Question
1- Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita greater than that of the United
1- Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita greater than that of the United States. Some examples are China, Japan, South Korea, and Taiwan. Does that mean the United States is regressing relative to other countries? Does that mean these countries will eventually overtake the United States in terms of the growth rate of real GDP per capita? Explain.
2- According to economic convergence,Alexander Gerschenkron explains "the advantages of backwardness" for developing countries in the economic growth process. Explain it and do you think it is right or wrong? Why? Explain.
3- Right now we are in a new stage of technological progress based on Artificial Intelligence (AI). Do you think AI can create a new period of fast economic growth for the United States and Canada, like the fast economic growth rates that happened in the 1990s after the introduction of the internet and other technological advantages in the IT area? Please explain.
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