![]() ![]() Historical examples like England’s early adoption of the steam engine or Japan’s tech boom in the 1970s show that being on the technological cutting edge creates lots of wealth.Īcemoglu and Robinson suggest that inequality between nations correlates with technological development-nations that adopt new technologies grow wealthy, while nations that reject them fall behind. ![]() Technological development is crucial for success, argue Acemoglu and Robinson. This gives both entrepreneurs and consumers personal incentives for technological development. Then, other citizens (who, like the entrepreneurs, can spend their money as they choose) will gravitate toward the best ideas. ![]() Opportunities for entrepreneurship allow citizens to develop new technologies and give them a personal incentive for doing so (money). 2) Encouraging new ideas: Open institutions also encourage new ideas and technological developments. ![]()
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