Posted in Economic Issues, Free Society, Free-Market, Leadership, Liberty, Philosophy, Policy Issues, Poverty, Rule of Law, Subsidies, Uncategorized, Wealth

Why Hong Kong’s Economy Has Grown 7x Faster Than Cuba’s Since Since the 1950s – Foundation for Economic Education

By Dan Mitchell

“Communists claim that their ideology represents the downtrodden against the elite, yet the evidence from Cuba shows wretched material deprivation for most people.

In Hong Kong, by contrast, incomes have soared for all segments of the population.”

How important are key individuals in shaping the success or failure of economies? …Neil Monnery’s A Tale of Two Economies is in some sense a polemic against historical determinism, at least insofar as promoting economic reforms is concerned.It stresses the importance of two single individuals, one a great man for many, one an obscure official and political unknown to the most, in shaping the destiny of their respective countries. …Ernesto “Che” Guevara and John Cowperthwaite. …Monnery insists that both of them were “deep and original thinkers.” …The key difference between the two was perhaps that Cowperthwaite had a solid education in economics… Neither the way in which Hong Kong progressed, nor Cuba’s, were thus inevitable.

Monnery points out that Hong Kong’s success happened not because Cowperthwaite and his colleague were trying “to plant an ideological flag,” but because they were “professional pragmatists.” …Then the success of relatively libertarian arrangements in Hong Kong perpetuated itself. …Cowperthwaite tested what he knew about classical economics when he “first arrived in Hong Kong, in 1945” and “was put in charge of price control.… He soon realized the problems with attempting to set prices low enough to meet consumer needs but high enough to encourage supply, and in a dynamic environment.” He opposed subsidies that he saw as “a brazen attempt to feed at the trough of government subsidies.” …Cowperthwaite is a hero to Monnery, who emphasises his competence, and even more, his integrity.

https://fee.org/articles/why-hong-kongs-economy-has-grown-7x-faster-than-cubas-since-since-the-1950s/

Posted in Consumption Inequality, Cost of labor, Dependency, Economic Issues, Education, Free Society, Liberty, Organizational structure, outcomes, Philosophy, Policy Issues, Poverty, Representative Republic vs. Democracy, Rule of Law, Uncategorized, Wealth

Why the Pilgrims Abandoned Common Ownership for Private Property – Foundation for Economic Education

Governor Bradford recorded in his diary that everybody was happy to claim their equal share of production, but production only shrank. Slackers showed up late for work in the fields, and the hard workers resented it. It’s called “human nature.”

The disincentives of the socialist scheme bred impoverishment and conflict until, facing starvation and extinction, Bradford altered the system. He divided common property into private plots, and the new owners could produce what they wanted and then keep or trade it freely.

Communal socialist failure was transformed into private property/capitalist success, something that’s happened so often historically it’s almost monotonous. The “people over profits” mentality produced fewer people until profit—earned as a result of one’s care for his own property and his desire for improvement—saved the people.

https://fee.org/articles/why-the-pilgrims-abandoned-common-ownership-for-private-property/

Posted in Dependency, Economic Issues, Free Society, Government Regulations, Income Inequality, Liberty, Philosophy, Policy Issues, Poverty, Progressivism, Representative Republic vs. Democracy, Tax Policy, Uncategorized, Wealth

Watch “What’s Right About Social Justice – Learn Liberty” on YouTube

If the concept of social justice simply means justice for the individuals who make up society, then it appears the utopian socialist-progressives and the libertarian free-marketeers may have some goals in common.

However, when it comes to the ways & means to achieve those goals, the ideological divide is still wide.

So maybe rhetoric on both side should always start with…

“what is the most effective strategies or economic policies to allow people to optimize opportunity and escape poverty.”

Posted in Economic Issues, Free Society, Free-Market, Government Regulations, Government Spending, Liberty, Philosophy, Policy Issues, Poverty, Rule of Law, Uncategorized, Wealth

Watch “Rand Paul Explains the Two Big Lies of “Democratic” Socialism I Kibbe on Liberty” on YouTube

Individual liberty is never fully realized without economic freedom, which includes strong private rights & a climate conducive to self-determination.

Posted in Economic Issues, Education, Entitlements, Free Society, Free-Market, government incompetence, Government Regulations, Liberty, Philosophy, Policy Issues, Poverty, Rule of Law, Uncategorized, Wealth

Watch “John Stossel – Influence of Milton Friedman” on YouTube

Milton Friedman’s core message was that personal freedom and economic freedom go hand in hand.

Pursuing life, liberty & happiness must be accomplished by individuals, and can’t be granted to us by bureaucrats or gov’t programs.

Milton Friedman understood this and trumpeted this message throughout his life.