Economic Development, Part 1: Why Are Some Countries So Rich and Others So Poor?
The gap between rich and poor countries has grown exponentially since the days of Adam Smith. In the 1770s, rich countries were twice as well-off as poor countries. These days, GDP per capita is 35 times higher in rich countries than in poor. In this 3 ½ minute video, economist B. Ravikumar explains how he and other economists are looking at these cross-country income differences.
- Part 1: Why Are Some Countries So Rich and Others So Poor? (3:26)
- Part 2: Reducing Trade Barriers to Close the Gap between Rich and Poor Countries (4:20)
To learn more:
Read the working paper at https://research.stlouisfed.org/wp/more/2017-006.
Economists and other experts from the St. Louis Fed talk about their research, economics-related topics in the news and issues specifically related to the Fed. Views expressed are not necessarily those of the Federal Reserve Bank of St. Louis or of the Federal Reserve System.