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"The essential difference between rich societies and poor societies does not stem from any greater effort the former devote to work, nor even from any greater technological knowledge the former hold. Instead it arises mainly from the fact that rich nations possess a more extensive network of capital goods wisely invested from an entrepreneurial standpoint."

— Huerta de Soto, Jesús event 1998

From Money, Bank Credit, and Economic Cycles

Context: From Money, Bank Credit, and Economic Cycles (1998), cutting through the usual explanations for global inequality; the determining factor is not effort or intelligence but accumulated capital structure, which requires savings, time preference, and entrepreneurial foresight

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analytics Economics savings Capital business_center Entrepreneurship menu_book Austrian Economics savings Savings trending_up Free Market