Chapter 3. Wealth and Economics: The Proven Formula for Progress


Communication, creativity, and growth occur together or they do not occur at all.[1]

 --Marshall McLuhan (1911–1980)

How did our recent prosperity arise, and, more importantly, how do we continue the process? Economics and its core concepts reveal some answers, but a thorough discussion requires an examination of culture and how human capital can shape economic outcomes. In this chapter, we’ll analyze the broad formula for wealth creation and explore its relationships to the Biological, Material, and Experiential phases.

Many economists, historians, political scientists, and demographers writing about the Industrial Revolution, economic growth, and development provide clues to the ...

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