Why am I passionate about this?
What are some countries rich and others are poor? I strongly believe that this is the most important question for modern economics. I've become an economist to understand this. I am happy that in recent decades economists – working closely together with other social scientists – have made so much progress in this field. And this is not abstract knowledge – it is being applied already to help developing countries catch up with the rich world. I have seen it myself when I took a leave from academia to work as a Chief Economist of a development bank (European Bank for Reconstruction and Development) – to learn more from and to contribute to this work.
Sergei's book list on why countries succeed and why they fail
Why did Sergei love this book?
This is a great textbook as well. But it has two important advantages.
First, it came out 10 years later than Why Nations Fail, therefore covering so much more recent research in this very vibrant field of interdisciplinary work on what drives and what slows down economic development.
Second, while the authors have worked on these issues themselves, they are much less focused on one of the explanations of development and provide a more balanced view of the field.
Very informative read even for those who (like me) have already read a lot on the subject. A treasure of previously unknown stories of development and underdevelopment to discuss with friends and students.
1 author picked How the World Became Rich as one of their favorite books, and they share why you should read it.
Most humans are significantly richer than their ancestors. Humanity gained nearly all of its wealth in the last two centuries. How did this come to pass? How did the world become rich?
Mark Koyama and Jared Rubin dive into the many theories of why modern economic growth happened when and where it did. They discuss recently advanced theories rooted in geography, politics, culture, demography, and colonialism. Pieces of each of these theories help explain key events on the path to modern riches. Why did the Industrial Revolution begin in 18th-century Britain? Why did some European countries, the US, and Japan…