Word: formalizes
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Strangely, considerations of laws and property rights are glaringly absent from formal theories of economic growth. Each theory mixes a cocktail of labor and capital, looking for determining factors like technology, investment, education, or democracy...
...they could only give the global poor twice the assets they already own. Thus, it is far more important to empower the poor to use and multiply what they already own than to “redistribute” what others own. The burdens of being eclipsed outside the formal economy mean that their assets are used inefficiently and have great potential to multiply...
Bringing these assets into the formal sector would also automatically multiply both recorded GDP and tax revenues. In developing nations, the informal assets of the poor dwarf the valuations of domestic stock exchanges, government assets, and foreign direct investment by large multiples. Turning these assets into capital would unleash new potential for surging exponential growth...
...assuming or ignoring property rights and laws, economists consistently fail to pull the growth rabbit out of the hat of formal analysis. With an over-investment in impressive sounding equations yielding only marginal returns, economic theories are running a significant deficit of common sense...
After the event at the Pudding building, punches were invited to a meal at Sandrine’s restaurant on Feb. 28. The 15 punches who were accepted received letters late Monday night and attended a celebratory dinner Tuesday before the formal initiation dinner and party Thursday night...