According to the Sachs & Warner study discussed on several slides in class, do economies that were always closed to trade grow faster, slower or at the same rate as those that were always open to trade? What does their study suggest about convergence in closed and open economies? Be sure to answer these questions, and also explain what we mean by "convergence" in this class. What is the "reversal of fortune" and why is it relevant to explanations of economic growth? Be sure to provide examples from at least two continents.

According to the Sachs & Warner study discussed on several slides in class, do economies that were always closed to trade grow faster, slower or at the same rate as those that were always open to trade? What does their study suggest about convergence in closed and open economies? Be sure to answer these questions, and also explain what we mean by "convergence" in this class. What is the "reversal of fortune" and why is it relevant to explanations of economic growth? Be sure to provide examples from at least two continents.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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https://learn.bu.edu/bbcswebdav/pid-10102787-dt-content-rid-67051856_1/xid-67051856_1
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