Summarize the explanation for global differences in development based upon geography and institutions?

Expert Solution

The task of determining, and, quantifying causality is difficult

There is a distinguished line of theorizing that gives a pre-eminent role to geography. Geography is a key determinant of natural resource endowments, and, climate. It plays a fundamental role in transport costs, disease burden, and, the extent of diffusion of technology from more advanced areas. Geography has a strong influence on the quality of human resources, and, agricultural productivity. International trade is a driver of productivity change. This is termed as an integration view. Rules of society as defined by implicit, and, explicit norms. Institutions have the ability to create incentives for desirable economic behavior.

Institutions are for

market regulating
market stabilizing
market legitimizing

Institutions are the deep determinants of development. Geography has a strong role in shaping institutions. If institutions are controlled for, policies have no effect on income.

Rahul Sunny answered 2 years ago

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