Abstract
AbstractExchange, division of labor, technology, capital accumulation, and entrepreneurship all contribute to economic growth. In The Economics of Prosperity, Ritenour explains how each of these concepts allow countries to develop and flourish. This book attempts to provide an extensive survey of Austrian literature surrounding development, while still preserving the author’s opinions around debated issues such as the person and function of the entrepreneur. Ritenour also takes the institution of secure private property rights as a given. This paper argues that strong private property rights must precede any discussion of exchange and specialization, particularly because exchange presupposes ownership. The ruler or ruling elites have to concede some power and uphold a strict rule of law to protect private property rights. Additionally, this paper also extends the discussion to cultural and institutional factors behind innovation and economic development, instead of relying on the Weberian work ethic to explain the Industrial Revolution. In short, economic growth requires good economic principles.
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