Define the theory of economic growth

Reference no: EM131484910

Question: More than one development economist has opined that "poor countries are poor because they are poor." What might at first sound like a vacuous and not very helpful observation actually captures the essence of the neoclassical theory of economic growth. Looking at note 2 below and the material in the text related to it, explain in words why saying "poor countries are poor because they are poor" might in fact be a very rich statement reflecting some basic facts of real world economies that may impact on their ability to grow.

Reference no: EM131484910

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