Dr. phil., Dr. phil. habil, University of Erlangen-Nuremberg, Germany, professor of economics at the Federal University of Sergipe (UFS), Brazil, associate scholar of the Ludwig von Mises Institute, and senior fellow of the American Institute for Economic Research (AIER)
Esse artigo aplica a teoria austríaca do capital ao problema sobre as razões em que as economias emergentes caem na armadilha da renda média e o que pode ser feito para evitá-la. A análise coloca a ação empreendedora no centro, com foco na natureza subjetivista do capital e no papel do empreendedor como criador da estrutura de capital baseada em suas expectativas e em seus conhecimentos. A tese central diz que quando um país em desenvolvimento se aproxima do limite inferior ao nível de renda dos países industrializados em seu processo de recuperação e não abre a sua economia para livres mercados e empreendedorismos, mais o progresso econômico fracassará, e o país se manterá na faixa de renda média. O estudo identifica os maus investimentos em grande escala induzidos por políticas governamentais, como o principal culpado por um país ficar preso na armadilha da renda média. A conclusão política da análise é que a saída da renda média requer menos e não mais intervenção. Ao invés de mais gastos do governo, menos gastos são necessários e, em vez de promover algumas grandes empresas, o país precisa abrir seus mercados para potencializar a ação empreendedora.
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