Dynamic Efficiency, Economic Development, and the Ethics of Property

Shawn Ritenour ()
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Shawn Ritenour: Grove City College

A chapter in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I, 2023, pp 237-252 from Springer

Abstract: Abstract It is sometimes said that with respect to macroeconomics, Austrian economists have a theory of the business cycle, but no theory of development. This claim is severely unfounded. A robust theory of dynamic efficiency which brings together the theory of exchange, the law of association, capital theory, and entrepreneurial activity provides a general theory of economic progress. It is a distinctly causal-realist theory, and hence, is helpful in explaining the true nature and process of economic expansion and development. It further helps in understanding the full importance of institutions and ethics as they relate to economic prosperity.

Keywords: Capital; Capital goods; Christian ethics; Division of labor; Dynamic efficiency; Entrepreneurship; Institutions; Private property; Technology (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-17414-8_20

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DOI: 10.1007/978-3-031-17414-8_20

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