By Tyler Cowen, Alex Tabarrok
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Extra resources for Modern Principles: Macroeconomics
In short, wealth matters ) and understanding economic growth is one of the most important tasks of economics. Big Idea Seven: lnst•tutions Matter If wealth is so important, what makes a country rich? The most proximate cause is that wealthy countries have lots of physical and human capital per worker and they produce things in a relatively efficient manner, using the latest technological knowledge. But why do son1e countries have more physical and human capital and why is it organized well using the latest technological knowledge?
It has been a delight to work with all of them. The supplements were put together by several people. Tom A cox put together the supplements team and ably brought the supplements and media package to market. Stacey Alexander and Edgar Bonilla helped bring the content to print. Scott Guile stands out in the marketing of this book. He has been energetic and relentless. Most of all, we want to thank our families for their support and understanding. Tyler wishes to offer his personal thanks to Natasha and Yana.
Big Idea One: Incentives Matter When the captains were paid for every prisoner that they took on board, they had little incentive to treat the prisoners well. In fact, the incentives were to treat the prisoners badly. Instead of feeding the prisoners, for example, some of the captains hoarded the prisoners' food, selling it in Australia for a tidy profit. When the captains were paid for prisoners who survived the journey, however, their incentives changed. Whereas before, the captains had benefited from a prisoner's death, now the incentive system "secured to every poor man who died at least one sincere mourner.