I think we do know some things about qualities of institutions and markets that matter for things like economic growth. So I think better respect for property rights, functioning legal systems, judiciary, things sometimes called rule of law,. Those things seem to be important to contribute to both the investment and economic growth. And then you can say, well then why don't say a typical African country do that, why don't they put these things in place? Well it seems to be in fact difficult to put things in place... This is more in this political economy line. It's a complex topic.
Russ Roberts interviews Robert Barro, Harvard University Professor and Hoover Institution Senior Fellow, on the economics of growth, what the developed world can do to help poor people around the world, and the role of US assets and the dollar in world finance.