You are required to identify one relevant economic article or academic paper that is broadly related to any of the topics covered in the unit and write a 700-800 word critical review of the article. In your review:
(a) Briefly summaries the main points of the article. Comment on the accuracy of the writer’s use of economic concepts.
(b) Indicate how the article pertains to topics in microeconomics or macroeconomics. Be sure to identify the model/models or economic theory/theories implicit in the article. Is the article well written? Why? Why not?
(c) Indicate what you have learned about microeconomics or macroeconomics from the article?
You also need to submit a copy of the article you have chosen indicating the source (for example, name of newspaper or magazine), name of author(s), date of publication and page numbers. If it is an electronic copy, provide the appropriate web link. Some relevant sources of information to get you started are listed below:
a.) The Sydney Morning Herald
b.) The Australian Financial Review
c.) The Economist
d.) Australian Economic Review (academic journal)
e.) Economic Record (academic journal)
f.) No. of reference required : at least 3.
Article Review: Economic Reform and Openness in China: China’s Development Policies in the Last 30 Years
The article is mainly focused on the development policies of China through the consideration of institutional economics. The economic development of China in the article is discussed from three perspectives including political, historical, and cultural contexts. The article has also discussed economic reforms of China (Tisdell, 2009). In this development process, author has also discussed the economic challenge and the global economic crisis faced by Chinese economy. In the article, the future development of China in terms of its economic and political growth and has also shown that economic development of China has become a growing interest on international level.
In order to explore the economic development of China, the author in this article has used the concepts of economics through having well insight into them and exploring them with the help of theories of economics. The author has touched both mirco-economic and marco-economic aspects of the economics. In addition to this, the theoretical insights are also given value in the discussion by the author. The author has discussed each point in detail with the support of relevant sources of information. Overall, it can be stated that the author has maintained a good degree of accuracy in discussion economic concepts.
The presented article aims to reflect some crucial and effective conceptual framework pertaining Micro and Macro economics. The article is the theoretical presentation of comparative advantage theory of economics. The theory states the for the purpose of reflecting the economic growth of a country, it is essential to have comparative analysis of various economic indicators such as Gross Domestic production (GDP), interest rate, inflation and employment (Goulb and Hsieh, 2000).
The article has used this concept in reflecting the condition of Chinese Economy in recent 30 years. In relation to this, the article has compared and analysed different economic indicators in the most efficient level so that viability and openness of the existing economy of the country can be judged efficiently. In regard to this theory, it can be presented that this article and its related information is effectively demonstrated in the article. On the basis of in depth review of the article, it can be reflected that the presented article is quite effectively. There are different concepts and theories which have been used in the article for the purpose of providing theoretical evidences of the statements and claims made in the paper.
Another crucial and positive aspect of the article is that the article is written in a critical manner. Both positive and negative aspects of theories have been discussed effectively so that both the sides of the issues can be revealed. In addition to this, structure approached followed in the article also makes the article effective and efficient one (Tisdell, 2009). All the information in the article are arranged in the manner that all proper flow of the information can be pertained. In this way, it can be reflected that from the perspective of the readers this article can be proved an effective and efficient one.
The study of this article and its research has given several learning additions from personal learning enhancement viewpoint. From the reading of this article it has been learned that in the economic reform of a country both micro economic and marco-economic decisions play a crucial role. In addition to this, this has also been learned from the article that leadership practices also play positive and important role in the economic development and reform of a nation. From macroeconomic point of view, this has been learned from this article that, there are faced several risk factors and fluctuations in the economic development of the country.
This has also been learned from the article reading and its critical review that in the economic reform process governmental control is a very essential measure in order to keep the economic growth of present and future context in a balanced way (Tisdell, 2009). From the study of this article, a good learning has been gained about the basic concept of economics as well as the theories and conceptual frameworks of economics. Overall, this article has been proved a good learning source to enhance knowledge in the field of economics.
Goulb, S.S. and Hsieh, C.T. 2000. Classical Ricardian Theory of Comparative Advantage Revisited. Review of International Economics 8 (2), pp 221-234.
Tisdell, C. 2009. Economic Reform and Openness in China:China’s Development Policies in the Last 30 Years. Economic analysis & policy 39(2), pp. 271-294.
Wilson, J. 2010. Essentials of Business Research: A Guide to Doing Your Research Project.April 19, 2016