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Eurocentrism once again

So less than 3%.
Of course, this is not "dialectical"...
Brad DeLong


Another thing, calculations aside, 3% of output implies
quite a bite out of annual growth.

mbs 

Yeah--if the 3% is taken totally from investment and none from
consumption, it can knock up to 0.5% per year off the growth rate.

Of course, then you have to explain why the benefits from imports
from poor countries--cheaper clothes at Target, say--go straight into
savings rather than into a higher standard of living for those who
shop at Target. That's hard, except in special cases...

Brad DeLong


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