Principles of Macroeconomics / Unit 16 MAC 1501 short lesson, about 20 seconds
The Same Recipe, Different Starting Points
Captions available
The idea
One production function explains the spread of average incomes across the world: physical capital per worker, human capital and technology. What differs between countries is not the recipe but access to the ingredients.
In practice
History, institutions and politics decide that access.
Where people slip
This is unit four's machinery pointed outward, not a separate theory.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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