ECON 2502: East Asian Economies II (Winter course –July 2020)

Assignments will not be accepted unless they include your name and student ID number

Feeny, S., Mitchell, H., Tran, C. and Clarke, M. (2013), ‘The determinants of economic growth versus genuine progress in South Korea’, Social Indicators Research, 113(3), 1055-1074.

Hint: Don’t always confine yourself to what Feeny et al. say. Please use references (any on the reading list or other useful reference you might find). Answer each question (and sub-question) individually. This is not an essay assignment. ***

Q1: Why do Feeny et al. question whether GDP, alone, can adequately indicate the genuine progress of South Korea? (max 200 words; 2marks)

Q2a:  According to the mainstream literature referred to be Feeny et al., what have been identified as the main factors contributing to the strong growth of South Korea’s GDP in recent decades? (max 200 words; 2marks)

Q2b: Are these factors likely to improve all aspects of human well-being? Why or why not? (max 200 words; 2marks)

Q3a: Consider the items used by Feeny et al. to calculate the GPI for South Korea. By referring to GPI studies in Lawn and Clarke (2008), and others, which can be sourced by searching the internet/library, do you believe this list is sufficiently exhaustive to determine the genuine progress of South Korea? Explain your answer. (max 200 words; 2marks)

Q3b: What additional items do you believe could have been included to estimate the GPI for South Korea? (max 200 words; 2 marks)

Q4a: From their empirical analysis, what factors do Feeny et al. find are the greatest drivers of South Korea’s per capita GDP growth? (max 200 words; 2 marks)

Q4b: What might explain the difference in the driving factors of South Korea’s per capita GDP and per capita GPI? (max 200 words; 2marks)

Q5: What policies could the South Korean Government implement to promote greater genuine progress in South Korea? Would these policies necessarily increase South Korea’s per capita GDP? (max300 words; 3marks)

Q6: Unlike many East Asian countries, South Korea’s per capita GPI has continued to rise, albeit there was a sharp fall in 1997 as a consequence of the Asian Financial crisis (see Feeny et al., Figure 1).  What might explain this? Is it luck?  Could it be good management/public policy? Is it due to the way the GPI has been calculated? Or is it some of each factor or another factor you can think of? (max 300 words; 3marks)

Additional reference Lawn, P. and Clarke, M. (2008), Sustainable Welfare in the Asia-Pacific Region, Edward Elgar, UK. Use any of the suggested readings from the reading list provided on MyUni. Feel free to use any other reference you believe is appropriate. Wikipedia and blog sites do not constitute appropriate references. Note: You need not cite the Feeny et al. reference in your answers. However, cite all other references you use to answer the questions


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