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Unformatted text preview: se of force Impact Module: Poverty Economic growth solves poverty Acemoglu, Professor of Economics at MIT, 1/7/2012 (Daron, "Introduction to Economic Growth", Journal of Economic Theory, January 7, 2012, Accessed: 6/28/2012)pg 545 AHL Economic growth continues to be one of the most relevant and exciting sub-areas of economics. Its relevance stems from the questions it focuses on. The problem of economic development remains a major one for humanity at large and for economics as a science. At the time Adam Smith laid many of the foundations of modern economics, there were likely small differences between the richest and the poorest nations in the world (e.g., Maddison [18], Acemoglu, Johnson and Robinson [3]). Since then, the gaps between the rich and poor have increased to a level that would have been incomprehensible to most 18th and 19th century economists. At the root of this great disparity is the differential growth experience around the world. Some, like many in western Europe and western European offshoots around the world, have grown rapidly during the 19th and early 20th centuries, while many others have stagnated. This differential growth led to a huge gap in in...
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