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What are the characteristics of growth in developed countries?
Simon Kuznets specified some characteristics for all DCs (developed countries) as illustrated below:
• Gross National Product growth;
• Population growth;
• Gross National Product per capita growth;
• Productivity growth;
• International trade;
• Structural transformation;
• Social as well as ideological modifications.
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The prevention of main swings in economic activity can be handled most simply by the household sector. Explain why?
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