Question

To what extent are institutions the fundamental force driving economic growth? Discuss in the context of Canada’s economic history.

Answer 1

Answer:
Institutions are the fundamental force driving economic growth because of following reasons:

• Institution provides the direction and ways of achieving the goal. It also provides intellectuals which are needed to create the roadmap of economic growth for many decades. Taking example of Canad being so harsh climatic country it was able to rise by focusing on strengthening its institutions.
• It also provides the labor force which is more skilled and equipped to increase the productivity. Taking example of Canada, here even normal coffee shop restaurants are so much involve in tech that they expand their business into multiple states and countries with the help of technologies.
• Educated persons and strong instututions also help in shaping the nations and finding the balance in expenditure and savings. They are well equipped to deal with adverse economic situation as well.

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