Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. One way that less developed countries catch up with the growth of the more developed countries is by adopting the technology of the developed

image text in transcribed
5. One way that less developed countries catch up with the growth of the more developed countries is by adopting the technology of the developed countries. On average, however, developed countries are capitarich and labor- short relative to the developing nations. Think of the kinds of technology that a typical developing country with a short supply of capital and a large marginally employed labor force would nd when \"shopping\" for technology in a more developed country. As a hint, the Japanese have developed the eld of robotics such as assembly line machines. Such machines are designed to replace expensive workers with capital (robots) in order to lower the overall cost of production. In what ways does it help a developing country to borrow and use a new technology in its country? (5 marks) What are the costs of doing so

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essays In Our Changing Order

Authors: Thorstein Veblen

1st Edition

1351311425, 9781351311427

More Books

Students also viewed these Economics questions