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growth is related to the state of the economy. Shocks to the marginal efficiency of investment explain the bulk of the low …
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Based on the variable rate of gross domestic product per capita growth and its sources, this paper first identifies five phases of economic development that are common to China, Japan, and Korea: M (Malthusian), G (government-led), K (à la Kuznets), H (human capital based) and PD (post...
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