Topic: Long run Economic Growth in Caribbean Economies You are required to write an essay, in which...

Question

Topic: Long run Economic Growth in Caribbean Economies

You are required to write an essay, in which you critically analyze the following sentence:

“The Solow model is a useful model in explaining growth experiences between countries, but it is far from the last word on the subject”.

In your essay, you should address the following:

1. With the use of GDP data over a 25-year period, assess the main sources of economic growth in TWO CARIBBEAN economies. (Line graphs must be used to depict the data.)

2. Critically analyze the usefulness of Solow model in understanding empirical evidence relating to economic growth in these economies.

3. Discuss how endogenous growth theories enhance your understanding of growth in these economies.

4. Studies found that economies having similar cultures and policies converge to one another at a rate of about 2 percent per year. Looking at the data you have gathered, do you agree with this finding? Support your answer.

Structure of Essay:

1. Should be no more than 1500 words, not inclusive of table of contents, reference page and cover page.

2. References and writing should be based on APA 6th edition referencing, double spaced and 12pt font Times New Roman

Rubric for assessing the Research Paper Proficiency Level	Recall/ Reproduction (0 – 39%)		Skills & Concepts (40 – 59%)		Strategic Thinking (60 – 79%)		Extended Thinking (80 – 100%)
Introduction (50)	Weak or no introduction of topic. Paper’s purpose is unclear.		Basic introduction that states topic but lacks interest		Proficient introduction that is interesting and states topic.		Exceptional introduction that grabs interest of reader and states topic
Explanation of Issues (100)	Issue/problem to be considered critically is stated without		Issue/problem to be considered critically is stated but description leaves some terms		Issue/problem to be considered critically is stated, described, and clarified so that		Issue/problem to be considered critically is stated clearly and described comprehensively,
clarification or description.		undefined, ambiguities unexplored, boundaries undetermined, and/or backgrounds unknown		understanding is not seriously impeded by omissions.		delivering all relevant information necessary for full understanding.
Discipline Mastery (100)	Demonstrates little or no understanding of the case study and subject matter.		Demonstrates a limited understanding of the case.		Demonstrates a thoughtful understanding of the case and the subject matter.		Demonstrates a thorough and conscious understanding of the case and subject matter.
Critical Thinking (100)	Information is taken from source(s) without any interpretation/ evaluation.		Information is taken from source(s) with some interpretation/ evaluation, but not enough to develop a coherent analysis or synthesis.		Information is taken from source(s) with enough interpretation/ evaluation to develop a coherent analysis or synthesis.		Information is taken from source(s) with enough interpretation/ evaluation to develop a comprehensive analysis or synthesis.
Conclusion (50)	Conclusion lacks coherence, critical thought and organization.		Ideas stated and arranged with no evident logical structure.		A thoughtful conclusion that shows a logical progression of ideas and uses fairly sophisticated summary.		A strong cohesive, thoughtful conclusion that guides the reader through the chain of reasoning or progressions of ideas.
Grammar, Spelling, Composition & References (100)	Disorganized with several grammatical and spelling errors. Does not reflect a high level of professionalism. NO references, within the body of the paper and listed references are not properly cited according to APA Referencing Style, v.6.		SOME measure of sequence, some grammatical and spelling errors. Reflect some level of professionalism. Some references, within the body of the paper and in the listed references are properly cited according to APA Referencing Style, v.6.		Organized, clear with minimal spelling and grammatical errors. Reflects high professionalism. MOST references, within the body of the paper and in the listed references are properly cited according to APA Referencing Style, v.6.		Clearly organized, thorough, and free of grammatical and spelling errors. Reflects the highest level of professionalism. ALL or a majority of references, within the body of the paper and in the listed references are properly cited according to APA Referencing Style, v.6.

econ2003-research-paper-azv5zu1r.docx

Arunavo · Accepted Answer

Running Head: MICRO ECONOMICS             	1
MICRO ECONOMICS             		8
LONG RUN ECONOMIC GROWTH IN JAMAICA AND TRINIDAD & TOBAGO
Table of Contents
Introduction	3
Sources of Economic Growth in Jamaica and Trinidad & Tobago	3
Analysis of Solow Model	4
Endogenous Growth Theory	5
Similarities Between the Economies of both the Countries	6
Conclusion	7
References	8
Introduction
Caribbean countries are the most volatile region because of the high cultural, linguistic and ethnic diversity among the countries. Almost all country possesses their unique economic characteristics, and it is found that in all the countries there is politically stable environment. In this essay, a detailed discussion is done on the assessment of the main source of the economic growth in these countries. The discussion is also done on the usefulness of Solow model in understanding the empirical evidences contributing to the economic growth of these countries. Further, the growth theories will be discussed for the proper understanding behind the growth in these economies.
Sources of Economic Growth in Jamaica and Trinidad & Tobago
The Jamaican economy is heavily reliant on the service sector, including both- private and public, which is around 70% of the country’s GDP. Jamaica is filled with varieties of natural resources, and primarily bauxite, along with it provides ideal climate supporting to the agriculture and tourism. Ghartey (2018) has discussed the discovery of bauxite in 1940s and the establishment of the bauxite alumina industry had completely changed the economic focus from bananas and sugar. Because of a new industry Jamaica by 1970 had emerged as the world’s top leader in the export of these minerals have significantly contributed to the increased foreign investment. Further, the Jamaican government had introduced a number of economic policies that encourage the foreign investment in the areas to earn a greater number of foreign exchanges, which further helps in generating employment and increased use of the local raw materials. There are also a number of incentives opportunities provided by the government to the investors for further supporting the economy.  
Trinidad and Tobago’s economy is considered as the wealthiest in the Caribbean nations and it is the fifth richest by GDP per capita in America. Conrad and Jagessar (2018) have discussed that the primary contributor of the economic growth of Trinidad and Tobago is petroleum and petrochemical items. The major wealth of this nation is attributed to the largest reserve and the use of the oil and the natural gases at its disposal. The nation has also a positive reputation of excellent investment site for the international businesses and it has the highest growth rate of per capita incomes in the Latin America, which is recently contributed by the exploration of LNG and petrochemicals. Along with the petrochemical items, the country also focuses on the use of aluminium and plastic projects in various stages of their economic planning.  The oil and gas industry in the country contribute to 40 percent of GDP and around 80 percent of the exports, however, it has a very low contributor towards the employment generation to the nation.

Topic: Long run Economic Growth in Caribbean Economies You are required to write an essay, in which you critically analyze the following sentence: “The Solow model is a useful model in explaining...

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