Publications

Ever since Adam Smith, economists have debated what conditions are required for nations to become wealthy. In a new CGD brief, senior fellow Peter Timmer argues that the "Smithian conditions" – low taxes, good government, and peace – are necessary but far from sufficient. He shows how investments in education, technology, and trade have contributed to the rapid progress of countries like South Korea, Singapore, and Brunei. The "miracle" of getting rich, Timmer concludes, lies in creating durable institutions that perpetuate both sets of policies over many decades.