Anonymous asked in Social ScienceEconomics · 1 month ago

Economics problem.?

Why Japan able to innovate to sell high tech products is still poorer than Iceland selling dish products ?

Does is mean low tech country is richer than those who research innovate and produce ?

2 Answers

  • Oiy
    Lv 6
    4 weeks ago

    It is all about the comparative advantages. It is a win win situation. But who will get richer or become more dependent is based on your account. Tech or Fish? Or Sushi for Tech?

  • Ray
    Lv 6
    1 month ago

    The Japanese economy is a lot bigger than Iceland. 

    With that said: Japans population is almost 127 million, Icelands population is 364k, smaller than many cities. For reference: Tokyo population is 9.2 million! LOL 

    On top of that, Japan is tiny for the amount of people there, it's only a little over 3x larger [square miles]. 


    The wealthiest nations in nominal gdp are big population high tech countries. 


    But the wealthiest countries per person [per capita] tend to be low population, large land, large natural resource nations. 


    Dubai, Qatar, Norway, etc these are all low population nations with a lot of oil so they are wealthy. Dubai and Qatar are more extreme, they have enough money to give police the Bugatti car

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