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Economic Freedom, Entrepreneurship, & Prosperity

Economic Freedom, Entrepreneurship, & Prosperity. Russell S. Sobel, Ph.D. Visiting Scholar in Entrepreneurship School of Business Administration The Citadel. What Explains Prosperity?. Adam Smith’s Question: Why Are Some Countries Rich and Others Poor?.

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Economic Freedom, Entrepreneurship, & Prosperity

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  1. Economic Freedom, Entrepreneurship, & Prosperity Russell S. Sobel, Ph.D. Visiting Scholar in Entrepreneurship School of Business Administration The Citadel

  2. What Explains Prosperity?

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

  6. Route 50

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

  8. A Quick Tour of The World As we go through these, ask yourself are these people entrepreneurial? Is it the people or the policies that are the problem?

  9. Map of Economic Freedom

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

  11. Zimbabwe (in Africa)

  12. Families in Zimbabwe (Africa)

  13. Families in Zimbabwe (Africa)

  14. Example 2 • A Country with LOW Economic Freedom

  15. Romania (in Europe)

  16. Families in Romania (Europe)

  17. Families in Romania (Europe)

  18. Families in Romania (Europe)

  19. Families in Romania (Europe)

  20. Families in Romania (Europe)

  21. Families in Romania (Europe)

  22. Example 3 • A Country with MEDIUM Economic Freedom

  23. India (in Asia)

  24. Families in India

  25. Families in India

  26. Example 4 • Another Country with Medium Economic Freedom

  27. Mexico (in North America)

  28. Families in Mexico

  29. Families in Mexico

  30. Example 5 • A Country with HIGH Economic Freedom

  31. Hong Kong (in Asia)

  32. Families in Hong Kong

  33. Families in Hong Kong

  34. Families in Hong Kong

  35. Example 6 • Another Country with HIGH Economic Freedom

  36. United States (in North America)

  37. United States (in North America)

  38. 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

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

  40. And They are Better: Our Showers

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

  42. Our Phones

  43. Our Entertainment

  44. Our Science

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

  46. Our Video Games

  47. From Pong to Rock Band

  48. Our Medicine U.S. Life Expectancy has risen from 48 in 1900 to 76 today

  49. Our Music

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