Four Elements of Development.
- Human resources (labour supply, education, discipline) -> healthy labour force. Happy and satisfied people, qualified positive work models.
- Natural resources (land, minerals, fuels, climate)-
- Capital formation (machines, factories, loads)
- Technology (Science, engineering, management, entrepreneurship, “know-how”
Poor countries face obstacles in combining these 4 elements
Low savings and investment-> low pace of capital accumulations-> low productivity-> low average income-> low savings and investment->