WHY ARE SOME PLACES RICH WHILE OTHERS ARE POOR? THE INSTITUTIONAL NECESSITY OF ECONOMIC FREEDOM

Authors


Art Carden is an Assistant Professor of Economics in the Department of Economics and Business at Rhodes College, Memphis, Tennessee, USA (cardena@rhodes.edu) and Visiting Research Fellow at the American Institute for Economic Research, Great Barrington, Massachusetts, USA.
Joshua Hall is an Assistant Professor of Economics in the Department of Economics and Management at Beloit College, Beloit, Wisconsin, USA (halljc@beloit.edu) and Visiting Scholar at the Social Philosophy and Policy Center, Bowling Green State University, Bowling Green, Ohio, USA.

Abstract

We survey perspectives on the economic differences between countries and argue that economic freedom is the key to prosperity. We close by outlining the policy implications. Specifically, removing obstacles to the exercise of economic freedom is an important step towards prosperity.

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