Today I saw an interesting question on the World Economic Forum’s Facebook Page.

Q:
With our upcoming Forum event focusing one of its sessions on emerging economies, how would you suggest countries like Iraq develop their economic resources?

My answer

A:

Countries don’t develop anything, people do.

So first thing I’d recommend is a shift in thinking — “countries” can’t “do” anything – they are simply lines on a map. So this leaves us with people — there are several types of people who can affect an economy: workers and entrepreneurs who can fill needs with products and services and government officials who can tax, regulate or seize assets. The former group has proven more effective at creating economic growth than the latter.