Abstract
Why do some countries grow rich while others remain stuck in poverty? This has been one of the most important questions in economics at least since Adam Smith published his Inquiry into the Causes and Nature of the Wealth of Nations in 1776. Standard economic theory explains economic growth with reference to the abundance of physical and human capital and technology. Empirically, these factors are indeed related to income and growth across countries and therefore explain the latter variables in a statistical sense. But this correlation does not reveal the deeper causes of capital accumulation.
| Original language | English |
|---|---|
| Title of host publication | 21st Century Economics |
| Subtitle of host publication | Economic Ideas You Should Read and Remember |
| Editors | Bruno S. Frey, Christoph Schaltegger |
| Publisher | Springer |
| Pages | 135-136 |
| Number of pages | 11 |
| ISBN (Electronic) | 978-3-030-17740-9 |
| ISBN (Print) | 978-3-030-17739-3 |
| DOIs | |
| Publication status | Published - 2019 |
Austrian Fields of Science 2012
- 502053 Economics
