Question

How do nations improve?

Answer 1

A nation only can improve when living standards in that nation improves. A country's living standards increases when it's growth rate of GDP per capita improves. That can take place for following reasons-

A) increase in labor hours work ( this can be done by employing more of the Nationals)

B) increase in labor utilization

C) increase Labor productivity by investing in physical capital.

D) investment in human capital, so that skills, knowledge of an worker improves.