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For centuries, a particular region's economy was characterized by stagnant living standards and limited technological progress. Then, a series of institutional changes occurred: individuals gained the right to own productive resources (like tools and land), open markets were established where goods could be freely bought and sold, and new, privately-owned businesses began to emerge and compete. Following these changes, the region experienced an unprecedented and sustained increase in productivity and average income. Which of the following statements best analyzes the connection between the institutional changes and the economic outcome?
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For centuries, a particular region's economy was characterized by stagnant living standards and limited technological progress. Then, a series of institutional changes occurred: individuals gained the right to own productive resources (like tools and land), open markets were established where goods could be freely bought and sold, and new, privately-owned businesses began to emerge and compete. Following these changes, the region experienced an unprecedented and sustained increase in productivity and average income. Which of the following statements best analyzes the connection between the institutional changes and the economic outcome?
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