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n the period of 1950-1973 the GDP average growth rate reached 9.3 % in Japan and approximately 4 % in USA. How this huge difference may be explained? Your arguments must be based on the growth theory and on the levels of GDP per capita both in Japan and USA in 1950 shown in the Madison table.

n the period of 1950-1973 the GDP average growth rate reached 9.3 % in Japan and approximately 4 % in USA. How this huge difference may be explained? Your arguments must be based on the growth theory and on the levels of GDP per capita both in Japan and USA in 1950 shown in the Madison table.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter33: International Trade
Section: Chapter Questions
Problem 10RQ: What factors does Paul Krugman identity that supported expanding international trade in the 1800s?
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In the period of 1950-1973 the GDP average growth rate reached 9.3 % in Japan and approximately 4 % in USA. How this huge difference may be explained? Your arguments must be based on the growth theory and on the levels of GDP per capita both in Japan and USA in 1950 shown in the Madison table.

1000-1500 1500-1820 1820-70 1870-1913 1913-50 1950-73 1973-98 Per capita GDP Westem Europe Western Offshoots Japan Asia (exduding Japan) "Latin America Eastem Europe & former USSR Africa World 0.13 • 0.00 0.03 0.05 0.01 0.95 1.42 0.19 -0.11 0.10 0.64 0.12 0.53 0.15 0.34 132 1.81 1.48 1.78 1.94 2.34 3,54 0.99 -1.10 0.01 1.33 4,08 0.76 1.55 0.89 -0.02 (2.43 B.0. 2.92 2.52 3.49 2.07 2.93 0.09 0.00 0.15 0.10 0.01 0.05 0.38 1.81 1.15 0.64 1.30 . 1.42 1.50 1.02 0.91 0.04 -0.01 0.05
Transcribed Image Text:1000-1500 1500-1820 1820-70 1870-1913 1913-50 1950-73 1973-98 Per capita GDP Westem Europe Western Offshoots Japan Asia (exduding Japan) "Latin America Eastem Europe & former USSR Africa World 0.13 • 0.00 0.03 0.05 0.01 0.95 1.42 0.19 -0.11 0.10 0.64 0.12 0.53 0.15 0.34 132 1.81 1.48 1.78 1.94 2.34 3,54 0.99 -1.10 0.01 1.33 4,08 0.76 1.55 0.89 -0.02 (2.43 B.0. 2.92 2.52 3.49 2.07 2.93 0.09 0.00 0.15 0.10 0.01 0.05 0.38 1.81 1.15 0.64 1.30 . 1.42 1.50 1.02 0.91 0.04 -0.01 0.05
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