The Most Important Secret of a Prosperous Economy | Jim Powell | Cato Institute: Commentary

The Most Important Secret of a Prosperous Economy | Jim Powell | Cato Institute: Commentary: 'Nobody could have predicted that these and countless other people would come up with improvements that helped the economy prosper. If inventing had been restricted only to individuals with political connections or individuals whom so-called experts considered worthy, there would have been far fewer people trying to make improvements. The number and value of improvements would have gone down, particularly improvements from unforeseen sources. Improvements would have come later — or not at all. Quite a few important inventions, common in one part of the world, were unknown elsewhere for centuries.

Economies prosper when multitudes of ordinary people are motivated to make improvements. This is because information and insights needed to make an economy prosper are widely dispersed. There's far more than could ever be centralized, validated and updated in a place like the federal government. The most reliable way to motivate people? Harness their self-interest: let them try making a profit by starting a business based on their information and insights. Government can best promote prosperity by, among other things, maintaining equal rights, low taxes, free trade, sound money, predictable laws and protection against force and fraud. Government should let consumers render their verdicts in open markets — no subsidies, special favors or bailouts.'

Now's the Time to Start Cutting Wasteful Government Programs | Doug Bandow | Cato Institute: Commentary

Now's the Time to Start Cutting Wasteful Government Programs | Doug Bandow | Cato Institute: Commentary: 'If they won't get rid of ridiculous programs like these, they won't take on serious programs like Social Security and the Pentagon. And if they won't do that, then Uncle Sam might as well start filling out his papers to declare bankruptcy.'

Tale of Two Small Countries | Richard W. Rahn | Cato Institute: Commentary

Tale of Two Small Countries | Richard W. Rahn | Cato Institute: Commentary: 'Back in the early 1970s, Cayman was as poor on a per capita basis as is Belize today. Both countries had ambitions to be tourist and financial centers. Cayman succeeded and has about six times the real per capita income of Belize. What did Cayman do right and Belize do wrong?

Perhaps most important is that Cayman had and maintained a competent and honest judicial system, which gave foreign investors confidence that their property would be protected. Cayman also has a very low crime rate. Tourists and other visitors walk around freely day or night in Cayman without fear.'

'There is no reason any country has to remain poor. Countries are not poor because of climate, lack of natural resources or race. Countries as locationally varied as Singapore, Mauritius, Korea, Chile, Estonia and Cayman have become relatively rich over the past few decades. Those countries that are still relatively poor are poor because they have not put in place the necessary institutions, political structures and policies.'

Doing Your Own Thing - Ben O'Neill - Mises Daily

Doing Your Own Thing - Ben O'Neill - Mises Daily: 'Are we to be free from coercion by others — from violent interference with our bodies and our property? Are we to be free from being physically restrained or molested when we try to "do our own thing"? Or are we to be free from the adverse consequences of our actions? Even from adverse judgments by others?'

'if a person is to be free from the adverse consequences of their own actions, then this means that others must be forced to shield them from these consequences — they must be forced to contribute their resources and services to those who are "doing their own thing." But what if those others desire to keep their own property and use it for themselves and their loved ones — what if that is them "doing their own thing"? Who's "own thing" is to prevail?'