In Mancur Olson’s essay, “Big Bills Left on the Sidewalk: Why Some Nations are Rich, and Others Poor,” he focuses the reader’s attention to the remarkable variations in levels of productivity and income marked out by national boundaries. In fact, we realize that countries with higher income levels richer.
Every country suffers from it to some degree, however certain places are greater effected than others. This is because the level of economic growth differs from country to country. The greater amount of growth the less room there is for poverty. This is simple reason why some countries are richer than others. If countries fail to move forward than it can present many problems. Mainly.
Some nations are prospering greatly while others countries are still struggling to achieve, economic, political, and social stability. The book Why Nations Fail: The Origins of Power, Prosperity and Poverty by Daron Acemoglu and James A. Robinson attempts to explain why some nations have seen great success in their economic and political development, and why other nations are still failing to.
Some countries are rich and others are poor because the richer countries often have control over valuable resources like cotton and spices that will benefit and further advanced their civilization. In the Indian Ocean trade, China have possession over goods like Champa rice that help feed the citizens leading to the invention of compass that develop China.
More than two centuries ago, Adam Smith wrote the book that is generally credited with initiating the science of economics. The central question he addressed is contained in its title, An Inquiry into the Nature and Causes of the Wealth of Nations. What is amazing is how prescient Smith was. Almost everything he said 240 years ago is still true today. Modern economic studies are confirming it. T.
Using Economic Theory Explain Why Some Countries Are Richer Than Others. Using economic theory explain why some countries are richer than others The wealth of a country can be measured by many different ways. People may judge it by the countries natural resources or by the countries welfare in an economical plan.