Economic Freedom Linked To Economic Recovery

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The slow recovery of the US economy since the 2008 recession has been the subject of extensive debate. The essays included in a new publication, What America’s Decline in Economic Freedom Means for Entrepreneurship and Prosperity, offer a cohesive analytic resource on the challenges of economic recovery and what can be done to nurture change.

Published by the Fraser Institute and the Mercatus Center at George Mason University, funded by a grant from the John Templeton Foundation, the book analyzes the reasons the US ranks 12th for economic freedom, tied with the United Kingdom. The book, edited by Donald J. Boudreaux, was launched at the US Capitol on June 11, with contributors briefing congressional staff on its findings.

One of the several issues included is property rights. Liya Palagashvili, author of a chapter on entrepreneurship and institutions, notes that there has been a decline in property rights in the US accompanied by an increase in bureaucratic costs on businesses. The burden of federal government debt was also discussed at the Capitol gathering, with calls for an amendment that would balance the budget within 10 years.

“If we’re going to get our economy moving forward…we need to realize what makes this country great,” said Sen. Ron Johnson, R-Wis. “It’s not big government. We, as Americans, have got to demand our freedom back.”