Achieving economic success

Michael Burda, Professor of Economics at the Institute for Economic Theory, Humboldt University, Germany, said the last millennium's economic system measured success in terms of "ever increasing goods". North America, western and central Europe and Japan were the big winners, he said. According to Burda, the prerequisites to success were consensus, enforced property rights, powerful government and the rewarding of entrepreneurship. In the new economy, he considers the following to be the prerequisites for success: cooperative behaviour, nonexcludability, rapid obsolescence, disintegrating property rights and the multi-tasking of workers. Furthermore, he thinks that the following will foster success in the new economy: adaptability, mobility, risk acceptance, multiculturalism, consensus and organizational leanness. The prevailing culture will have to contain these elements if countries are to continue progressing economically. However, he suggested that there are limits to what can be changed - history, spatial immobility, innate abilities and local tastes being examples of what cannot be changed. In the end, "there is no culture that is appropriate for all times," he concluded (Davos 2000).
Economics Economic
Type Classification:
F: Exceptional strategies
Related UN Sustainable Development Goals:
GOAL 8: Decent Work and Economic Growth