The theory of Low-Level Equilibrium Trap has been developed by

Name: The theory of Low-Level Equilibrium Trap has been developed by
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The theory of Low-Level Equilibrium Trap was developed by R.R. Nelson. This theory suggests that economies can get stuck in a state of low productivity, which in turn perpetuates low income and savings rates, making it difficult for the economy to break out into a path of higher growth without external intervention.

The Theory of Low-Level Equilibrium Trap Has Been Developed by