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Abstract
The analysis of sustainable economic growth and development often focuses on how to control the market process through coercive state intervention. While state interventionism may play a significant role in countries’ progress, entrepreneurship is the driving force behind sustainable growth and development. Entrepreneurship is the people’s judgment on ideas, plans, and projects, which promises profit in uncertain times. Its effects are the creation and transmission of information and social coordination as a dynamic process of identifying and solving human problems. Sustainable development is the widening range of entrepreneurial alternatives open to people, and sustainable growth is a phase of sustainable development that depends on genuine savings to finance increasingly capital-intensive production structures. The degree to which people are entrepreneurs and the direction genuine savings take depend on institutional arrangements. Some institutions are more conducive to sustainable growth and development than others. After reviewing principles of growth and development sustainability, how coercive state intervention influences economic performance is discussed, proposing novel policy conclusions and research avenues to cultivate entrepreneurship and genuine savings in a post-COVID-19 world.
Highlights
Some institutional arrangements are more conducive to productive entrepreneurship and savings, this paper develops the idea of confiscation risks to assess the economy’s sustainability
dynamic efficiency theory (DET) explains that ending poverty requires sustainable economic growth and development, which depend on institutional arrangements to cultivate entrepreneurship
This review identified entrepreneurship’s creative and coordinating element as the driving force behind sustainable economic growth and development
Summary
Alonso Neira 2, * and Jesús Huerta de Soto 2.
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