The Origins of Economic Growth

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Focusing on the interplay between material and nonmaterial values, this book explores their crucial role in driving economic growth within knowledge-based societies. It presents a model that not only better predicts business cycles than traditional real-cycle models but also identifies an additional growth path supported by empirical evidence. The findings underscore the significance of nonmaterial values in economic development and introduce a fresh perspective on the stochastic elements influencing business cycles, employing an entropy framework for historical analysis.