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Empirical analyses tend to help the theoretical prediction that poor international locations ought to develop faster than rich countries because they’ll undertake slicing-edge applied sciences already tried and tested by rich countries. However, expertise transfer requires educated managers and engineers who’re able to operate new machines or manufacturing practices borrowed from the leader in order to close the hole by way of imitation. Therefore, a rustic’s ability to be taught from the chief is a perform of its inventory of “human capital”. Recent study of the determinants of aggregate economic growth have careworn the significance of fundamental economic establishments and…Continue Reading