II.A. - converged to U.S. living standards, but some have...

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II.A. Growth Facts THE question in economics (and one of the big ones in life) is “Why are we so rich and they so poor?” The gaps in living standards today are staggering. Ratio of U.S. Real GDP per person (about $35,000) to that in other countries (see also Figures 3.1 and 3.2) 1997 1960 Singapore 1.12 4.88 Italy 1.24 2.20 Hong Kong 1.41 5.84 Taiwan 1.52 7.25 South Korea 1.68 9.00 Greece 2.12 4.74 Argentina 2.20 2.20 Brazil 3.36 4.41 Botswana 5.12 20.00 India 9.80 13.90 Nigeria 20.41 18.50 Kenya 21.73 16.85 Uganda 28.57 20.41 Zaire (Congo) 76.92 23.81
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(i) U.S. at least 20 times richer than poorest countries, about 3 to 4 times richer than middle-income countries (ii) Most countries has caught-up or
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Unformatted text preview: converged to U.S. living standards, but some have only maintained their relative position (Latin America) or even fallen behind (Africa). (iii) Some growth miracle countries has converged dramatically (Asian TigersSingapore, Hong Kong, Taiwan, South Korea and in Africa, Botswana) (iv) Evidence suggest that the long-run growth rates has differed dramatically across countries in the second half of the 20 th century (Figure 3.3) (v) Historical growth in currently rich countries was just average by the standards of the post WWII periodno growth miracles in the past (Table 3.2)...
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This note was uploaded on 02/19/2011 for the course ECON 251 taught by Professor Blanchard during the Spring '08 term at Purdue University-West Lafayette.

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II.A. - converged to U.S. living standards, but some have...

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