Essays On Poverty And In The United States

Essays On Poverty And In The United States-4
Imagine two nations that were exactly identical in every respect—resources, population, culture, etc—except that one society had higher productivity.We would expect the more productive society to produce a greater output of goods.

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Technology is as much about the way tools are used as it is about the tools themselves.Governments play many roles in ensuring economic growth, the most prominent of which is protecting property rights.Political stability is also important for a healthy economy; crime, poverty, income disparity and armed conflicts can be both a cause and result of poor economic growth. Government can also play a role in the economy by correcting for market failures: dealing with unwanted side effects of economic activity like pollution, and providing important public services like roads and other infrastructure.Countries that support research and development, education and scientific research are likely to improve their supply of technology.There are many opinions an how large and what kind of a role government should play in an economy.In these cases, groups can use their power to impede change.Doing so may be good for those groups in the short-run, but it can harm the long-run well-being of the society.Economists studying this issue focus on different aspects.These different approaches can be complementary and should be understood together.The rest of this primer introduces four perspectives and the ways in which they can help explain why some nations are wealthier than others.One important factor contributing to the material wealth of a society is its productivity.

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