IGNOU BECC 112 Solved Assignment 2022-23

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Submission Date :

31st March 2033 (if enrolled in the July 2033 Session)
30th Sept, 2033 (if enrolled in the January 2033 session).

Answer the following Descriptive Category questions in about 500 words each. Each question carries 20 marks. Word limit does not apply in case of numerical questions in Assignment One.

Answer the following Middle Category questions in about 250 words each. Each question carries 10 marks. Word limit does not apply in case of numerical questions in Assignment Two.

Answer the following Short Category questions in about 100 words each. Each question carries 6 marks in Assignment Three.

Answer all the questions.

Assignment A

1. Discuss the Classical Theory of Economic growth. Discuss the Marxian criticism of the Classical Theory of growth.

Classical growth theory is a modern category of economic theory that is applied to the work of several economists who wrote about the process and sources of economic growth in their time, roughly the 18th and 19th centuries. Two important theorists associated with these ideas include Adam Smith and David Ricardo.

Understanding Classical Growth Theory

Classical growth theory was developed alongside the Industrial Revolution in Great Britain. Analysis of the process of economic growth was a central focus of these classical economists. Classical economists sought to provide an account of the broad forces that influenced economic growth and of the mechanisms underlying the growth process.

The division of labor, the gains from trade, and the accumulation of capital were seen as the main driving forces of economic growth. Productive investment and the reinvestment of profits were the mechanisms that produced continuous economic growth, so changes in the rate of profit were a decisive reference point for an analysis of the long-term evolution of the economy.

They argued that individual initiative, under freely competitive conditions to promote individual ends, would produce beneficial results to society as a whole. Their conclusions supported the adoption of free trade, respect for private property, and individual free enterprise. Meanwhile, conflicting economic interests could be reconciled by the operation of competitive market forces and the limited activity of responsible government.

These economists’ ideas diverged from previous economic ways of thinking. Their critique of feudal society that came before them was based on the observation among others: that a large portion of the social product was not so well invested but was consumed unproductively by the ruling class. They followed the French physiocrats in studying the economic welfare of a nation as a whole, as opposed to the mercantilist focus on the accumulation of gold for the king. They split from the physiocrats by focusing on, and celebrating, industry and capital accumulation as a source of economic prosperity.

Adam Smith and the Wealth of Nations

Scottish economist Adam Smith was the leading figure of the classical theory of growth. Smith wrote that the division of labor among workers into more specialized tasks was the driver of growth in the transition to an industrial, capitalist economy. As the Industrial Revolution matured, Smith argued that the availability of specialized tools and equipment would allow workers to further specialize and thereby increase their productivity. In order for this to happen, ongoing capital accumulation was necessary, which depended on the owners of capital being able to keep and reinvest profits from their investments. He explained this process with the metaphor of the “invisible hand” of profits, which would push capitalists to engage in this process of investment, productivity gains, and reinvestment by seeking their own personal gain, and indirectly the benefit of the entire nation.

David Ricardo and the Gains from Trade

David Ricardo extended Smith’s theory to demonstrate how trade could lead to further economic prosperity on top of the gains from specialization and the division of labor. He developed the concept of comparative advantage as a basis for specialization and applied this not only to workers in a single economy but to separate nations that could trade with one another. Ricardo argued that by specializing in activities for which they each had the lowest opportunity cost and then trading their surplus product, nations (and by extension workers and firms within an economy) could all be made better off. Ricardo’s theory of comparative advantage strengthened the foundation of Smith’s theory of specialization and division of labor as a source of economic growth.

2. Explain the concept of economic inequality. Explain the various methods of measuring economic inequality.

Economic inequality most often refers to disparities in wealth and income that may exist in certain societies. Economic inequality is a metric that many jurisdictions and governments monitor in order to assess the impact of policy changes.

There are many ways to measure income inequality, and expert economists continue to debate which metric is the best. However, relying solely on one individual metric to assess income inequality can leave out a lot of information and skew the analysis. Thus, it is important to refer to income inequality indexes that take into account a wide array of economic metrics before coming to a conclusion.

Nonetheless, a very useful and widespread metric is the Gini coefficient. To understand this, we must first understand the economic relationship between the people’s level of income and the total share of wealth. The relationship is explained by the Lorenz Curve, which states that as people’s income increase, their relative share of wealth increases by a disproportionately large factor.

Thus, the amount of wealth held by the richest 10% or individuals in a society would be disproportionately larger than the wealth held by the bottom 10%. The graphic below illustrates this principle:

Using the information above, we can calculate the Gini coefficient using the following formula:

Gini Coefficient = Area A / (Area A + Area B)

The higher the coefficient, the smaller area B is, meaning the lower the economic inequality is. A very low Gini coefficient would mean that area B is very large, which implies a greater degree of economic inequality.

Shortcomings of the Lorenz Curve

While the Lorenz Curve works very well in theory, it relies upon the magnitude of positive earned income to deliver accurate results. However, in many situations, individuals may show negative net worth due to being in debt.

In the US, there are over 16 million households with a negative net worth. If the fact is not taken into account when examining statistics about the levels of economic inequality, erroneous conclusions may be drawn.

For example, when we hear that the richest 20% of individuals hold over 90% of a nation’s wealth, there may cases where someone earns a large salary but is considered to be poorer than someone with a small salary due to debt.

Income inequality around the world

According to the Gini index, the top five countries with the lowest income inequality are:

Ukraine
Slovenia
Norway
Slovak Republic
Czech Republic

Conversely, the top five countries with the highest level of income inequality are:

The Central African Republic
Botswana
Haiti
Namibia
South Africa

Using the Gini coefficient

A Gini coefficient does not hold a lot of value and cannot be leveraged to draw conclusions by itself. In order to see useful insights, a Gini coefficient must:

Be compared to other Gini coefficients for nations that are of similar economic size and state, as it will enable us to rank countries. Such a process will provide us with a reference point that determines what a “High” or “Low” relative coefficient would be.
Be calculated using the same methodology – as differences in methodology may skew the results of the analysis. For instance, some researchers might compute the Gini coefficient using the Lorenz Curve approach, while others may use the extended Gini formula.
Be compared across a wide time horizon in order to observe how the level of economic inequality changes over time. This will also help establish reference points that will allow us to determine whether a country is doing a good job of combatting income inequality.

Assignment B

3) Discuss the significance of the four liberal principles of democracy.
4) What do you understand by a natural monopoly? Why are public utilities usually natural monopolies?
5) Explain the Learning-by-Doing model of Kenneth Arrow.

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Assignment C

6) Differentiate between:
(a) Exogenous Growth and endogenous growth.
(b) Capital-augmenting technical change and capital-deepening technical chane.
(c) Market Failure and Government Failure.

7) Write short notes on the following.
(a) Lorenz Curve.
(b) Growth Accounting.
(c) Convergence.

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