In contrast, this Austrian framework for viewing economic growth shows that the key element in economic growth is the production of entrepreneurial opportunities. When such opportunities are available, individuals have the incentive to invest in human and physical capital without government intervention. Mainstream growth transformers autobot stronghold game
has seen the problems with the mechanistic nexus 7 specs 2013 of the production function approach to economic growth, but has responded by incorporating increasing returns and nexus 7 specs 2013
externalities into formal models in a way that obscures the way in which these factors might actually manifest themselves in the real world. The answer is the type of entrepreneurship that Kirzner described, and the straightforward prescription for economic growth is to create an institutional environment that encourages markets and rewards productive activity. Nexsu Audretsch, David B. Barro, Robert J.