Question

Identify and briefly describe each group, and include examples of nations that would be classified within each particular group.

Using their group designation, identify the problem relating to growth policies associated with high-income countries and discuss the focus of main public policies targeted at addressing this problem.

Answer 1

Answer:-

Identify and briefly describe each group, and include examples of nations that would be classified within each particular group.

The three groups can be classified which are as follows

(1) High-income group countries or technology leader's countries: It includes high-income countries like the United States, Canada, Japan, and Western Europe;

(2) Middle-income countries or converging countries: It includes middle-income countries like China and India. These nations have shown some ability, even if not always sustained, to catch up to the technology leaders.

(3) Low-income countries or economically-challenged countries. It includes most African nations. They consist of a group representing perhaps a third of the world's population, those who have lagged behind economically

Using their group designation, identify the problem relating to growth policies associated with high-income countries and discuss the focus of main public policies targeted at addressing this problem. Try addressing then the same for the other classifications.

For technological leaders, the problem of economic growth is to push hard and in a continuous direction towards the more educated workforce that can create, invest in and apply new technologies.

The main public policies targeted at addressing this concern used by technological leader countries are fiscal policies that aim to focus on investment, including investment in human capital, in technology, and in physical plant and equipment.