Consider Figure 14.7, which shows the relationship between cultural modernization and income per capita. In which case

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Consider Figure 14.7, which shows the relationship between cultural modernization and income per capita. In which case will the

“modernization multiplier” be larger: when the M(Y) curve is flat, or when it is steep, although less steep than the Y(M)curve? What is the economic interpretation of the slope of the M(Y)

curve?

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Economic Growth

ISBN: 9780273769293

3rd Edition

Authors: David N Weil

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