Economics

Freer World = Richer World

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20/20 and ABC News host (and great friend to reason) John Stossel talks up the connection between economic freedom and rising incomes on a global scale:

"I think one of the best kept secrets is that the world is in the midst of an economic boom, and it is largely driven by increases in economic freedom," says economics professor James Gwartney, director of the Stavros Center for the Advancement of Free Enterprise and Economic Education at Florida State University. "The world has become more free, and, at the same time, growth is soaring to new highs. During 1995 to 2005, the growth rate of per capita GDP in 99 countries for which data are available has increased to 2.2 percent, nearly twice the rate of recent decades. Since 2000, the annual growth rate of per capita GDP has been even more rapid, 3.2 percent."

As the world gets freer, says Gwartney, it gets richer.

Whole Stossel col here.

More info on the Economic Freedom of the World report, including a searchable database with country-by-country info ranging from Albania to Zimbabwe here.

Stossel in reason here and here.

Update: Those embedded ads are now disappeared.

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  1. That’s weird, and annoying. I’m getting ads embedded in that post. Right before “As the world gets freer . . .”

  2. What’s with the ads in the middle of the post?

  3. That’s sure as hell a creepy cover.

  4. That remains the only issue of Reason that did not make it to my mailbox. And when I called, there were no extras available.

  5. Who picks the colors for Reason covers? Maybe they should go back to their Pantone swatches.

  6. Maybe the ads are part of the quote?

  7. Good lord. Those are large ads in the middle of a post.

  8. R C Dean | January 24, 2008, 9:51am | #
    That’s weird, and annoying. I’m getting ads embedded in that post. Right before “As the world gets freer . . .”

    Im not sure thats an accident.

    Maybe it’s a subtle point. CAPITALIZM!!! IN your FACE!

  9. Seriously, I just saw a 2 ft tall recruitment ad for the Border Patrol in the middle of that post. Where am I?

  10. Since the entire thread is OT, apparently John McCain has won the Louisiana Caucus.

  11. Good lord. Those are large ads in the middle of a post.

    Install an extension called NoScript. I never see ads anymore.

  12. I’m taking odds = who thinks we can go a whole day on H&R without one Ron Paul-related topic?

    5 to 1?

    Problem being, ANYTHING can be a Ron Paul topic once the posters let loose. Am I creating the source of my own downfall? Hoist by mine own petard? Who can say. Maybe i just dropped the odds down to 3 to 1 by saying this. Its like Heisenburgs Uncertainty Principle. You cant measure a thing without changing it. Or something. Anyhoo. Im making a bet this might be the day where we free ourselves from the Ron Paul 24/7 hand-wringing, and the horde of dopes that follow…

  13. John-David | January 24, 2008, 10:04am | #
    Since the entire thread is OT, apparently John McCain has won the Louisiana Caucus.

    the thread is OT because it’s not fretting about day to day politics?

    Or because it’s NOT ABOUT RON PAUL!!

  14. GILMORE,

    I meant how not a single comment had anything to do with the original post.

  15. Install an extension called NoScript. I never see ads anymore.

    There are occasional ads I don’t mind seeing. I even clicked through the “conservative t-shirt” ad a couple times in hopes of encouraging them. Had they actually had some funny t-shirts, I might have bought one.

    I saw auto insurance & Microsoft in the middle of the screen (2 separate ads), better than the border patrol, even if it was for Vista?.

    Somewhat OT, one of my regrets is that I never took a class with Gwartney while I was at FSU.

  16. Goodness, is reason the desperate for money? Ads even in a quote?

  17. Thank you for have Borat on top of lovely magazines! I kiss you!

  18. “GILMORE’s Law”

  19. Oh, and a bigger regret – I had a class with Gabrielle Reese and never asked her out.

  20. Freer World = Richer World

    Somebody felt free enough to disturb my Wa with some advertisements amidst the post. Maybe it will enrich them, but irritating this consumer is counterproductive, to say the least.

    I’m assuming that there is a point to this (other than revenue).

  21. You got your Paul thread Gilmore. Wish I’d taken the bet while I had the chance. William R – it sure is a ‘bombshell ‘ – “reporter talks to neo-Nazi who claims association with Paul”. Shocking stuff.

  22. Stossel is really a creepy guy…has he succeeded in getting people to be able to marry their cousins yet?

  23. Ah, that’s better

  24. Gwartney misses the point. It’s not freedom so much as property rights. China has gotten much richer, it has gotten somewhat freer. But it’s freer in regards to property and not anything close to what I would call a free country. India on the other hand has been a free country for quite a while. But only by freeing up trade and property has they’re economy began to soar. Ireland too.

