japan has little natural resources of industrial goods because it is a mountainous, volcanic island country.
japan has little natural resources of industrial goods because it is a mountainous, volcanic island country.
why japan has little natural resources of industrial goods?
mountainous , volcanic island country
Na
Na
however, fei and ranis were quick to mention that the necessity of labor reallocation must be linked more to the need to produce more capital investment goods as opposed to the thought of industrial consumer goods following the discourse of engel's law. this is because the assumption that the demand for industrial goods is high seems unrealistic, since the real wage in the agricultural sector is extremely low and that hinders the demand for industrial goods. in addition to that, low and mostly constant wage rates will render the wage rates in the industrial sector low and constant. this implies that demand for industrial goods will not rise at a rate as suggested by the use of engel's law.
fei–ranis model of economic growth