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Producing Prosperity - An Inquiry into the Operation of the Market Process (Paperback)
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Producing Prosperity - An Inquiry into the Operation of the Market Process (Paperback)
Series: Routledge Foundations of the Market Economy
Expected to ship within 12 - 17 working days
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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.
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