Use Figure 14.7 to show how an exogenous increase in modernization, which might result from exposure to

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Use Figure 14.7 to show how an exogenous increase in “modernization,” which might result from exposure to foreign culture, will affect economic growth. Assuming that modernization responds only slowly to income, show how the initial effect of the exogenous increase differs from its long-run effect.

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Economic Growth

ISBN: 9780273769293

3rd Edition

Authors: David N Weil

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