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The degree to which an economy prospers depends on the quantity and quality of economic resources available to be used within that economy. This will be a function of the nation’s endowment of natural resources, the educational achievement of the population, and the rate at which capital can be accumulated (which is largely dependent on the rate of saving in the economy). In addition, good governance in the political, government and business domains is required. A nation’'s capacity for creativity and its inventiveness will also be important factors. As it is with nations, so it is with families. Thus well organized families comprising well educated individuals with a strong savings ethic and a creative streak will, on average, prosper to a greater degree than unimaginative, disorganized families with low educational levels and a spendthrift nature.
Professor & Head of QUT's School of Economics and Finance, Tim Robinson
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