Final answer:
Less developed countries may have favorable outcomes in worker productivity and economic growth due to the potential for rapidly adopting existing technologies, learning from the experiences of more developed nations, and building market-friendly institutions. This is known as 'the advantages of backwardness.' Challenges exist, but there is significant potential for economic progress.
Step-by-step explanation:
The notion that less developed countries may have more favorable outcomes in terms of worker productivity and economic growth in the future is supported by several arguments. One such argument is that these countries can take advantage of what economist Alexander Gerschenkron referred to as "the advantages of backwardness." This concept suggests that since less developed countries are starting from a lower base, they have the potential to make rapid improvements by adopting existing technologies that have already been developed in high-income countries, rather than needing to invest heavily in creating new technologies. Moreover, as these countries begin to see improvements in their standard of living, it encourages the creation and support of market-friendly institutions. This positive feedback loop can further drive economic development. Observing the experiences of other nations that have undergone rapid economic growth, developing countries can learn from their successes and mistakes, making it possible for them to implement effective economic strategies and policies. However, challenges do exist in terms of population growth, healthcare, education, infrastructure, and sometimes cultural or religious factors that may impede development. Despite these challenges, there is significant potential for economic progress due to the potential for applying existing technologies, learning from the experiences of other nations, and building the institutions necessary for a market economy.