The concept of “economic growth” is usually used to describe the situation in the world’s wealthiest economies (i.e., those with the highest levels of gross domestic product per capita). To describe the situation in other countries, where per capita gross domestic product is much lower and therefore living standards are much lower, the concept of …

In order to obtain any good, we have to combine different kinds of productive resources: in the right amount; in the right place; at the right moment in time; in a single technological process. In other words, the production of goods requires coordination efforts. Such coordination can be accomplished in three ways: through the market, …