Why were economists among the first social scientists to address the problems of poverty in underdeveloped countries?
Question:
Why were economists among the first social scientists to address the problems of poverty in underdeveloped countries? Why was the fight against poverty in the post-colonial world conceived of as a means to an end rather than an end in itself? Discuss two of the main theories of economic development presented in class, explain their assumptions and prescriptions, and discuss their theoretical and practical weaknesses. Elaborate fully, citing relevant examples. Use this theory Economist David Ricardo (1809):
Countries should specialize in the production of those commodities they can produce more efficiently and cheaply, export them, or trade for those commodities other countries can produce likewise.
Everybody benefits from this 'rationalization' of economic activities and this theory Vicious Circles of Poverty Theories (Ragnar Nurkse - 1957): Capital Formation.
Expert Answer:
Economists were among the first social scientists to address the problems of poverty in underdeveloped countries for several reasons Firstly economics as a discipline focuses on the study of resource ... View the full answer
