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(reducing developmental gaps) Consider the situation of 2 economies. Economy 1 is initially more developed (has a higher GDP level), but its long-term annual growth
(reducing developmental gaps) Consider the situation of 2 economies. Economy 1 is initially more developed (has a higher GDP level), but its long-term annual growth rate, 91 is lower, while economy 2 is less developed at the starting point (let's assume half as developed as economy 1). but grows faster (at the rate 92 > 91). After how many years will the gap between the two economies reduce by half (i.e. in this case they will have the same GDP level) if g! - 2% and 92 - 4%. Does this period depend on the relative level of development in the initial period
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