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Erschienen in:
2007 | OriginalPaper | Buchkapitel
The Deep Determinants of Long-run Growth and Economic Development
verfasst von : P. Dorian Owen, Clayton R. Weatherston
Erschienen in: Institutions and Market Economies
Verlag: Palgrave Macmillan UK
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As conventionally measured by per capita GDP (gross domestic product), average living standards in the richest countries in the world are estimated to be more than one hundred times greater than those in the poorest countries.1 Why are some countries so much poorer than others and what can be done to reduce such differences? A definitive explanation of this staggering variation is the ‘holy grail’ of modern macroeconomics, not least because important insights could potentially lead to drastic improvements in the welfare of a large proportion of the world’s population.