Wednesday, March 15, 2006

Economic Development

Peter Boettke:
"Tim Harford has a wonderful essay on Reason On-Line, which is adapted from his brilliant book, The Undercover Economist, on 'Why Poor Countries are Poor.' His answer is stated in a more measured and eloquent fashion, but the basic upshot is that poor countries are poor because political leaders in these countries follow economically stupid and corrupt policies which provide perverse incentives and distorted information and as a result rob their citizens of the chance for a better life. Given the stakes, this is a crime of drastic proportions against humanity, and perhaps one of the best reasons why the young and idealistic among our students must study economics seriously and correct the fallacies that exist among their peers with regard to markets, globalization and the plight of the poorest of the poor."

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