The above graph shows the actual GDP evolution for the UK and Spain in comparison to a simulated evolution of their GDP had they not joined the EU. The black line, therefore, is the predicted evolution of the GDP in the case those countries had not joined the EU.Looking at the graph (“Figure 7.2”), would you say that belonging to the EU was on average a positive experience? Explain your answer. Why would you find citizens in both countries that would differ in their sentiment towards the benefits of belonging to the EU? Relate the above graph (“Figure 7.2”) to the theoretical objective of convergence across regions in the EU using the structural funds. Figure 7.2 Empirical evidence on the medium-run growth effectUK income gain from Europeanintegration40,00035,00030,00025,000-20,00015,000 -10,0005,000-Actual GDP per capitaSynthetic GDP per capita19551959196319671971-197519791983-1987-1991-199519992003200735,00030,00025,000-20,00015,00010,0005,000Spanish income gain fromEuropean integrationActual GDP per capita- Synthetic GDP per capita19701973-1976-19791982-1985-19881991199419972000-20032006-Note: Measured in US international dollars in purchasing power terms, see text for explanation of 'synthetic'.Source: Authors' elaboration of data from 2018 research by Nauro Campos, Fabrizio Coricelli and Luigi Moretti, used with permission.

As we are about to discuss the effects of being an EU member, let it be clear that the joining time…

Looking at the graph (“Figure 7.2”), would you say that belonging to the EU was on average a positive experience? Explain your answer. Why would you find citizens in both countries that would differ in their sentiment towards the benefits of belonging to the EU? Relate the above graph (“Figure 7.2”) to the theoretical objective of convergence across regions in the EU using the structural funds.

Looking at the graph (“Figure 7.2”), would you say that belonging to the EU was on average a positive experience? Explain your answer. Why would you find citizens in both countries that would differ in their sentiment towards the benefits of belonging to the EU? Relate the above graph (“Figure 7.2”) to the theoretical objective of convergence across regions in the EU using the structural funds.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 22CTQ: Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita...

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