LONDON – “It’s the economy, stupid” has been a political mantra for more than two decades. Nowadays, the phrase is repeated ad nauseam in development discussions. But making countries flourish is not so simple.
There is a wealth of literature describing the various factors that determine prosperity. In their widely discussed 2012 book Why Nations Fail, the economist Daron Acemoglu and the political scientist James A. Robinson emphasize the importance of inclusive political and economic institutions. According to the economist Angus Deaton’s new book The Great Escape, health is a key.