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.
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 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 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.
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.
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.
German Finance Minister Wolfgang Schaeuble was quoted by German media as suggesting that Greece should focus on reforming its economy and that the issue of war reparations was definitively closed years ago.
The micro-economy is upon us, as truly as the shipyards and mines closed 35 years ago.
Last week, the US Dow Jones average closed at a record high, furthering gains last year despite the sluggish US economy.
Sources say that the Obama team is urging Senate Democrats by phone and behind closed doors to remove some of the spending critics say won't stimulate the economy and add job-producing public works projects like roads and bridges.
Analysts said the arrest suggested the new president would move aggressively not only on education, but also to pass deeper overhauls to Mexico's economy, including opening up its telecommunications sector to more competition and the closed energy sector to greater private investment.
He also called on Economy Minister Ieuan Wyn Jones to help Merthyr "get some value out of the site" if it closed.
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