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economics What do you think is the biggest reason poor countries are not catching up with rich countries in terms of wealth or GDP per capita? respond to

economics What do you think is the biggest reason poor countries are not catching up with rich countries in terms of wealth or GDP per capita?

respond to

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economics What do you think is the biggest reason poor countries are not catching up with rich countries in terms of wealth or GDP per capita?

respond to two classmate’s answers. 

1. I think that the biggest reason why poor countries can’t catch up to the rich countries is due to lack of access to education. Without education, a country doesn’t have the backbone to create a better future for country. Education for the population creates specialized workers that can either go into fields like medicine, law, and skilled labor. Without education standards of living stay low, working conditions stay poor, and the lack of knowledge stays at the bottom where some countries hold their population on purpose. Education is a must for a country to succeed and prosper.

2. When I have $1,400 in my bank account, I can afford to eat, pay for gas, repair any miscellaneous problems, and buy the necessary resources to live productively for that period. When I have $200 in my bank account, I can pay for gas and buy food in that pay period. When living on the bare necessities, surviving is hard while thriving remains impossible. It isn’t easy to catch up without the same opportunities and resources. Developing countries simply do not have the means to catch up.

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