Come with me, tonight’s the night
America remains the world’s richest large country. It’s generally estimated to have a per capita GDP level around $45,000, while the richest European nations manage only a $40,000 or so per capita GDP (setting aside low population, oil-rich states like Norway). Wealth underlies America’s sense of itself as a special country, and it’s also cited as evidence that America is better than other economies on a range of variables, from economic freedom to optimism to business savvy to work ethic.
But why exactly is America so rich? Karl Smith ventures an explanation:
I am going to go pretty conventional on this one and say a combination of three big factors
1. The Common Law
2. Massive Immigration
3. The Great Scientific Exodus during WWII
related { 5 Myths about the Fed }
photo { Young Kyu Yoo }
