Economic freedom is vital for economic growth. If government makes it difficult for people to start businesses, choose their own work arrangements, or invest in companies, economic growth will stagnate. According to a new study, Puerto Rico, New York, and California provide the least economic freedom to their residents while Florida, New Hampshire, and South Dakota provide the most.
If you’re poor and reside where there’s little economic freedom, then you have fewer opportunities to improve your livelihood compared with those living in more economically free places. The freedom to have the flexibility to control your future and leave a legacy to future generations with little influence by government supports human flourishing.
What can they learn about competition, free trade, poverty, regulation, and innovation on both sides of the Atlantic? Argentina's triumph in the World Cup organized by Qatar has given Lionel Messi the last trophy he was missing. Argentina's achievement has also left several lessons that can be extrapolated far beyond soccer. Here are three lessons that our politicians can learn from the world champions.
One particularly prevalent and pernicious form of regulation is occupational licensing. Occupational licensing is essentially a government issued permission slip required to enter certain regulated occupations. The share of U.S. workers required to hold an occupational license has exploded from around 5% in 1950 to 25% in 2020. Many occupations within the home services industry––which employs nearly six million American workers––require an occupational license, but states vary widely in which occupations they license.
Despite the collapse of the economic model brought about by the end of Section 936 (1996) and the eventual bankruptcy of the territorial government (2016), it is evident that Washington, much less the territory's officials, want to think about structural changes that would make it possible to devise an economic strategy that does not depend on federal aid. As it is, it appears that we will remain hostage for the short term. Local politicians and in some instances, business groups, have preferred to go to the federal capital to ask for new aid disconnected from a coherent economic development program.
Liberalism—or, to clarify, classical liberalism, the liberalism of Adam Smith, George Washington, and James Madison, which developed a few centuries ago and cherishes free markets, limited government, and flourishing social institutions—is (like the necktie) a bit out of favor. That’s ironic, because it produced so much good.
The government's proposal is as simple as it is reasonable, but due to the current political discussion and debates, it is also controversial. According to the initiative, the person who is collecting the subsidy and receives a "reasonable" job offer, in case of refusing the job will automatically lose the government income. "For those who can work, the solution cannot be the Citizenship Income," Meloni said in his last speech in the Italian Parliament.
The most promising path to reviving competition in Florida’s health-insurance markets is to end the ban on health plans from Puerto Rico and other territories. Obamacare’s costliest regulations do not apply in the territories.
Fortunately, he lived long enough to see his towering intellect recognized again. Both Keynesians and socialists were eventually defeated soundly by the tide of events and the truth of his teachings. Classical liberalism is once again a vibrant body of thought. Austrian economics has re-emerged as a major school of economic thought, and younger scholars in law, history, economics, politics, and philosophy are pursuing Hayekian themes.
But Stigliz condemns inequalities instead of realizing what a blessing they are; otherwise if all men liked the same woman or if they all wanted to be doctors and there were no tambourines, society would collapse. Even conversation would be unbearably tedious because it would be just like talking to the mirror. On the other hand, inequalities of income and wealth in a free society refer to rewards and punishments for serving or not serving the needs of others.