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Harry Shepherd
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Paul Krugman brought up some very interesting and thoughtful points throughout his commentary. I really enjoyed and found especially interesting the heavy use of economic models for the development of a nation/economy. While there have been some criticisms on the over-reliance of models in economics, I do believe that generally they provide the simplifications necessary to make goals achievable and sensical. Generally, I believe models give the user a "close enough" estimate towards what would actually happen. The model Krugman provides give us a simple breakdown of each variable and the assumptions behind it, while also telling us the factors that they must meet for the assumptions to be held valid. Additionally, the model is extremely simple and easy to understand, benefitting all who use it. I also enjoyed reading Krugman's thoughts on the developments/failures of the development economists. Not only was this paper informative, but it also gave the reader insight to how Krugman thinks. By adding personal anecdotes and commentary upon the general field of Economics, the paper stayed interesting and thought-provoking.
Toggle Commented Sep 28, 2018 on ECON 280 for Friday at Jolly Green General
Wang brought up many interesting points throughout this article and I especially found the Table 4 at the bottom of the report the most interesting and informative. After drawing from all of the data, Wang was able to pinpoint what exactly the main drivers for growth are. The concise table was perfect for the reader to understand the most important factors in growth and sustainable development. Additionally, I enjoyed reading the country-by-country statements and how each individual country was able to develop over the course of the study. As I had expected, high-tech countries with lots of exports seemed to have done the best, while the more labor-intensive countries grew at a slower rate. This is why the Asian countries, such as South Korea and Singapore were able to experience some of the greatest growth. While I am usually in favor of keeping the government out of our business, developing countries seem to show the need for government intervention (but no corruption) to guide a country to prosperity, which I found interesting.
Toggle Commented Sep 20, 2018 on ECON 280 for Friday at Jolly Green General
After reading Sachs' paper, I definitely agree with his statements concerning the Millennium Development Goals and the Sustainable Development Goals. He clearly explained how the SDGs are more suitable for the long-term growth and health of the world. While there were many excellent points that Sachs' brought up, there were a few points that I found unrealistic. First, the suggestion for charging upper and middle income countries a "carbon-tax" paid to the poorer countries doesn't seem realistic. This would require some sort of contract between each country and a central authority, like the IMF, and would be difficult to keep track of. Additionally, I am not certain that countries would like to participate in this. Finally, as a general point, Sachs' proposals would require vast resources and configuration to pull off. I definitely agree with most of the points, and especially that SDGs are better than basic MDGs, but there is a limit to how much can be done. Thinking long term, sustainable goals are certainly important to consider and act on, it will just take much negotiating and planning.
Toggle Commented Sep 13, 2018 on ECON 280 at Jolly Green General
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Sep 13, 2018