Wealth With Cost: Volume One. White Alchemy in Economics

A rich and original new book which explores the nature and creation of wealth in modern economies

Economics was originally about agriculture. Manufacturing was added in the eighteenth century, services in the nineteenth. To these three branches of economics, Wealth without Cost adds the costless creation of wealth, the creation of economic value without the use of costly inputs. 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)

These costless assets produce value or wealth th