Well-Established Property Rights and a Pro-Business Climate Are a Step

Well-established property rights and a pro-business climate are a step in the right direction,but ultimately they do little to encourage economic growth.
Land,property,and contract rights have to be established before farmers will voluntarily improve their land or invest in agricultural technology.Unleashing the "animal spirits" of the marketplace is also critical.People respond to incentives.If farmers see the potential for profit-and the opportunity to keep that profit-they will pursue productivity gains with more vigor.Finally,pro-business climates encourage the capital investment,the entrepreneurship,and the human capital investment that drive economic growth.