Seven major sources of economic progress
The foundation for economic progress is a legal system that protects privately owned property and enforces contracts in an evenhanded manner.
Competition promotes the efficient use of resources and provides a continuous stimulus for innovative improvements.
Limits on government regulation:
Regulatory policies that reduce trade also retard economic progress.
An efficient capital market:
To realize its potential, a nation must have a mechanism that channels capital into
A stable monetary policy is essential for the control of inflation, efficient allocation of investment, and achievement of economic stability.
Low tax rates:
People will produce more when they are permitted to keep more of what they earn.
A nation progresses by selling goods and services that it can produce at a relatively low cost and buying those that would be costly to produce domestically.
Source: Common Sense Economics Book