what is the most important thing in our country
Answers
How can you have one without the other? Look at what is often referred to as the “Resources Curse”, where countries rich in natural resources had lower economic growth, less democratic societies, and worse development than those that were resource poor. Think about South Korea vs. Saudi Arabia. Both countries had almost identical GDPs in 1950. But which one has come the farthest? Which one would you rather be a citizen of?
Countries that lack resources are forced to invest in human capital. This mainly occurs through innovation. There is also less wealth available to entrench monarchies and dictatorships, and to fund political oppression. On the whole, societies that invest in their human capital have the best outcome.
So bet on education every time. It pays off in the long run.
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How can you have one without the other? Look at what is often referred to as the “Resources Curse”, where countries rich in natural resources had lower economic growth, less democratic societies, and worse development than those that were resource poor. Think about South Korea vs. Saudi Arabia. Both countries had almost identical GDPs in 1950. But which one has come the farthest? Which one would you rather be a citizen of?
Countries that lack resources are forced to invest in human capital. This mainly occurs through innovation. There is also less wealth available to entrench monarchies and dictatorships, and to fund political oppression. On the whole, societies that invest in their human capital have the best outcome.