Monday, 1 September 2014

What creates wealth

Why are some countries rich and some countries poor?

Is it access to natural resources? Is it tax policy? A motivated work force? These are important, but not determinative. The answer is deceptively simple - it's what's in our heads: knowledge.
    Thus, the surest way to promote economic growth is to cultivate an environment that encourages the spread of knowledge.

Such an environment requires freedom, and intellectual property rights -- which is why the freest and most legally objective societies are the most prosperous. In five minutes, economist George Gilder explains why.

[Hat tip Dale Halling]

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