I read this post in New York Times with the title “Why Some Countries Go Bust” and I just finished watching Shawn Achor talk about how we focus so much of our efforts on describing the negative things and topics. I was wondering why did the author not make the title in the New York Times article to focus on the positive aspects of the research work done by the Economist Daron Acemoglu. It is so strange, it is a simple switch in how you look at the world and you pretty much communicate the same story but the reader walks away thinking hey, we should do these things in our country rather than thinking, how we are starting to see America go to dogs or for that matter any country. I guess that is why I would never be a journalist, I want to focus on the positive aspects of any challenge in front of us, it gives me the energy to tackle it and if it is something that is beyond my circle of influence then I try very hard to just smile and move on. I am not saying I am great at it but I am trying very hard to make a habit of it.
So coming back to the article, the research work done by Daron categorically outlines why certain elements drive a country to prosperity and some others to poverty. Daron and his collaborator James Robinson, argue that the wealth of a country is most closely correlated with the degree to which the average person shares in the overall growth of its economy. The authors go on to outline that when a nation’s institutions prevent the poor from profiting from their work, no amount of disease eradication, good economic advice or foreign aid seems to help. I wonder how is the current situation is Iceland? Are the institutions preventing people from profiting from their work? I don’t know and I am not trying to be political. The reason it is important is that the legal operational framework in an economy needs to be fair. What do I mean by Fair? well, anyone with the product or service should be free to profit from it, there it is I have said it. Profit. Why is this such a bad thing? I believe greater the value from your product or service greater should be you profit potential.
- A Positive Mindset and Happy Attitude Help You Succeed at Work (workplacepsychology.net)
- Profit Motive: (brothersjuddblog.com)
- The Not So Common Factors Behind Inequality (economistsview.typepad.com)
- The Rise and Fail of Countries and their Economic Elite (skydancingblog.com)
- Why Nations Fail by Daron Acemoglu and James Robinson – review (guardian.co.uk)