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Economic Freedom, Entrepreneurship, & Prosperity

Economic Freedom, Entrepreneurship, & Prosperity. Russell S. Sobel, Ph.D. What Explains Prosperity?. Is it Resources? Location? Democracy? Or ……. Adam Smith’s Question: Why Are Some Countries Rich and Others Poor?. An Inquiry into the Nature and Causes of the Wealth of Nations (1776).

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Economic Freedom, Entrepreneurship, & Prosperity

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  1. Economic Freedom, Entrepreneurship, & Prosperity Russell S. Sobel, Ph.D.

  2. What Explains Prosperity? Is it Resources? Location? Democracy? Or ……

  3. Adam Smith’s Question:Why Are Some Countries Rich and Others Poor? An Inquiry into the Nature and Causes of the Wealth of Nations (1776) • Policies and the system of economic organization (e.g., capitalism) matter more than things such as resources, geography, education, democracy, etc.

  4. Rankings of Reliance on Capitalism

  5. Economic Freedom Economic Freedom means that people are free to trade with others, compete in markets, buy what they want, earn a living in a job they choose, keep what they earn, and own things privately.

  6. Growth is a function of “inputs” AND “institutions” Spending to increase “inputs” won’t work unless the “oven” is turned on

  7. Route 50

  8. 2 3 Wise use of Tax Money? 1

  9. North Korea vs. South Korea Per Capita Income = $1,800 Per Capita Income = $24,200

  10. A Quick Tour of The World

  11. Map of Economic Freedom

  12. Example 1 • A Country with VERY LOW Economic Freedom

  13. Zimbabwe (in Africa)

  14. Families in Zimbabwe (Africa)

  15. Families in Zimbabwe (Africa)

  16. Example 2 • A Country with LOW Economic Freedom

  17. Romania (in Europe)

  18. Families in Romania (Europe)

  19. Families in Romania (Europe)

  20. Families in Romania (Europe)

  21. Families in Romania (Europe)

  22. Families in Romania (Europe)

  23. Families in Romania (Europe)

  24. Families in Romania (Europe)

  25. Families in Romania (Europe)

  26. Families in Romania (Europe)

  27. Example 3 • A Country with MEDIUM Economic Freedom

  28. India (in Asia)

  29. Families in India

  30. Families in India

  31. Example 4 • Another Country with Medium Economic Freedom

  32. Mexico (in North America)

  33. Families in Mexico

  34. Families in Mexico

  35. Example 5 • A Country with HIGH Economic Freedom

  36. Hong Kong (in Asia)

  37. Families in Hong Kong

  38. Families in Hong Kong

  39. Families in Hong Kong

  40. Example 6 • Another Country with HIGH Economic Freedom

  41. United States (in North America)

  42. United States (in North America)

  43. The Role of the Entrepreneur • Decentralized entrepreneurship is one main reason why capitalism works to generate progress and prosperity • Entrepreneurs keep inventing new things that improve our way of life

  44. Percent of homes with Heating & Air Conditioning 1956 = 6% 1996 = 81% Percent of homes with only one bathroom 1956 = 71% 1996 = 9% Our Homes

  45. And They are Better: Our Showers

  46. Our Cars • We now have DVD players, Air Conditioning, Anti-lock Brakes, Power windows

  47. Our Phones

  48. Our Entertainment

  49. Our Science

  50. Our Computers MacBook Air Least expensive-11-inch, 64GB, $999.00 Most expensive- 13-inch, 256GB, $1,599.00

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