Keynes and Hayek rap again. As news reports indicate the Fed plans a half trillion dollar quantitative easing, it is a good time to revisit the Hayek and Keynes debate. If you would like a rap explanation, check this out: “Fear Read more…
I’ve previously mentioned that freer countries are richer countries. See
- Economic development makes every country healthier and richer
- “If you care about improving peoples lives, then you really care about economic freedom”
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
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: