In the 1961 edition of his best-selling introductory economics textbook, the late Nobel Laureate Paul Samuelson noted
Question:
In the 1961 edition of his best-selling introductory economics textbook, the late Nobel Laureate Paul Samuelson noted that Soviet GDP might become larger than U.S. GDP by 1985.
a. In 1961, why might a leading economist have expected that the Soviet economy might eventually become larger than the U.S. economy?
b. Briefly explain why the Soviet economy failed to overtake the U.S. economy.
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a The rapid increases in capital per hour worked in the Soviet Union after 1950 had ...View the full answer
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