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Keywords: Low-level equilibrium
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Journal Articles
Digital Policy, Regulation and Governance (2026) 28 (5): 481–505.
Published: 29 September 2025
...Kausik Gangopadhyay; Swarn Rajan Purpose Emerging economies are caught in a persistent suboptimal cycle known as the low-level equilibrium trap, which is often characterized by inefficient institutions and high transaction costs. These structural barriers discourage investment, dampen innovation...
