ECONOMIC GROWTH
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16.1
Sources of Growth
The father of economics, Adam Smith, was preoccupied with the economic
growth of nations and even titled his famous treatise,
An Inquiry Into the
Nature and Causes of the Wealth of Nations.
More than 200 years since the
publishing of this treatise, we are still grappling with the question of what
makes some countries rich and others poor. Recall that economists use per
capita income as an indicator of welfare (Chapter 1). The per capita income
today varies across countries much more than it used to. Differences in per
capita incomes across countries were small until the 19th century. They ...
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