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    Dr. Bill Craighead: The Institutional Foundations of Prosperity

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    By on Opinion, Workforce & Economy

    The total value of goods and services produced per person in a country in a year is often used as a yardstick — albeit an imperfect one — for economic prosperity. According to the World Bank, in 2023, GDP per capita, adjusted for purchasing power, ranged from $141,554 in Singapore to $920 in Burundi. The United States had the highest figure among countries with populations greater than 10 million, at $82,769, more than three- and-a-half times the world average of $22,850.

    What explains these vast disparities? This is one of the most important, and difficult, questions in economics. The best explanation we currently have attributes the differences primarily to “institutions” — a somewhat vague term that describes the social and political context which shapes incentives for economic activity.[1]

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