Environments are more conducive to economic growth

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Economists argue that some environments are more conducive to economic growth than others. One of the ways economists differentiate one environment from another is in terms of its institutions. An institution is the rules of the game in a society or, more formally, the humanly devised constraints that shape human interaction: the rules and regulations, laws, customs, and business practices of a country. Do you agree that institutions are conducive to economic growth? If so, how? Briefly discuss.

Reference no: EM13797050

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