Macroeconomics: Principles, Problems, & Policies 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0-07766-077-3
ISBN 13: 978-0-07766-077-2

Chapter 8 - Economic Growth - Discussion Questions - Page 192: 2

Answer

Modern economic growth first happened in Scotland in the late 1700s. The major institutional factors that form the foundation of economic growth are strong property rights, patents and copyrights, efficient financial institutions, literacy and widespread education, free trade and competitive market system. They all promote and sustain economic growth.

Work Step by Step

Modern economic growth first happened in Scotland in the late 1700s. The major institutional factors that form the foundation of economic growth are strong property rights, patents and copyrights, efficient financial institutions, literacy and widespread education, free trade and competitive market system. They all promote and sustain economic growth.
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