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5. [8 marks] Discuss the Treasury's Living Standards Framework. What is this framework? W'hat is its purpose? How does it relate to our standard wel-

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5. [8 marks] Discuss the Treasury's Living Standards Framework. What is this framework? W'hat is its purpose? How does it relate to our \"standard\" wel- fare economics approach to government? How does the framework integrate into the long-term economic and scal strategy to improve sustainability in New Zealand

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