What problems can be caused by the rapid economic development of a country?
The population may have a poor education system before it got rich, so the citizens start to get a lot of financial benefits from the new income to the country. They figure they can kick back and relax for 5 - 25 years until the reason for the benefit runs out. Now a whole generation were brought up as spoilt brats and the future of the country is worse off than it was before. Nauru may be a good example A pacific island near the equator. It got rich because a mining company wanted its resources. now that has been used up, the locals have moved to Australia and New Zealand mostly.
Why do Latin America and Africa struggle to develop whereas Asia was able to do so? What lessons can Africa learn from Asia?
Speaking for my country, Argentina, and Brazil i may too: Do you think we are undeveloped countries?. Lol.We are like african countries like you may stereotype them just as is Canada or France.Do this seems undeveloped?:Buenos AiresNope, not Scandinavian fjords, Ushuaia, the city at the End of the WorldNot the Alps, BarilocheRosarioCordobaMendozaWe are the leading country in nuclear isotopes world trade for medicine.We export isotope production reactor and research nuclear reactor to other countries. Like the OPAL in Australia:We produce our own satellites. Interesting fact, the NASA chose an Argentine earth observation satellite to put their most expensive observation device in the last decade in the SAC-D satellite.IMPSA SA is one of the main world exporters of hydroelectric turbines.We are a leading country in biotechnology and genetic engineering.We are an important country in medicine, pharmaceutics, vaccines and disease treatment development. Most of the surgical tools used around the world were invented by an Argentine surgeon. The disposable syringe, the hearth by-pass, the human to human blood transfusion transfusion, several cancer related development and several diseases vaccines and cures.Argentina is ranked as Very High Human Developed Index, with 0.836.One of the most highly educated countries, with 0.783 points in the UN Education Index, the lesser is 0.200 and the higher 0.927.The Literacy Rate is +98%.Low Infant Mortality Rate99% Population with access to potable water.Universal Health Coverage. You wont die because you have no money, private clinics will take care off you in emergencies without charge, and hospitals wont sent you with a terminal disease and a tablet of painkillers if you don't have insurance or money. You don't have money, you will receive an organ transplant, any surgery, any treatment because society pay so everyone can be treated. There is problems, but it works and can work better.Do we look an undeveloped country now?.Off course we have a lot of problems, there is poverty, corruption, infrastructure problems. We have lots of things to improve.
Why do so many Asians study economics?
Their parents want them to know how to make money. The majority of Asians that go to my college study Economics or business as well. I'm Asian my grandparents and my father always talk about money. I wish they would wake up and realize that money does not provide happiness. The only reason why I'm studying electrical engineering is because they probably wouldn't pay for me to study something I'd actually enjoy like audio production. They've always insisted on studying to become a lawyer, doctor, dentist, accountant or engineer. Music is my life. I've been playing the drums for eight years. My mom is the only one who believes that I can make it as a drummer. =(