World Scientific-Economic Growth Centre Contemporary Series in Modern Economy: Volume 2: The Prosperous Society: From Economics of Scarcity to Economics of Abundance

The classical economic theory fails to truly describe the economies of prosperous societies. This is because traditional economics deals with the allocation of resources in conditions of shortage, while the urgent economic problems of a prosperous society are mainly associated with conditions of abundance. This book presents the hallmarks of a prosperous society and analyzes the special problems that it faces. It differentiates between the two types of economies: the traditional one which is based on scarcity, and the prosperous economy which is able to fulfill almost everyone’s needs. The book analyzes what motivates these two types of economies, what challenges them, and what features or manifestations of success and failures characterize their current statuses and their futures. This book is an original and pioneering work. It analyzes the economy of the prosperous society from the perspective of the third decade of the 21st century. It is an interesting, engaging text on a theme that we seldom see and read about.