The obstacles of development (The case of developing countries)

The Obstacles are… (Todaro – Smith, 2010) Lower levels of living and productivity Lower level of human capital Higher level of inequality and absolute poverty Higher population growth rates Greater social fractionalization Larger rural population but rapid rural-to-urban migration Lower levels of industrialization Adverse geography Underdeveloped financial and other markets Lingering colonial impacts such as poor institution and often external dependence

A lawyer who has not studied economics is very apt to become public enemy – Justice Brandeis