12 Growth, financial development and nascent entrepreneurship
Does the level of development matter?
As stated by Acemoglu (2012), despite the tremendous progress in the literature, economic growth continues to be one of the most pertinent and interesting sub-areas of economics. Economic development is still a puzzle for researchers. Since the time of Adam Smith, the world has witnessed widening gaps between richer and poorer nations. Economic growth is hence important, and it helps to close this gap between nations. The study of economic growth as proposed by Acemoglu (2012) is not just about the growth of total output but also about “the fundamental transformation of an economy, ...
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