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This study will focus on the contending perspectives on the ingredients for economic growth. Specifically, we will focus on a Gregory Clark’s new assertion on the importance of good bourgeois virtues as an explanation for the occurrence of the Industrial Revolution around 1800 in England. This new perspectives will be compared and contrasted with other theories regarding economic growth, particularly the role of institutions.  We will also compare some of Clark’s genetic arguments for good bourgeois virtues with Bowels, Cowen, Solow, and others. Then we will discuss issues concerning the backwardness of the Third World. We reach a conclusion that Clark’s explanation based on good bourgeois virtues and genetic inheritance of middle-class values cannot fully dismiss the importance and vitality of good institutions as an engine for economic growth.