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Catch-up growth being easier than growth in a "developed" country implies that the less-developed country "should" be easier to get rich in -- a better opportun
by abecedarius 2y ago
Catch-up growth being easier than growth in a "developed" country implies that the less-developed country "should" be easier to get rich in -- a better opportunity, not worse. In principle. Yes, we don't live in the in-principle world, but the logic "they're richer over there, so here is inherently stuck unable to compete for talent" is wrong. You need to address whatever the actual structural problem is.
- cardanome 2y agoIt is easier to have higher relative economic growth, yes, as seen with China in the last decades but that doesn't translate to better opportunities for the individual. A working class US American probably has a higher standard of living then an upper-class entrepreneur in Bhutan.
- abecedarius 2y agoChina over 1980s-2000s was an example I had in mind, yes. A poor country and a relatively great place to get rich. There's always emigrating after you make your pile.