Why Some Countries Richer Than Others Essay - 1579 Words

Using economic theory explain why some countries are richer than others. Abstract This paper tries to analyze why some countries are richer than others. Economic theory is used to identify the different factors affecting countries to be richer or poorer. Introduction One of the fundamental questions regarding the world during all the time is why some counties are richer than others. How is it possible that there are some countries in 21st century, where families cannot feed their children, where education, medical care and simple things which are necessary for everyday life does not exist. And why does still more than half of the world population live worse than people who lived in the UK in 1900. (Krugman,Wells, Graddy, p. 611).†¦show more content†¦The other way how government can effect on saving and investment policy is by generating inflation Human capital: â€Å"Human capital is the improvement in labour created by the education and knowledge embodiment in the workforce.† It is not enough if people have new machines, they also need to know how to use them. They have to learn it. Education If government spends money for education and training, people will be more useful and more productive. Governments in Europe pay for the very good bulk of primary, secondary and higher education. They spent billions of dollars for the education. â€Å"The quality of education a country provides for its citizens has a large impact on its economic growth.† Years ago, most of the British people could read and write, but very few students, only 9 per cent were studying over 14 years and 2 per cent over 16 years. Nowadays over 15 per cent undergo higher education and at least 86% received secondary school. (Krugman, Wells, Graddy ). Another example is Luxemburg. In primary school everybody are learning French, later on in secondary school everybody are learning German and higher education they are learning English. It is not enough to be rich, but people should be clever as well. But unfortunately education is a very common weakness in poor countries. Such as in Congo, which is on e of the poorest countries in the world, 65 perShow MoreRelatedWhy Are Some Countries Richer Than Others? Essay1488 Words   |  6 PagesWhy are Some Countries Richer than Others? Poverty is still the biggest problem the world faces from day to day. Every country suffers from it to some degree, however certain places are greater effected than others. This is because the level of economic growth differs from country to country. The greater amount of growth the less room there is for poverty. 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