The Division of Labor and Social Order

 I once again lectured at Mises University two weeks ago. My first lecture, "The Division of Labor and Social Order," is one I have done several times and contributes to my latest book The Economics of Prosperity. The main thesis of my lecture is that the market division of labor, far from being a source of social conflict, significantly contributes to the formation of society by contributing to economic prosperity via increases in productivity and by encouraging each participant to serve as well as be served by others.  You can watch the lecture here:

 

Producers, Not Consumers, Are the Engine of Economic Growth

"Producers, not consumers, are the engine of economic growth. Obviously, a producer must produce goods and services in line with what other producers require." So says Frank Shostak, and he is right! My new book, The Economics of Prosperity is an effort to explain the implications of this.

 As I put it: 

At the risk of sounding simplistic, an economic fact established since the beginning of economic thought is that wealth results from production. . . If wealth is a result of production, economic progress requires increases in productivity. Economic theory identifies four sources of economic progress: the division of labor, capital accumulation, technical improvement, and wise entrepreneurship. 

If we desire economic prosperity, we need institutions and a culture that fosters these things, not policies that incite consumption.

The Economics of Prosperity

 

I am happy to announce that my book, The Economics of Prosperity: Rethinking Economic Growth and Development is being published later this month by Edward Elgar Publishing. You can access the publisher's webpage for the book by clicking here.

 

If you prefer a pdf of a flyer for the book, you can click here.