Answer all the problems. Section A to be answered in about 500 words each and Section B to be answered in about 300 words each.

Section A:

problem 1: Differentiate between economic growth and economic development. Briefly describe the main indicators on which the economic development can be measured?

problem 2: Discuss the concept of golden age equilibrium in the Joan Robinson’s model. What are its major criticisms?

Section B:

problem 3: Describe any three of the given below:

a) The real business cycle model. 
b) Tragedy of the commons. 
c) Endogenous growth.
d) Balanced versus Unbalanced growth.

problem 4: Describe the concept and implications of globalization. Discuss its benefits and shortcomings.

problem 5: What are the properties that an appropriate measure of income inequality must possess? Assess Lorenz curve and the Gini coefficient as such concepts.

problem 6: Can we consider planning as an instrument of resource allocation? Why is there a requirement for planning in the development procedure?

problem 7: Differentiate between:

a) Embodied technical growth and Disembodied technical growth. 
b) Harrod neutrality and Hicks neutrality. 
c) Capital augmenting and capital deepening.