An economics Nobel for work on why nations succeed and fail

W hy are some countries rich and others poor? The question, full of childlike curiosity, is the most important in economics. A person’s living standards are mostly determined not by talent or hard work, but by when and where they were born. Historically, most models of economic growth focused on the accumulation of factors of production, labour, capital and, more recently, technology or ideas. The greater the capital stock per worker and the more productive its use, then the richer a country would be. Yet that still left a gap: why did some countries manage to accumulate more of these factors than others?

The debate about “uninvestibility” obscures something important

Unsold homes are contributing to a balance-sheet recession

Only the poorest can expect help to cushion the blow

Protectionism hasn’t been this respectable for decades

Especially when the quality of statistics is deteriorating

Two cheers for the World Bank’s new global business survey

https://www.economist.com/finance-and-economics/2024/10/14/an-economics-nobel-for-work-on-why-nations-succeed-and-fail

A source: www.economist.com/finance-and-economics/2024/10/14/an-economics-nobel-for-work-on-why-nations-succeed-and-fail