Question

Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a different economic system, and hire an economist from a rich, market economy nation to advise them. The economist recommends a switch to a market economy. What will the economist suggest the leaders order their citizens to do? *Please be detailed*

Answer 1

Answer: Given The leaders of a poor nation with a centrally plamed. economy become willing to try a different economic system, and hire an economist from a sich, market economy nation to advise them. The economists recommends a switch to a market economy The suggestions of the economist are: They are: W to enhance skills and build steering capacities (2) to develop socially, economically and technically optimisation of manatement W Attaining higher level of education (5) Balance between coordinatim and communication (ie) leaders should do the following: (a) spend more to create demand. It will create

TA market for overseas players / companies who will be roped in to cater the additional demand. . (b) In create the credit off take in the area of Consumer Loans ☺ Relin wishing subsidy and adopting high end technology Products (d) change in life style that suits to the producit offerings of mines (e) Embrace global players with equal interest and passion as shown to the local products. - o