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CHAPTER 36 Economic Growth in Developing and Transitional Economies
Economic Growth in Developing and Transitional Economies
All economic analysis deals with the problem of
making choices under conditions of scarcity, and
the problem of satisfying people’s wants and
needs is as real for Somalia and Haiti as it is for
the United States, Germany, and Japan. The
universality of scarcity is what makes economic
analysis relevant to all nations, regardless of their
level of material well-being or ruling political
ideology.
Even though economic problems and the policy
instruments available to tackle them vary across
nations, economic thinking about these problems
can be transferred easily from one setting to
another.
© 2009 Pearson Education, Inc. Publishing as Prentice Hall Principles of Economics 9e by Case, Fair and Oster
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