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ECS3707 ASSIGNMENT 6 ANSWERS, COMPLETE SOLUTIONS 2023
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WEPASS TUTORIALSECS3707 Development Economics
Assessment 6 Suggested Solutions (Compulsory):
QUESTION 1
The Harrod-Domar (AK) model is a theoretical framework that explains the relationship
between aggregate economic growth, employment, and investment. It is based on the principle
that economic growth is determined by the level of investment. Let’s break down the evaluation
of this model in the context of South African economic growth from 1994 to 2022.
Introduction:
The Harrod-Domar (AK) model is an economic growth theory that posits that an increase in
aggregate demand, specifically in investment, can lead to economic growth and employment.
This model is relevant to South Africa’s goal of achieving sustainable economic growth and full
employment, as outlined in the United Nations’ Sustainable Development Goal 8.
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