Date of Publication: Nov 26, 2021

Author: by Victor I. Espinosa, Miguel A. Alonso Neira and Jess Huerta de Soto

Summary:

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 peopleâ€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. View Full-Text

Link to Full Reading:

https://www.mdpi.com/2071-1050/13/23/13126