Note: This is post #76 in a weekly video series on basic economics.
Because of differences in national growth rates there can be large disparities in economic wealth among different countries. A poor country can not only grow, but it can do so quickly. It can catch up with developed countries at an astonishing rate.
That’s the good news, says Alex Tabarrok in this video by Marginal Revolution University. The bad news is, while growth can skyrocket in some countries, growth isn’t guaranteed at all.
(If you find the pace of the videos too slow, I’d recommend watching them at 1.5 to 2 times the speed. You can adjust the speed at which the video plays by clicking on “Settings” (the gear symbol) and changing “Speed” from normal to 1.25, 1.5 or 2.)
Click here to see other videos in the Introduction to Economics series.