Vernon Ruttan and an economist from this country created an influential model of agricultural development as induced innovation. An economist from this country is the alphabetically-first who names a model in which patient “gatherers” and impatient “farmers” drive economic fluctuations. An economist from this country co-names a model of credit cycles with John Moore and a model of monopolistic competition with Olivier Blanchard. Derivatives of production functions fulfill conditions named for an economist from this country in neoclassical growth models. Richard Werner first coined the term “quantitative easing” for policies this country used in response to the 1992 asset price crash that ended its leadership role in the Flying Geese paradigm. For 10 points, name this Asian country whose economy suffered the “Lost Decade” in the 1990s. ■END■
ANSWER: Japan [or Nippon-koku or Nihon-koku] (Clues include Yujiro Hayami, Nobuhiro Kiyotaki, and Ken’ichi Inada.)
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