By taking into consideration the history of the Caribbean, the economic theories underpinning Caribbean development as well as the features of the typical Caribbean economy, construct a hypothetical model that you consider suitable for the economic development of the Caribbean. Ensure that you carefully explain the reasoning behind the development of your model.

(1) Overview of existing models and theories

In this section you are expected to have brief review of the 5 models discussed in Lewis and Best focusing on:

• assumptions of the models
• inputs to the model (capital, labour, savings etc.)
• expected outcomes from the model (i.e. variables affected)
• process through which the model works (e.g. more labour = more output = growth)
• relevance of the model to the Caribbean reality (critiques of model by linking to Caribbean)
• use of artefacts (pictures, newspaper articles, blogs, journals, videos, data tables, charts etc.) for each model to support your discussion

Two or three paragraphs (for each model) should be sufficient. Try to be as concise as possible rather than simply regurgitating everything we know about these models. Information for section 1 was discussed in much detail in our BBC session on Unit 1 and 2.

(2) Model Development

In this section you should focus on:

• identifying the aspects of each of the 5 models that you deemed relevant to the Caribbean (need to justify your decisions)
• Take into consideration the typical features of Caribbean economies discussed in Unit 3 to help determine which areas are relevant to be included in your model.
• Use these aspects as well with any additional ones you want to add to make a new model.

In creating your new model you must include:

• assumptions of your model
• inputs used in your model
• expected outcomes from your model
• process through which your model works
• use of artefacts to justify your choices throughout the model development process

(3) Analysis of Model

In this section you should discuss and use evidence to show how your new model is superior to the other 5 models discussed in Units 1 and 2. This can include:

• using economic data (for one or more Caribbean countries) to show whether your expected model outcomes actually materialize in reality.
• discussing potential shortfalls of your model
• discussing how realistic you think your model assumptions are given the typical features of Caribbean economies discussed in Unit 3
• using artefacts to support your analysis

(4) Conclusion