Publisher's Synopsis
This book examines the two most important questions in economics: 1) What is the source of real per capita economic growth, and 2) What caused the industrial revolution? The industrial revolution is important, because it is the first time any large group of people escape subsistence living (Malthusian Trap) and their incomes start to grow. By examining these questions, the book devises a science of economics that is consistent with natural rights, the founding of the United States, and is tied to the biological reality of life. "The Source of Economic Growth by Dale Halling examines the rarely discussed origin of economic growth. Completely different than Keynesian economics and somewhat different than the Austrian economic approach, Halling examines how America's founding views on intellectual property and low taxation allowed it to prosper far faster than the rest of the world. Without the proper incentives in place and the appropriate protections of patents, copyrights, and trademarks, the inventions that are the key to improvement in the quality of life will never occur. One particularly intriguing analogy is made between economics and thermodynamics. Halling argues that, in the absence of invention, economic behavior equilibrates fairly quickly. As when living things harvest light or other forms of energy, to move away from a state of maximum entropy and minimum energy, invention provides a disturbance in the governing differential equations of economic transactions that leads to a new, improved steady-state until the next invention, competition, or government intervention disturbance takes place." James Brenner, PhD.
