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By Hans Jorgen Whitta-Jacobsen Peter Birch Sorensen

"Introducing complicated Macroeconomics: development and enterprise Cycles" presents scholars with a radical knowing of primary versions in macroeconomics and introduces them to tools of formal macroeconomic research. cut up into sections, the 1st 1/2 the booklet makes a speciality of macroeconomics for the long term, introducing and constructing simple types of development and structural unemployment. the second one half the booklet offers with the economic climate within the brief run, targeting the reason of commercial fluctuations. This re-creation keeps the preferred pitch and point confirmed within the 1st version and keeps to bridge the distance among intermediate macroeconomics texts and extra complex textbooks.

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Example text

Other SouthEast Asian countries such as Thailand and i\'lalaysia also grew quickly over the same period. on average around or above 4 per cent per year. We know. however. that over the preceding 38 years they grew much more slowly. In fact . in the 1960s some economists worried about the prospects for countries in South Asia. 6 All the growth miracles of South-East Asia experienced breaks in their growth rates from lower to higher values somewhere around the early 19 60s. Similar growth breaks have occurred lor several other countries in the growth top 20.

So, assume that (among) the relevant structural ch aracteristics of country i are the rate of investment in physical capital (the GDP share of gross investment in physical capital), si, and the population growth rate, 11i. Assume further that (for reasons that will become clear in Chapter 5) the appropriate Sorensen-Whitta- Jacobsen: Introducing Advanced Macroeconomics I Part 1 - Basic Theory and Empirics about Prosperity and Growth © The McGraw-Hill 2. Some facts about prosperity and growth Companies.

And to lind countries like the Republic of Congo. China. India, Pakistan and Syria on the list. The countries at the top oft he top 20 are often called 'growth miracles' . Likewise. the countries in the bottom 20 can be called 'growth disasters'. Note that lor many of these countries, average growth rates between 19 60 and 1998 were actually negative. ving countries in the bottom 20): see for instance Table A at the end of Book One. Altogether, our insights can be summarized as follows: Stylized fact 2 Growth mtes vary substantially between countries.

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