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I have chosen this article because it is really related to our current topic of economic development. It is an article about how the change in the Indonesian law will allow the government to impose import substitution and thus reduce the reliance of the Indonesian economy on the imports from foreign countries. This may be very positive for the Indonesian economy because it will force domestic producers to be more efficient and employ more factors of production, what will probably lead to economic growth and decrease in unemployment.

With the implementation of the newly approved Industrial Law, Indonesia will have a strong legal base to promote import substitution as well as downstream industries in efforts to reduce the manufacturing sector's heavy reliance on imports of components and machinery. With the new industrial law the manufacturing sector was expected to grow by up to 6.8 percent and create 400,000 new jobs in 2014. The import substitution will have a profound effect and help the economy grow and develop.

This article is of great interest to us for a variety of reasons. Firstly, it is filled to the brim with information regarding the need for import substitution, providing us with a real-world example in Pakistan. Also, it is important because it discusses debt and the looming possibility of defaulting on debt, which is something that has become a hot-button issue in the US economy as of late, given the importance of the debt ceiling.

This article presents a very good explanation what is income elasticity and how it may affect producers choices and sales. The article includes four main parts: types of products, types of customers, product life cycle and determing income elasticity. In the section "Types of products" author points how small businessses and luxury items' producers are affected by people's income, and how can they improve sales. Second section talks about targeting of the customers, for example some companies may focus on people with high-income, so consumers are not sensitive to the changes in price. Product Life Cycle section talks about aging of the product and appearing of the substitutes, and the ways of overcoming that problems, attracting consumers. And the last part of an article describes how to determine an income elasticity of demand. It is a good article that helps to increase understanding.