Always enjoyed that the econ nobel prize is quite literally not a real nobel prize

The thing is that this has actually been disproven by Gregory clark, in his study of long trends in the english economy, were he shows macroeconomic indicators have no correlation to institutions. Or changes in institutions. The answer he comes up with is equally absurd, but that's another topic.

And by Robert Allen, who showed in a recent paper that migration and wages were process that regulated each other in European colonies. The higher agricultural productivity the higher wages and the more migration, Mexico had lower agricultural productivity given early modern tech and so it was poorer, since it received less migration, Spain was also poorer. So essentially since the yanks exterminated the natives there was a lot more land for yeoman farmers in the us than in Mexico.

That being said the great M. M. Postan published a series of articles 70 years ago were he shows how these theories don't fit the historical record. Institutions matter much less than changes in the technique of production, wich historically are driven by demographics.

In an interview with The Associated Press, Robinson said he doubts that China can sustain its economic prosperity as long as it keeps a repressive political system.

Yet another westoid claiming China is on the brink of collapse.

"There's many examples in world history of societies like that that do well for 40, 50 years," Robinson said by phone. "What you see is that's never sustainable ... The Soviet Union did well for 50 or 60 years. Argentina was one of the richest countries in the world at the time of the First World War. What our theory predicts is that's a transitory situation."

Now I guess we can acknowledge that the Soviet Union was quite a success until the arrival of the god damned Pizza Hut. 60 years of the USSR would be 1977 and if these burgerbrain economists are willing to say maybe up to 60 years, I believe they know in their hearts it was a bit longer than that.

Wow I'm sure no one has explained this before

: “A…actually there is no shadowy cabal causing problems here! What a coincidence! Clearly things are bad there because they aren’t big brained westerners like us!”

deleted by creator

Be white

or be usa puppet

the end

Links?

Hey, check out this related garbage: https://en.wikipedia.org/wiki/Resource_curse