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Is it possible for nominal GDP to increase while real GDP does not change?
Marx's
Pertaining to the theories and concepts developed by Karl Marx, focusing on class struggle, the dynamics of capitalism, and the eventual rise of the proletariat.
Spencer's
Likely refers to Herbert Spencer's sociological theories, which applied the principles of evolution to the study of society and emphasized survival of the fittest.
Social Change
The transformation over time of cultural values, norms, institutions, and structures within a society, often driven by collective action, technological innovation, or social policies.
Modernization
The process of adopting the latest technology, organizational practices, or cultural norms, often associated with progress and improvement in society.
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