Hardback

The Economics of Prosperity

Rethinking Economic Growth and Development

9781788117784 Edward Elgar Publishing
Shawn Ritenour, Professor of Economics, Department of Economics, Grove City College, US
Publication Date: February 2023 ISBN: 978 1 78811 778 4 Extent: c 272 pp
This book presents a general theory of the economics of prosperity. Drawing upon both historic and contemporary Austrian economic thinking, it looks beyond merely identifying various isolated causes of economic growth and development to describe and explain the process of economic progress. It brings together various economic principles related to production, exchange, the market division of labor, capital, technology, entrepreneurship, and economic calculation, and a further understanding of how different institutional settings and specific policies all effect the process of economic progress. It also provides a helpful critique of modern growth theory.

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This book presents a general theory of the economics of prosperity. Drawing upon both historic and contemporary Austrian economic thinking, it looks beyond merely identifying various isolated causes of economic growth and development to describe and explain the process of economic progress. It brings together various economic principles related to production, exchange, the market division of labor, capital, technology, entrepreneurship, and economic calculation, and a further understanding of how different institutional settings and specific policies all effect the process of economic progress. It also provides a helpful critique of modern growth theory.

The author argues that economic prosperity is not monocausal. It is the happy consequence of a highly developed division of labor, taking advantage of an expanding capital structure, embodied in technically advanced capital goods, all wisely invested by entrepreneurs. All these sources of prosperity require the social institutions of private property and sound money to function well together, facilitating economic progress and human civilization.

The Economics of Prosperity provides a comprehensive explanation of the myriad of factors influencing economic growth and development for scholars, policy makers and economists.
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