Dan Mitchell introduces a video from the Center for Freedom and Prosperity explaining the recipe for growth and prosperity that can help poor nations prosper.
The recipe for growth and prosperity isn’t very complicated.
Adam Smith provided a very simple formula back in the 1700s.
For folks who prefer a more quantitative approach, the Fraser Institute’s Economic Freedom of the World uses dozens of variables to rank nations based on key indices such as rule of law, size of government, regulatory burden, trade openness, and stable money.
One of the heartening lessons from this research is that countries don’t need perfect policy. So long as there is simply “breathing room” for the private sector, growth is possible. Just look at China, for instance, where hundreds of millions of people have been lifted from destitution thanks to a modest bit of economic liberalization.
Indeed, it’s remarkable how good policy (if sustained over several decades) can generate very positive results.
That’s a main message in this new video from the Center for Freedom and Prosperity.
Economics 101: Small Government Is the Recipe for Creating Rich Nations
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