People who live in rural areas often have less access to capital and, as a result, their productivity is lower on average than the productivity of people who live in cities. An article in the New York Times quotes a financial analyst as arguing that Ă˘â‚¬Ĺ“the core driverĂ˘â‚¬Âť of economic growth in China Ă˘â‚¬Ĺ“is the simple process of urbanization.Ă˘â‚¬Âť
a. What does the analyst mean by the Ă˘â‚¬Ĺ“process of urbanizationĂ˘â‚¬Âť?
b. If the analyst is correct that urbanization is the core driver of economic growth in China, would we expect that China will be able to continue to experience high rates of economic growth in the long run? Briefly explain.
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