Question

In the 1990s, the County X GDP per capita grew on average at a 1.0 percentage point faster rate than the previous 40-year average annual growth rate of 1.5 percent. Does the above observation support (or contradict) the prediction by the Solow’s (1956) model of neoclassical growth regarding the likely impact of lowering the public debt to GDP ratio on the macroeconomy? Explain your answers with illustrative diagrams.

Answer #1

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