Personal experience, experiential knowledge is really how we know something
Walter Williams work in Africa bedrock ideas for better economic opportunity
- Freedom to Start a Business and Compete Against Others, easy access to markets
- Protection of Persons and Their Property, rule of law critical, rich & powerful gather more of the $$ at expense of populations
Greed better way to pursue economic prosperity can be easily corrupted, healthy balance
Not sola ratio, not sola fides, interplay between faith and reason
Benefits of Economic Freedom: Philosophical Goal of all is happiness
Poverty is better met with higher levels of economic freedom
Countries that are less free earn substantially less than those with higher freedoms
$6986 to $38601 most free income levels
$1629 to $9881 for those within poorest level 10%
Abundance versus scarcity mindset. Not just trying to get by and feed family but exercise greater autonomy.
Greater economic freedom, easier to save or start a business, thus not dependent on someone else for subsistence. Creates jobs among poorest sectors.
Economic freedom spurs literacy rates. Without fear of starvation and hunger, focus on learning is better met.
Most economic free countries, literacy is 93%. Least free is 65%. More limiting.
Life expectancy is 17 years greater than least economic free.
Higher incomes, better income, healthier and longer enriched life spans. Protects rights and freedoms in a politically free. If economically free can explore other freedoms and rights and can insist on them.
Question: If I feel my paycheck is dependent on certain behaviors will I challenge it? Mask wearing is a classic example. I have observed many people suffer health problems from the mask but continue to wear it for fear of being fired. This person is not economically free.
https://www.fraserinstitute.org/economic-freedom/map?geozone=world&page=map&year=2018 worldwide measure of economic freedom
Many people feel like they live paycheck to paycheck. Many people struggle is orchestrated, some by free choice.