Economic research shows that ______ in explaining international differences in living standards.

Question

Quizplus · Accepted Answer

Economic research consistently supports the idea that human capital, which includes skills, education, and knowledge, is at least as important as physical capital, such as machinery and equipment, in explaining international differences in living standards. However, it is important to note that other factors, including institutions, natural resources, and technology, also play a role in economic development. Therefore, while human capital is essential, it is not the only factor determining economic success.

Economic Research Shows That ______ in Explaining International Differences in Living