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[See Solution] Data shows that the average level of education of a country is positively correlated with its GDP per person. Some economists view education

Question: Data shows that the average level of education of a country is positively correlated with its GDP per person. Some economists view education as a consumption good while others view it as an investment good.

  1. Suppose that education is just a consumption good. What will be the direction of causality between the two variables in the statement above?
  2. Suppose now that education is just an investment good. What will be the direction of causality between the two variables in the statement above?

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