Producing Prosperity

An Inquiry into the Operation of the Market Process

Business & Finance, Career Planning & Job Hunting, Entrepreneurship, Entrepreneurship & Small Business
Cover of the book Producing Prosperity by Randall Holcombe, Taylor and Francis
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Randall Holcombe ISBN: 9781136162305
Publisher: Taylor and Francis Publication: January 3, 2013
Imprint: Routledge Language: English
Author: Randall Holcombe
ISBN: 9781136162305
Publisher: Taylor and Francis
Publication: January 3, 2013
Imprint: Routledge
Language: English

The substantial prosperity that characterizes market economies at the beginning of the twenty-first century is relatively recent in human history. Prior to the Industrial Revolution, economic progress was so slow that people would not have been able to recognize it in their lifetimes, whereas today, economic progress is so much a part of people’s lives that they take it for granted.

In this new volume, Randall G. Holcombe argues that economic analysis, as it developed through the twentieth century, relies heavily on concepts of economic equilibrium, and is not descriptive of the dynamic real-world economy that is characterized by economic progress. Even in dynamic settings, economic models focus on income growth, leaving out the entrepreneurial forces that generate economic progress, resulting in the introduction of new goods and services and new production processes. Economic analysis focuses on the forces that lead to an economic equilibrium, not the forces that produce prosperity.

This characterization of economic analysis describes a substantial component of economics as it has developed over the past century. However, there are also economists who have analyzed the factors that lead to an entrepreneurial and innovative economy, generating progress rather than equilibrium. This volume does not question the value of past research, but argues that, looking ahead, economics should build on its past to focus on factors that create an entrepreneurial and innovative economy that is characterized by progress and prosperity. This would make economic analysis more consistent with the remarkable progress and prosperity that characterizes the modern economy. This volume lays out a framework for economic analysis that consistently incorporates the real-world factors that produce prosperity.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

The substantial prosperity that characterizes market economies at the beginning of the twenty-first century is relatively recent in human history. Prior to the Industrial Revolution, economic progress was so slow that people would not have been able to recognize it in their lifetimes, whereas today, economic progress is so much a part of people’s lives that they take it for granted.

In this new volume, Randall G. Holcombe argues that economic analysis, as it developed through the twentieth century, relies heavily on concepts of economic equilibrium, and is not descriptive of the dynamic real-world economy that is characterized by economic progress. Even in dynamic settings, economic models focus on income growth, leaving out the entrepreneurial forces that generate economic progress, resulting in the introduction of new goods and services and new production processes. Economic analysis focuses on the forces that lead to an economic equilibrium, not the forces that produce prosperity.

This characterization of economic analysis describes a substantial component of economics as it has developed over the past century. However, there are also economists who have analyzed the factors that lead to an entrepreneurial and innovative economy, generating progress rather than equilibrium. This volume does not question the value of past research, but argues that, looking ahead, economics should build on its past to focus on factors that create an entrepreneurial and innovative economy that is characterized by progress and prosperity. This would make economic analysis more consistent with the remarkable progress and prosperity that characterizes the modern economy. This volume lays out a framework for economic analysis that consistently incorporates the real-world factors that produce prosperity.

More books from Taylor and Francis

Cover of the book Enriching Esol Pedagogy by Randall Holcombe
Cover of the book Lesbian Step Families by Randall Holcombe
Cover of the book Magic and the Supernatural in Fourth Century Syria by Randall Holcombe
Cover of the book Goal-based Decision Making by Randall Holcombe
Cover of the book Money as a Social Institution by Randall Holcombe
Cover of the book International Migration by Randall Holcombe
Cover of the book Subject Learning in the Primary Curriculum by Randall Holcombe
Cover of the book Risk Management and Corporate Sustainability in Aviation by Randall Holcombe
Cover of the book The Virtuous Spiral by Randall Holcombe
Cover of the book The History of the European Union by Randall Holcombe
Cover of the book Climate Change, Policy and Security by Randall Holcombe
Cover of the book British Cost Accounting 1887-1952 (RLE Accounting) by Randall Holcombe
Cover of the book The Changing Room by Randall Holcombe
Cover of the book Shakespeare's Bawdy by Randall Holcombe
Cover of the book An Introduction to the Celtic Languages by Randall Holcombe
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy