One of the most interesting points about economics and economic development is economic growth: It is not a race to be dominated by only the strong nations. There are a lot of opportunities for smaller or poorer countries to grow. As the text mentions, because identifying and implementing new technologies is so costly, real GDP per capita in the richest leader countries typically grows by an average annual rate of just 2 to 3 percent per year. In contrast, poorer follower countries can grow much faster, because they can simply adopt existing technologies from the richer leader countries. By doing so they skip past many stages of development in which leader countries are required to pass through. Can this result in a rapid increase in living standards, which can allow them to catch up in economic development to other leading countries?
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