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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.
To learn more:
Read the working paper at https://research.stlouisfed.org/wp/more/2014-012.