We consider two sub periods in the long period of 1950-1979. The sub periods considered are 1950-1953 and 1974-1979. We learned in chapter 5 that the average GDP growth in 1950-1979 period has been 5% but the average growth rates varied greatly from one sub period to other since the economic conditions and performances were very different in each sub period. Let me precise that in 1950-53 period the average GDP growth attained roughly 10% while in 1974-1979 period it remained at 3%. Describe briefly the main structural and economic policy characteristics of these two sub periods concerning the two variables of the production function: the capital stock and the labour (employment).
We consider two sub periods in the long period of 1950-1979. The sub periods considered are 1950-1953 and 1974-1979. We learned in chapter 5 that the average
Describe briefly the main structural and economic policy characteristics of these two sub periods concerning the two variables of the production function: the capital stock and the labour (employment).
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