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Richard Vedder

Both the historical experience of the United States and more contemporary evidence suggest that economic freedom tends to promote entrepreneurship, which, in turn, promotes innovation, capital formation, and the expansion of incomes and outputs. While the evidence is not perfect, the preponderance of evidence suggests that economic freedom breeds entrepreneurship which, in turn, fosters the growth of incomes, wealth and material welfare. The evidence presented in this article suggests that removing barriers to freedom such as trade barriers, labor market regulations, high taxes, limits on currency conversions, etc., will promote entrepreneurship, an unleashing of human economic potential, and better material lives for citizens, both entrepreneurial and non-entrepreneurial.