Foundations of Economic Development

Focusing on the interplay between economic growth and human capital, this book presents a new framework that integrates dynamic economics with the analysis of business cycles and long-term development. It posits that economic growth is fundamentally linked to the advancement of human capital and scientific knowledge, advocating for quality education in hard sciences as a key policy objective. Additionally, it introduces a novel causal structure in economics and offers insights into nonlinear causality, while proposing enhancements to national accounting and input-output dynamics to incorporate human capital metrics.