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A very poor country wants to speed up its economic growth

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Question

A very poor country wants to speed up its economic growth, and has been told by economists that it must devote more of its resources to producing more capital goods. Why would this advise be very difficult (with high opportunity cost) for this country to follow? Why would it be more difficult for this very poor country to shift its resources towards capital good production than it would be for a rich country such as the US? What other options could this poor country have?

 

Paper#24105 | Written in 18-Jul-2015

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