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Bitcoin & Markets

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Nature's Endowments Are Different in Different Places

Technology changed Europe and then North America. And the environment, the climate, everything worked out great. But it was after there was certain technological advances. It's not a racist thing. You can put any people here, and they would be equally as productive. So I say therefore, in a state of laissez-faire nature, the differences between rich and poor countries will grow. Even a 1% difference over 100 years will lead to vastly different outcomes geographically. Some places are tougher some places are better some places are very good but diversity is beautiful.

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