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Why Do Some Societies Prosper, While Others Remain Stagnant And Poor?

694 words - 3 pages

I was born in an under developed poor country, Sri Lanka. Growing up in Sri Lanka I used to ask my parents why are some people poor while others are rich. This eventually led me to question myself in a broader margin, why do some societies prosper while others remain stagnant and poor? In fact, this was the question Adam Smith was asking in his great book The Wealth of nations. While in the process of completing my undergraduate degree in Economics, I was able to talk to professors about this issue. In the meantime, my research made me realize that what my professors discussed with me and what I read in books are in fact similar. I believe that the key to a prosperous country or a society is ...view middle of the document...

So, when trade becomes more multifaceted it is important for the producers to know what is demanded more from the society in order for them to make profits. Therefore, Information on price is also a major key in a prosperous society. More profits the producers make, more beneficial it will be for the society. Because, these profits will be re-invested in the society for experiments to come up with new research ideas. This is innovation. For example, countries that have technological advances do much better than countries that have no innovations whatsoever.
The final and one of the most important key elements in explaining why some societies prosper while others don’t is governance. Steadiness of political and legal institutions is an essential cornerstone to a society that is seeking prosperity. Many economists believe that the quality of governance play a very important role in economic development. In fact, looking at economic development in African countries, it is clear that these countries require good governance along with better institutions to...

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