Economic prosperity otherwise known as “Economic development” by Economists, is a phenomenon used to describe a situation where a country experiences an upsurge in the production of goods and services that satisfies the wants of the individuals in the country, thereby leading to attainment of better welfare and ultimately, improve standard of living.
Therefore a succinct definition of precursor to economic prosperity is that, “it is the foundation or pedestal on which achieving a better living condition of a society is built”.
There are ample precursors to economic prosperity or virility, the piece-de-resistance being the availability of infrastructural facilities such as good roads, electricity, portable water, communication and health facilities amongst other. The reason why they act as the most important is because they spur investors by reducing input cost, providing security and easy flow of both information and products. Availability of infrastructural facilities also covers provision of up to-date and relevant technologies to meet dynamic demand.
Parallel to infrastructural facilities is adequate capital base. By, “Adequate Capital Base” we mean accumulation of sufficient resources (human, financial, material) in order to meet the wants of the society. Financial capital availability spurs investment spending in the society, the more access to financial capital, the more goods and services that can be produced and they represent economic growth, which is a forerunner to development.
Another important pedestal to economic prosperity is stability in prices. For economic prosperity to take place, prices have to be relatively stable to avoid the abysmal effect of inflation and deflation on the economy. This stability must affect virtually all goods and services for prosperity to happen. Price stability also help producers and consumers maximize profit and satisfaction respectively at that price.
Along with stable prices, there should also be stability in the rate of population growth for development to occur. This is essential because rapid population growth rate tends to lead to economic problems like overstretched infrastructure, increased governance cost and high unemployment rate. The dependent size of the population also increases, leading to a fall in savings and eventually investment.
Economic prosperity covers all sectors of the economy and as such for it to occur; a structural balance of all the sectors is required. More attention should not be paid to certain sectors leaving other sectors redundant or backward. Furthermore, reliance on a particular product ,for example, Crude oil in Nigeria will adversely affect the economy, if the demand falls.
Availability of skilled and literate manpower is also a vital foundation for development to happen. Production has been divided into stages (primary, secondary and tertiary). These stages require skills, craftsmanship and proportionate level of education or knowledge to related field and professions. The presence and easy acquisition of the necessary manpower is a positive signal towards economic prosperity.
Political stability is another prognosis of economic virility. It ensures consistency in administration, policies implemented, project execution and guarantees investors of safety and profitability of their investments. To add to this, it also helps to remove some administrative bottlenecks such as abandonment of ongoing projects, delay and non implementing proposed plans and their kinds.
To add to this, effective planning and management is a pre-requisite for an improved economy. By effective planning we mean; making sure that plans are implemented and in a beneficial way, while management is said to be effective when they carry out their functions (planning controlling, leading and organizing) with efficacity.
Employment, a situation where those who are willing and capable are able to find job is also an ingredient for development. This is because unemployment lead to under-utilization of resources, thus the country will not be able to fulfill its potential leading to stunted growth. It also leads to all kinds of social problems such as advance fee fraud (known as 419), armed robbery, theft and such other vices as people who are unable to earn a living via employment indulge in them.
The role of saving habits among society members as a precursor cannot be overemphasized. Savings are mobilized by financial intermediaries and made readily available to investors, business men and even the government for economic purposes. They (savings) act as the catalyst for investment and because of that, savings habit among members of a society or country is a corner stone to achieve economic enrichment.
Income distribution equality forms one of the bases for growth to take place in an economy. If income is concentrated in a few hands, they will enjoy monopolistic advantages since they are able to satisfy their own wants at the expense of the society which is not good for a society or country that wants to develop. Equality in income distribution also ensures that goods and services acquisition is possible for all members of the society at the prevailing price and producers all have equal ability to invest in production to satisfy wants of their customers.
A further impetus to economic prosperity is reduction in corruption. Corruption is a disease that debilitates economic prosperity, because it services as a withdrawal from the flow of economic activities. Looting public funds meant for infrastructural development, security and public insurance leads to inadequate funding for them, shortage of infrastructural facility, lack of necessary securities and insufficient insurance to the public, thereby dissuading them from investing into production of goods or services to satisfy society wants.
Effective demand (demand backed up be ability to pay) is also an important step towards achieving economic development or progress. When consumers have the means to pay for the product they desire producers are encouraged to produce more of such goods and sources, this leads to economic growth.
Together with effective demand, removal of restrictions that can hamper production and consumptions in the country is a track towards virility except for illegal, fake and harmful products. Production taxes such as excise tax, ad-valorem tax and consumer taxes like VAT should be properly regulated to avoid being a bane in the neck of producers and consumers.
Apart from that, entrepreneur development and capacity building engenders prosperity for the society or country. This is because one of the main problem or obstacle to economic prosperity is under-utilization of resources. When more people in a society have entrepreneur skills, it creates an employment multiplier through creating further jobs for their contractors, staff or employees. Building the Capacity of entrepreneurs helps to develop the skills; technical competence and innovativeness, which contribute to the economic emancipation of the country.
As stated earlier, precursors to economic prosperity are numerous, but the fifteen discussed above, remain sine qua non to achieving economic progress.

Nice Write up
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Ishilove lalasticlala please move to FP it has no source cos i wrote it myself. I accept liability for the post.