Assumptions:
Solow’s model is predicated on the unrealistic assumption that capital is homogeneous and malleable. But capital goods are highly heterogeneous and should create the matter of aggregation. In short, it’s tough to reach the trail of steady growth when there are sorts of capital goods within the market.
5. No Study of Technical Progress:
This model has left the study of technological progress. He has merely treated it as an exogenous think about the expansion process. He neglects the matter of inducing technical progress through the method of learning, investment and capital accumulation.
6. Ignores the Composition of Capital Stock:
Another defect of Prof. Solow’s model is that it totally ignores the matter of composition of capital stock and assumes capital as a homogeneous factor which is unrealistic within the dynamic world of today. Prof. Kaldor has forged a link between the 2 by making learning a function of investment.
Salient features of the Solow model of economic process
One of the earliest models of economic process was developed in Solow. economic process is measured by a gentle positive increase total output produced by a rustic , and at the theoretical level it’s approximated by an aggregate production function.
Solow’s model is about during a neoclassical framework where it’s assumed that each one prices have adjusted to clear all the markets (i.e., supply is adequate to demand) and incentives have generated efficient outcomes.
The model is according to long-term adjustments having fully taken place. within the simplest form, three factors determine aggregate output: labour, capital and technology.
Growth models consider explaining the behaviour of potential output, which is output achieved with a given technology and therefore the financial condition use of other factors.
Naturally, they specialise in the consequences , over time, of changes in labour, capital and technology. Changes in labour are often induced by changes within the population or within the proportion of the people available for work, namely the participation rate.
Changes in existing productive capital depend upon net investment that’s gross investment minus depreciation of existing capital. As long as net investment is positive, capital grows and production growth follows.
2) What is Kuznets’ Puzzle? Explain how the life cycle hypothesis resolves it.
Assignment II
Answer the following Middle Category Questions in about 250 words each. Each question carries 10 marks. Word limit does not apply in the case of numerical questions. 3 × 10 = 30
3) Explain why policy rules may be better than discretionary policies.
4) Write a brief note on the major inferences on policy by the new classical economists.
5) Explain how the Tobin’s q theory establishes a relationship between fluctuations in investment and fluctuations in stock market.
Assignment III
Answer the following Short Category Questions in about 100 words each. Each question carries 6 marks. 5 ×6 = 30
6) Give an overview of the factors that influence residential investment.
7) Write a short note on the concept of inter-temporal budget constraint.
8) What according to Friedman are the factors that determine the demand for money?
9) Give at least two major differences between the new classical and the new Keynesian economics.
10) Write a short note on business cycle indicators.
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b) has clear connections between sentences and paragraphs, and
c) is written correctly giving adequate consideration to your expression, style and
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2. The title of the course and assignment number has been written clearly.
3. Each assignment on each course has been written on separate sheets and pinned properly.
4. All the questions in a particular section should be answered before attempting the next
section.
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