Poor countries are trapped in a vicious circle of povert
Question and Solution
Poor countries are trapped in a vicious circle of poverty. For output to grow, they must accumulate capital. To accumula
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Poor countries are trapped in a vicious circle of poverty. For output to grow, they must accumulate capital. To accumulate capital, they must save (consume less than they produce). Because they are poor, they have little or no extra output available for savings
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