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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Use an example to explain why, after periods of rapid growth, a low-income country that has not caught up to a high-income country may feel poor.

To determine

To write: The reasons for which a low-income country may feel poor even after a period of rapid growth.

Explanation

Rapid growth may fail to impact the per capita income of a low-income country due to high growth in population which decreases the per capita income level. Besides, factors like concentration of wealth and presence of extreme inequality may further foster poverty...

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