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Economist Ricardo Hausmann and Yascha Mounk discuss the impact of globalization on social stratification, counterintuitive effects of brain drains and immigration on growth, and the overrating of corruption's economic effects.
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- Building a capable state is crucial for economic growth, emphasizing the importance of diversifying knowledge and expertise.
- Societies collectively have more knowledge than individuals through collaboration and knowledge networks.
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Building a Capable State and the Importance of Knowledge
Building a capable state is crucial for economic growth, as societies thrive based on what they know how to do. Natural resources alone do not make a country rich. The key is diversifying knowledge and learning how to do more things, including more complex tasks. The process of growth involves spreading knowledge and expertise throughout society. Immigrants and diasporas play a significant role in transferring knowledge and fostering economic development. Corruption should not be the sole focus when building a capable state, as capabilities and effective governance are equally essential.
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