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2023 | OriginalPaper | Chapter

1. Development and Progress

Authors : Bryan Cheang, Tom G. Palmer

Published in: Institutions and Economic Development

Publisher: Springer Nature Singapore

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Abstract

This chapter provides an introduction to the topic of development studies. It starts by arguing that development is essential for human flourishing and highlights the tremendous economic progress—understood as the ‘Great Enrichment’—that humanity has achieved in recent centuries. Progress, however, is by no means inevitable and requires the right ‘ingredients’, which may be divided into proximate vs deep determinants of development. The wealth of nations, on a proximate level, is increased through gains from trade and the gains from innovation, both of which increase the productive capacity of an economy and thus material well-being. These gains, however, may be affected by deeper factors, such as culture, geography, institutions and the nature of political leadership. Accordingly, this handbook approaches the challenge of development from an institutional perspective and asks ‘what are the rules and cultural values most conducive to encouraging wealth creation, production and innovation’?

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Title: Development and Progress
Authors: Bryan Cheang
Tom G. Palmer
Publisher: Springer Nature Singapore
Book: Institutions and Economic Development
Print ISBN: 978-981-9908-43-1

Electronic ISBN: 978-981-9908-44-8

Copyright Year: 2023
DOI: https://doi.org/10.1007/978-981-99-0844-8_1