Rohinat asked in Social ScienceEconomics · 4 months ago

What is the relationship between political economy and economic progress? ?

Explain why some countries are rich and some are poor using the key determinants of economic progress. Do you think that institutions explain all of the differences in development across countries, or are some of these differences due to geography, culture, ideas or even just luck (good or bad)?

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    Lv 6
    4 months ago

    If you mean growth, then the differences are the growth of GDP per Capita, the difference in education, and the life expectancy. But the classical  economists might focus on saving and technical innovation which is exogenous. In terms of political economy, it is mostly historical factors. You will see if the system collapses.

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