A vast range of elements affect a civilization’s long-term economic prosperity. All of these people are important, but some are more important than others, and others are capable of it becoming crucial at any given time. The recent rebirth of economic development literature, that strives to demonstrate the myriad distinct causes of economic growth via arguments or data, is therefore nothing to be surprised by.
In spite of recent advances in knowledge, defining the basic causes of world economy and its manifestations in the numerous countries and regions is a difficult task. We must recognise this fact. For more than two centuries, economists have been aware of a “investigation into the nature & origins of national wealth.” As time has progressed, economists have been looking for ever deeper explanations of this, but always through lengthy debates & detours due to statistical and ideological complexity.
Many prominent economists have acknowledged and reaffirmed the difficulty of characterising economic progress and the inequalities across countries as it is a complex process that has its roots in history. A characteristic of complex and dynamic systems is that the variables trace temporal trajectories which may be altered by beginning conditions or random events, among other characteristics. There are various traits that may be seen over long periods of time as well as a listing of it’s own “sine qua non” needs that have already been established. But in other circumstances, it is not enough knowledge to completely understand a problem. This is.
Experts in the field of economics, on either hand, remain hopeful. Using a portion of economic growth literature, I’ll highlight some conflicting hypotheses in the following paragraphs. Workers’ quality and the growth of institutions that protect and reward job-related education and training will be central to my thesis, which will focus on the importance of these two factors. My goal is to highlight the line of thought that extends from Adam Smith through Theodoro Schultz & Douglass North in this piece. In doing so, there is a chance that the causes of the illness will be confused with its symptoms… It’s inevitable that the current state of affairs in Colombia will come up.
This paper is devoid of any straight lines. UL serves as both a “tourist map” for the rest of sections II through VI, helping me navigate an unknown landscape: the domain of institutions. To that end, I concede implicitly in section VII of the study that even though the neoclassical theory is also still relevant, I favour a more streamlined more technical approach that emphasises “human capital.” Despite the differences here between models I used, there are some “robust” outcomes in Section IX and give us additional confidence.
According the article’s title, Colombia’s economic growth can be linked to the country’s good educations, well-being, and health. In this study, just the relationship between the first element is explored. Because of the rising quality of communication in globalisation and economic advancement, the subject merits further study and consideration. macroeconomic phenomena like GDP can only be explained if human capital, that is a worker’s combination of skills and abilities, is taken into consideration.