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Unformatted text preview: the former is adequate to explain the economy of the Soviet Union and the latter is necessary to describe the economy of Japan, between 1950 when both had high saving and investment, and 1990 as the Soviet economy imploded and the Japanese growth decelerated. [Keeping in mind that one case maybe characterized as isolated growth under the terminal impact of creative destruction , while the other has to be described under interdependent development, with an exhaustible technology backlog ] (4) (10%) how over the period of 1950-1990 does an inward-looking, open economy compare against (a) Japan, an outward-looking open economy , and (b) Soviet Union, a closed economy , judging from enjoying technology spill-over, or facing the threat of creative destruction (like accumulating equipment in obsolete technology, for goods of outmoded designs). Econ 4730 F 2008 (10/6/2008) Take Home Part A...
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- Fall '08