Abstract
The author argues that conventional economics, which views market prices as the result of free choice by individuals and households, is a flawed concept. In reality, the choice is not free due to the influence of social, religious, and political factors. The private profit motive leads to an inequitable distribution of wealth, leading to a failure of demand and recession. The rise of mass production and service sector post World War II created an illusion that man-made capital and natural capital are interchangeable. The drive for more, or growth economics, has resulted in the strain on non-renewable resources and environmental pollution. The author argues that economics of progress must balance resource availability, renewability, allocation, and fair distribution of wealth.
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