Much of humanity has reached heights of material welfare that were unimaginable just a few generations ago. How we got to where we are demands an explanation. The only one the authors have points to a virtuous cycle: well-defined property rights beget prosperity and more prosperous people demand clearer property rights. The long-term evolution has not been (could not have been) a smooth one but it is, nevertheless, powerful and must be properly understood. Flexible markets and institutions facilitate the virtuous cycle. Being open-ended, they have been well suited dealing with the inherently unknowable future. The virtuous cycle is the real way to a sustainable future. In contrast, much of proposed “sustainability planning” appears to foreclose options and flexibility – and real sustainability. (a) For the covering entry of this conference, please see ITRD abstract no. E212706.
Abstract