Industrialization vs. Agriculture

In most countries, incomes in urban areas are almost double those in agriculture. And in affluent nations, much of the economy is in industry and services. Hence, many nations jump to the conclusion that industrialization is the cause rather than .the effect of affluence.

We must be wary of such inferences, which confuse the association of two characteristics with causal- • ity. Some. people say,·”Rich people drive BMWs, but driving a BMW will not make you a rich person.” Similarly, there is no economic justification for a poor .• country to insist upon having its own national airline and large steel mill. These are not the fundamental necessities of economic growth.

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