Foundations of Economic Development

Paperback Published on: 16/12/2011

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Synopsis

DYNAMIC ECONOMICS with increasing returns is extended to

cope with economic growth, the business cycles and the

irregular swings in the long-term development as different

aspects of the same dynamical system, the economic system

"as a whole".

HUMAN CAPITAL emerges as the seminal concept: economic

growth is in this dynamics causally reduced to the growth of

human capital and thus to the growth of exact scientific

knowledge. An analysis of this knowledge shows that quality

education in hard sciences must be a prime target of future

economic policies.

A CAUSAL STRUCTURE, new in economics, underlies the extended

dynamics. To enable students to study and to improve it, a

detailled introduction to nonlinear causality is given,

emphasizing the points relevant to this causal structure.

NATIONAL ACCOUNTING and input-output dynamics are suggested

to be extended to include also the production prices and

production of human capital and of human time, by using a

method of calculation indicated in detail in the book.