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by hcmacro
1674 days ago
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Observed macroeconomic properties are subject to historical path dependence and inextricable from a country's relative technological attainment. As an economic periphery of the Dutch Republic in the 17th century, Japan experienced problems similar to Argentina's. But now, as a "core" economy---no doubt through its special relationship to the US--Japan's role in the global economy is wholly different. The quip above comes from Simons Kuznets and I wrote a book attempting to find an explanation: https://www.google.com/books/edition/The_Tyranny_of_Nations/... |
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