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Pages 16 (4016 words)
Paul Krugman's (2000) study on the economy starts with the study on the Russian economic growth and the later incidents that led to the increase in the growth of East Asia and the Asian Tigers. The East Asian countries showed remarkable growth rates to catch up with the western nations that are far ahead, only to come down on their growth rate before slowly climbing back again to meet a steady state growth rate…
We will also look at the slow down of the Japanese and the Russian economy. The growth in the East Asian economy has peaked after reaching specific levels; the reasoning behind this will be analysed and the oscillation of growth about this peak before settling down to a standard and uniform growth rate is suggested. While the countries try to reach the required GDP for a developed nation at the earliest, they also would like to take the shortest possible route to this rapid growth. Three basic factors have been identified by economists that influence economic growth. These are the capital, labour and the technological progress.
Capital infusion has been a major contributor to growth in industry and the overall economic growth of the country or society. This has happened in Europe during the industrial revolution as well as in US when it switched gears with massive investments to surpass the European nations in the first fifty years of the twentieth century. ...
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