Why Economies Grow

Jeff Madrick

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The forces that shape economic growth: The size of markets. Large markets make economies of scale possible and thus encourage saving, investing, and the development of new products. The availability of information and the literacy of the population. The spread of information gives people access to scientific and technical ideas, products, and productive farming, manufacturing, and marketing techniques. Natural resources. These seem like primary requirements but are not: they depend on markets for their commercial value. Surplus capital savings that can be used as investment. Basic economic rights such as guarantees of property and contracts. Entrepreneurialism, creativity, and the human drive for self-improvement. Technology and invention. While commonly seen as primary (or even the only) requirements for growth, these are strongly dependent on other factors.

Language English
ISBN-10 0465043119
ISBN-13 9780465043118
No of pages 241
Font Size Medium
Book Publisher Basic Books
Published Date 16 Oct 2002

About Author

Author : Jeff Madrick

2 Books

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