economic freedom

How government could make the massive transition in the economy easier

Walter Russell Mead is developing a picture of what the new economy might look like.  Most recent post is Beyond Blue 5: Jobs, Jobs, Jobs

That we are in the midst of a massive change in the whole economy has been obvious for a while.  All the rules have changed.

What does this change look like?

The music, newspaper, and manufacturing industries are painfully aware of this.  It is dawning on the publishing industry and the post office that the tidal wave of change has hit them.  Primary education, higher education, and government at all levels haven’t caught on.  I’m not sure where the CPA industry is at.

My opinion, shown clearly on this blog, is that our future is so bright we need sunglasses now.

At the same time, the transition will be terribly painful. Massive changes are needed to make the shift.

One huge area needing change is in the heavy hand of government regulation. Mr. Mead opens his post with:

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By Jim Ulvog, ago

Reshoring – huge opportunity if we want it and a skill-set challenge we can overcome

Manufacturing jobs keep coming back to the U.S.

Mark Perry points to an article in Financial Times, Business returns to US as Asia loses edge (free registration required).

Rapidly rising wages in China are changing the equation on where it makes sense to locate plants.  Here’s what that picture looks like, in a comment from Mr. Bruce Cochrane, who opened up a furniture plant in North Carolina. The FT article says:

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By Jim Ulvog, ago

Rap video on government distortions of supply and demand

Check out Supply & Demand: A Thug Story

Government interference with the pricing mechanism produces shortages which are resolved by non-price mechanisms: discrimination, waiting lines, rationing, black markets, or favoritism.  Markets messed up?  Look for government messing with price signals to find the cause.

[youtube=http://www.youtube.com/watch?v=7MY7E_VhKMM&feature=player_embedded#t=149]

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By Jim Ulvog, ago

What does radical change in technology and mass media mean to those of us who are undiscovered, unpublished, or small fry wanting to follow our own path?

Previous post discussed the huge impact from having zero cost to produce and distribute one more item.

On a long-term basis, what does this do?  I think several entire industries of delivering mass content are in serious trouble.  If those industries don’t figure out a new business model, the overwhelming change that is taking place will sink them.

Think about this:

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By Jim Ulvog, ago

What are the underlying drivers of economic development?

I’ve previously mentioned that freer countries are richer countries. See

What does freedom have to do with countries getting richer?

Russell Roberts offers a partial explanation in his book The Price of Everything – A Parable of Possibility and Prosperity

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By Jim Ulvog, ago

“If you care about improving people’s lives, then you really care about economic freedom”

How do we make life better for people?

Is there a relationship between the level of economic freedom in a country and the level of income, life expectancy, civil rights, and a cleaner environment? Is there an inverse relationship between the level of economic freedom and the level of corruption, infant mortality, and child labor?

The answer to both questions is yes.

The higher the level of economic freedom is in a country, the higher the level of those good things.  With more freedom there are less of those bad things. See this very innovative, creative video for a visual explanation:

[youtube=http://www.youtube.com/watch?v=v1U1Jzdghjk&feature=player_embedded]

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By Jim Ulvog, ago