Wealth Without Cost

The 3 Branches of Economics: Agriculture, Manufacturing & Services

In Wealth without Cost the costless creation of wealth, the creation of economic value without the use of costly inputs are added to the three branches of Economics.

The costless inputs that create costless wealth are scarce but cannot be purchased; examples are loyalty, saving in perpetuity, giving, proprietary appropriation, stewardship, altruism and freedom. Mainstream economic doctrine has asserted that assets are either scarce (and thus within the subject area of economics) or freely available (like land, water and air) at various times and in various places and thus outside the subject area.

White Alchemy in Economics argues that this distinction omits the important category of assets that are scarce (in that they are not available on demand) but also costless (in that they can not be purchased in the market and may or do have not alternative costly use). Costless wealth creation makes better use of what already exists. It can operate through the improvement of institutions or through the workings of the individual mind. It is destroyed by socialism, corporatism regulation and the intrusion of the state or European Union on the decisions of individuals.