Development policy

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Chapter 8 in The Economics of Prosperity, 2023, pp 179-207 from Edward Elgar Publishing

Abstract: Economic policy intended to promote economic progress must be congruent with private property and sound money. a free economy will enjoy more economic prosperity over time as opposed to an economic order hampered by central economic planning. Protectionist policies and other forms of market regulation hamperin g voluntary exchange constrain and distort the natural social division of labor, facilitate capital malinvestment, and curtail free entrepreneurial activity. Government subsidies likewise direct resources away from their most productive uses and must be funded by monetary inflation, borrowing, or taxation, all of which contribute to capital consumption and economic decline. Foreign direct investment in an unhampered market fosters economic progress whereas foreign aid is unnecessary at best and economically destructive at worst. Monetary inflation causes malinvestment resulting in recession and impoverishment.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2023
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