Question: What do we mean by relative purchasing power parity? What is the purchasing-power-parity doctrine? Describe the Balassa-Samuelson critique of this doctrine: present this critique algebraically

What do we mean by "relative purchasing power parity"? What is the purchasing-power-parity doctrine? Describe the Balassa-Samuelson critique of this doctrine: present this critique algebraically and discuss its empirical relevance

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