Quote of the Day

All of us in the world should recognize that we have the same inalienable rights to life, liberty, and the pursuit of happiness that we recognize in our own society. We should promote those ideals. And that means a big change in thinking about how development happens. Greater political freedom in Asia – in Taiwan and South Korea – has been associated with rapid economic growth. The level of freedom determines the level of prosperity. There’s a lot of misunderstanding on both the left and the right about markets. The right has the conception that markets just mean firms can do unlimited things, often with support from the government in power. The left fears that result as a bad thing. I’m talking about the creative destruction that allows new firms to emerge. What markets do is penalize firms that don’t satisfy consumers. In the long run, for most societies, the evidence shows that democracy and prosperity go together.

William Easterly.

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