Why do some nations find economic prosperity while others fall short? That is the heart of a very good book titled “A Farwell to Alms”. The first chapter goes a long way in describing this problem and can be found here.
Looking for a graph that tracks these nations? Look here (click on the link below the map to get the bigger version of the map).
HT: Mankiw
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Very interesting article and to some extent reminds me of the adage "give a man a fish and he will eat for a day, give a man a pole and he will eat forever" (or something like that...)
ReplyDeleteLiked the "nations theory and map" as well.