Wheelan listed characteristics characteristic that affect successful economies the one that struck me the most was how little natural resources matter. Many of the most sucessful economies do not have abundant natural resources. In fact some economist say having abundant natural resources may actually be detrimental to the countries economy. If counrty relies on that one resource such as oil for example and if the price drops the economy if brought down and affected. If the one good is doing well then their economy may be sucessful; however if that good is doing poorly so is the economy there.
I also found it interesting that the government need to be involved but not too involved or restrictive. How is a government supposed to know if they are to involved or too little involved. I believe this is a constant challenge in our country. In general I think we are doing well but there are still disputes on whether the government is too involved with our lives or too little and I doubt at some point everyone will agree.
No comments:
Post a Comment