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What is the most important element of economic development according to contemporary economic research? a. economic...

What is the most important element of economic development according to contemporary economic research?

a. economic institutions

b. none of the options

c. natural resources

d. climate and geography

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Homework Answers

Answer #1

a. Economic institutions.

Explanation:

The most important element of economic development according to contemporary economic research is economic institutions.Good economic institutions like government organizations,banks, investment funds etc assists in creation of the right environment for allocation of scarce resources i.e.,they are important for the role of redistribution they play in the economy thereby ensuring that scarce resources are safeguarded and protected.Hence,economic institutions are the most important element of economic development according to contemporary economic research.

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