These two statistics have different profiles in part because the US is not a closed economy.
That growth relied on a state-led development model, financed with foreign debt within a semi-closed economy.
Brazil is still a very much a closed economy, with exports accounting for just 12 percent of GDP.
Theory is that in an entirely closed economy it will be capital, the shareholders, that pay all of it.
But Harberger was looking at a closed economy where capital did not flow freely around the world as it does today.
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Australia's was a relatively closed economy until 1992, underperforming to its potential.
Protected by a closed economy, the 27 dominant state banks are inefficient.
Being a large closed economy it has less to lose by moving too early in terms of trade diversion to other Asian exporters, says Booth.
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The millions in this country who have climbed from poverty into the middle class, they could not do so in a closed economy controlled by the state.
The good news is that social-protection rules are as feasible, and in the end no more costly, in a globalised economy than they are in a closed economy.
While many countries have differed in their statist approach, it has all been variations of the same team with a much-needed emphasis on social services and income distribution, sometimes coupled with a more closed economy.
In principle, there is no reason to expect employment or unemployment to be any higher or lower in an open economy than in a closed economy or, for that matter, in a rich economy as compared to a poor economy.
The only difference is that open economies with floating currencies may experience that fall in incomes through currency depreciation and thus higher prices for consumer goods while a closed economy will suffer a decline in wages as expressed in the local currency.
In an economy closed to flows of trade and finance, the cost will take the form of lower incomes.
This basic logic is the same whether the economy is closed, partially open or globalised.
And then he could re-train when the factory shipped out to go over seas or closed in our terrible economy.
When India's economy was closed, the country was a moribund, hopeless place.
Conversely, it is the ambitious opportunities for crony capitalism that fade into obscurity because a closed-loop bitcoin economy not requiring meatspace exchanges would emerge and accelerate.
Despite generally good news for the US economy, stocks closed lower for the week.
But even if it could, the relatively closed nature of the Greek economy, and the large amount of business off-shoring that has gone on, mean a simple devaluation will not have the same benign impact as for example the UK's sterling devaluation did after 2009.
"Although globalization is widely recognized these days, the U.S. economy actually remains relatively closed, " the researchers said in their report.
More importantly, the financial barriers that surround China's economy, such as its closed capital account, restrictions on currency trading, and prohibition on short-selling, mean that shares in China trade at different prices from those with identical rights listed on other overseas exchanges.
Yet beneath the surface the economy is under strain from the closed banks.
This gap can be closed if African nations focus on developing an economy that is knowledge and technology based instead of one that is based on the export of natural resources.
It retains a closed capital account and limits foreign participation in its economy.
Such outposts are often expendable: BroadVision set up an office in Miami in 1999 but closed it when the Latin American market and overall economy cooled.
The total number of banks the Feds have shut down this year because of bad loans and a sour economy has reached 138, after regulators closed six banks this week in Florida, Georgia, Illinois and Kansas.
"The pace of the Nikkei's rise recently was faster than expected, " economy minister Akira Amari said after the market closed.
Investors are more focused on the short-term problems in Europe and a slowing economy in the US. European equity markets closed around 3% lower on average, with Germany down 10% in a week.
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