Why do some countries make rapid progress toward development while others remain desperately poor?
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Answer:
Why do some countries make rapid progress toward development while others remain desperately poor?
Countries that have a wealth of research and development and/or access to new technology often have a more productive work force than countries without access to technology. As productivity increases, economic growth increases.Differences in the economic growth rate of nations often come down to differences in inputs (factors of production) and differences in TFP—the productivity of labor and capital resources. Higher productivity promotes faster economic growth, and faster growth allows a nation to escape poverty.Poorer countries may also be able to experience more rapid growth because they can replicate the production methods, technologies, and institutions of developed countries. ... Because developing markets have access to the technological know-how of the advanced nations, they often experienced rapid rates of growth.The Wealth and Poverty of Nations: Why Some are So Rich and Some So Poor is a 1995 book by historian and economist David Landes (1924–2013). Landes attempted to explain why some countries and regions experienced near miraculous periods of explosive growth while the rest of the world stagnated.Every country suffers from it to some degree, however certain places are greater effected than others. This is because the level of economic growth differs from country to country. The greater amount of growth the less room there is for poverty. This is simple reason why some countries are richer than others.
Answer:
Concept:
A "poor" person has less income, wealth, goods, or services than a "rich" person. When considering nations, economists often use gross domestic product (GDP) per capita as an indicator of average economic well-being within a country.
Find:
Why do some countries make rapid progress toward development while others remain desperately poor?
Given:
Why do some countries make rapid progress toward development while others remain desperately poor?
Explanation:
A "poor" person has less income, wealth, goods, or services than a "rich" person. When considering nations, economists often use gross domestic product (GDP) per capita as an indicator of average economic well-being within a country.
Property rights refers to the ability of people and businesses to own land and capital. Ownership enables people to produce, buy, and sell goods and services and to profit from business ventures. The right to own private property also includes the ability to sell that property. Without secure property rights, not many people would be willing to start a business, buy a house or land, or invest.
Free and open markets refers to the ability of people and businesses to buy and sell goods and services with minimal interfer ence by government. This is a balancing act: While government provides protection for its citizens through its regulations, too much regulation can make economic transactions unprofitable and unattractive.
Rule of law holds that the law-not individual government leaders-governs a nation and that the government, government leaders, and all people must follow the law. The rule of law pro vides a sense of stability and certainty for economic transactions. For example, people and businesses are more likely to invest for the future if they feel confident that the rules of the game will be stable, rather than in a state of constant change.
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