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I recommend to read the book "Why Nations fail" if you're interested in how some countries become rich or stay in poverty. One of the key ideas is something cal
by syntaxing 8y ago
I recommend to read the book "Why Nations fail" if you're interested in how some countries become rich or stay in poverty. One of the key ideas is something called creative destruction. There is always something destroyed when something new is created (there are always losers and winners). When there is uncertainty, there is an opportunity. The fear of losing is what makes certain companies (and countries) not adopt a new technology since it challenges their current standing and this circle tends to lead to the collapse of a company's ecnonomy.