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- What does the Philip curve model mean when it's at an equilibrium?What are the similarities are differences between the Dornbusch Sticky Price model and the mundell flemming model?“Dependency Theory belongs to a school of thinking that is not isolated from world events but took shape immediately after Latin American disappointment that the commercial benefits guaranteed by neoclassical theory failed to eventuate. Todaro (2000, p. 91) believed that, according to international dependence patterns, Third World countries are basically under the rule of the politics, institutions, and the economy of the developed countries themselves or of other countries of the world that are controlled by dominant wealthy countries” – critically explain how and why dependency theory emerged and also explain the importance of world system theory in the field of international and strategic relations?
- Heilbroner’s (1999) chapter titles in the Worldly Philosophers give a snapshot of the context within each chapter. For instance, Heilbroner (1999) uses “The Heresies of John Maynard Keynes” and “The Contradictions of Joseph Schumpeter” as the titles for chapters 9 and 10, respectively. Based on these two chapters, discuss your understanding of Keynes’ most relevant “heresy” and Schumpeter’s most prominent “contradiction” in reference to their understanding of the business cycle and the role played by the capitalistState and define the main assumptions of the Heckscher-Ohlin theory.Given that the Mundell-Fleming model is one of the innovations of neoclassical economics (covering the immediate decades after the Second World War), do the policy recommendations remain timely and relevant?
- Is the rational actor model the best way to understand foreign policy decision-making? Define the model, indicate why it is used, and define any other relevant concepts. Raise an objection to the model. Reply to your objection, or raise a second objection. In your answer, be sure to define “rationality” and discuss important (and relevant) concepts as they relate to the Russian decision to invade Ukraine.Why is the Mundell-Fleming Model still timely today? Why are its policy recommendations still relevant?explain Cohen & Plog's Model?