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1.How do persistently large budget deficits affect capital formation and the long-run rate of economic growth? Do the proponents of the Keynesian, crowding out, and

1.How do persistently large budget deficits affect capital formation and the long-run rate of economic growth? Do the proponents of the Keynesian, crowding out, and new classical economists agree on the answer to this question? Discuss. (5 mks)

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