    Don’t get me wrong, I’m all about the freedom. I love freedom. But freedom comes in many forms, and if you’re talking about how to get more wealth into your economy, then it’s all about property rights.

  25. Ok ads are gone (not that I saw them). Can you change the cover as well?

  26. “if you’re talking about how to get more wealth into your economy, then it’s all about property rights.”

    For the most part this is true, but Latin America’s economies suggest that economic freedoms in addition to protection of property is the fuel for the engine.

  27. Jamie Kirchick’s, Reason and Cato source for the Ron Paul smear revealed

    Bill White was not a source for the Reason story.

  28. Only technically close to the topic of the post, but I see that a “rogue trader” has lost $7b for Societe General in France.

    The French banking system is one of the most tightly regulated in the world and Europeans are fond of claiming that their regulatory system is superior, so it is a nice little ‘egg on your face’ moment for them.

  29. “Stossel is really a creepy guy…has he succeeded in getting people to be able to marry their cousins yet?”

    Does Rudy count?

  30. “Update: Those embedded ads are now disappeared.”

    I like it! Phrasing is teh OOASUM! 🙂

    Biggest regret:

    listening to Baked Penguin’s stories
    [keed keed]
    [chomps on own taint]

  31. Europeans are fond of claiming that their regulatory system is superior

    We’re actually fond of claiming that ours is less onerous than yours.

  32. “Gwartney misses the point. It’s not freedom so much as property rights.”

    Property rights are part of freedom – the freedom to control your own property without interference by the state.

  33. What ads? For those who haven’t discovered this yet, Firefox with the Adblock extension makes the web a much more pleasant place. It’s too bad I can’t see busty white t-shirt girl (or whatever else I’ve been missing), but I think the lack of *bad* distracting ads more than makes up for it.

  34. I meant how not a single comment had anything to do with the original post.

    I take offense, sir. Mine had to do with ads in the middle of the original post.

    I feel kind of bad now. I can see those poor ads bundled off in a black suburban, probably to be tossed from a helicopter over the Atlantic Ocean.

  35. It’s too bad I can’t see busty white t-shirt girl (or whatever else I’ve been missing), but I think the lack of *bad* distracting ads more than makes up for it.

    I think my personal threshold for tolerating bad ads to see busty t-shirt chicks must be somewhere in the 20:1 range.

  36. squarooticus:

    The Snorg Tshirts girl on cracked.com beats the conservative t’s chick anyday. Hot damn.

  37. From Stossel:
    “The primary factors underlying this increase are lower top marginal tax rates, more stable monetary policy, lower tariffs and less regulation of international trade and some relaxation of restrictions on the movement of capital.”

    This seems like a description of a well managed market, not a free market.

    It’s stunning that some people still find the free well-managed market controversial.

    Commence with snarking comments…

  38. John Stossel and Drew Carey.

    Should I be concerned that these two chuckleheads, Freddy Mercury and my JV wrestling coach, are the only libertarians on the TV?

    And you thought the newsletters were bad for the cause.

  39. Stossel screwed me outta TeeVee time! He wasted a few hours of my time with an interview, but only put it on the 20/20 website. I pWn the tubes, but need free over the air exposure. Don’t doer me!

  40. They hate us for our riches!

  41. “Hot damn.”

    Quite the understatement!

  42. Moose – It’s 77 degrees here. How’s the lake look today? Heh heh.

  43. Who can argue against a mustache with such a rich, textured pile?

  44. This seems like a description of a well managed market, not a free market.

    That’s an oxymoron – nobody can manage the market; it is as ridiculous as saying that one can manage evolution. What John Stossel talks about an increase in freedom, i.e. a lowering of the impediments so liked by politicians and estatophiliacs.

  45. Francisco Torres,

    No one can manage the market?

    It is the framework of order that allows markets to be successful. A well ordered market will always be more successful for a larger number of people.

    Like all complex adaptive systems, regulatory mechanisms will emerge in markets for the reason that they improve performance.

    Anarchy and a free markets are the source of governments and managed markets. States with managed markets won the evolutionary battle. I do agree with you that too much central control is a bad thing. Those players lose the evolutionary battle.

    That is why I used the term “well managed.”

    You can replace it with “well ordered” if you like.

  46. It is the framework of order that allows markets to be successful. A well ordered market will always be more successful for a larger number of people.

    Seems like a classic case of begging the question, Neu Mejican… Just what is a well ordered market? What does that look like? Because if it were REALLY well-ordered, there would not be investment advisors.

    Like all complex adaptive systems, regulatory mechanisms will emerge in markets for the reason that they improve performance.

    “Improve performance”? In a complex system? Compared to what?

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