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January 16, 2022

Agricultural pessimism is one of the three pillars of development economics.? What is agricultural pessimism?? What are its

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PROMPT: Agricultural pessimism is one of the three pillars of development economics. What is agricultural pessimism? What are its key theoretical elements and what are its key implications for development policy? Include in your explanation what the low-level trap is and how the notion of agricultural pessimism and the low-level trap are derived from Hollis Chenery′s idea that ″factor prices do not reflect opportunity costs with any accuracy.″

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