The Divergent Dynamics of Economic Growth : Studies in Adaptive Economizing, Technological Change, and Economic Development

This book explains how changing technology and economizing behaviour induce vast changes in productivity, resource allocation, labour utilization, and patterns of living. Economic growth is seen as a process by which businesses, regimes, countries, and the whole world pass through distinct epochs, each one emerging from its predecessor, each one creating the conditions for its successor. Viewed from a long-run perspective, growth must be characterized as an explosive process, marked by turbulent transitions in social and political life as societies adapt to new opportunities, the demise of old ways of living, and to the vast increase and redistribution of human populations. The book is based on a synthesis of classical economics and contemporary concepts of adaptation and economic evolution. Although it is based on analytical methods, the text has been stripped of all equations and with few exceptions is devoid of technical jargon. "This book explains how changing technology and economizing behavior induce vast changes in productivity, resource allocation, labor utilization, and patterns of living. Economic growth is seen as a process by which businesses, regimes, countries, and the whole world pass through distinct epochs, each emerging from its predecessor and creating the conditions for its successor. Viewed from a long-run perspective, growth must be characterized as an explosive process marked by turbulent transitions in social and political life as societies adapt to new opportunities, the demise of old ways of living, and the vast increase and redistribution of human populations. The book is based on a new and unique synthesis of classical economics and contemporary concepts of adaptation and economic evolution. Although it is grounded in analytical methods, the text has been stripped of all equations and with few exceptions is devoid of technical jargon."--Jacket. This book explains how changing technology and economizing behavior induce vast changes in productivity, resource allocation, labor utilization, and patterns of living. Economic growth is seen as a process by which businesses, regimes, countries, and the whole world pass through distinct epochs, each one emerging from its predecessor and creating the conditions for its successor. Viewed from a long-run perspective, growth must be characterized as an explosive process marked by turbulent transitions in social and political life as societies adapt to new opportunities, the demise of old ways of living, and the vast increase and redistribution of human populations. The book is based on a synthesis of classical economics and contemporary concepts of adaptation and economic evolution. Although it is grounded in analytical methods, the text has been stripped of all equations and with few exceptions is devoid of technical jargon. This volume explains how changing technology and economizing behavior induce vast changes in productivity, resource allocation, labor utilization, and patterns of living. Basing his work on a new and original synthesis of classical economics and contemporary concepts of adaptation and economic evolution, Richard Day asserts that economic growth, viewed from a long-term perspective, must be characterized as an explosive process, interpreted by turbulent transitions in social and political life as societies adapt to new life styles and opportunities and to the vast increase and redistribution of human populations. This book explains how changing technology and economizing behavior induce vast changes in productivity, resource allocation, labor utilization, and patterns of living. Basing his work on a new and original synthesis of classical economics and contemporary concepts of adaptation and economic evolution, Richard Day asserts that economic growth, viewed from a long-term perspective, must be characterized as an explosive process, interpreted by turbulent transitions in social and political life as societies adapt to new life styles and opportunities and to the vast increase and redistribution of human populations Informing the central message of Adam Smith is the recognition that no one understands everything but private individuals in the pursuit of self-interest can contribute to the advantage of others even though they may not intend to do so and may not concern themselves with the economy as a whole. The book is based on a new and unique synthesis of classical economics and contemporary concepts of adaptation and economic evolution. Although it is grounded in analytical methods, the text has been stripped of all equations and with few exceptions is devoid of technical jargon."-- Jaquette

Offers a synthesis of classical economics with contemporary concepts of adaptation and economic evolution.