Principles of Political Economy
|1. Political and economic activity are
motivated primarily by perceived self-interest.
2. Immediate self-interest is more powerful than deferred self-interest unless one believes that the benefits of deferred self-interest will be equitably distributed.
3. Therefore just laws, strictly and equitably applied by a legitimate authority, are required if deferred self-interest is generally to prevail.
4. Productive activity in pursuit of deferred self-interest is the source of wealth.
5. The following conditions stimulate such productive activity: just laws equitably applied; individual rights and freedoms; security of property and person; political and economic stability; education; equitable distribution of opportunity; equitable distribution of wealth; developed infrastructure for production, transportation, and communication; available credit; a stable currency.
6. Neither a pure market economy nor a State-controlled economy is conducive to the development and maintenance of these conditions.
7. The proper balance of State intervention and market control is measured economically but determined politically.
8. While temporary restraints on trade may be beneficial, in general the freer the movement of goods, services, and investment, the greater the stimulation of productive activity, and therefore the greater the wealth.
9. The productive activity of each contributes to the wealth of all. This is as true of nations within the world economy as it is of individuals within a national economy.
10. The globalization of political and economic activity will increase global wealth only to the extent that the conditions listed in (5) above prevail globally.
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