Next time your liberal friends start beaming with pride about how economic policies promoted by "geniuses" like Paul Krugman, Robert Reich, and the Obama administration are saving the economy, simply show them the graph below. This graph was created by myself using data from the Index of Economic Freedom. (http://www.heritage.org/index/default) It's definitive proof that neoliberal, free market based economic policies (which stem from neoclassical and Austrian economics) create prosperity while economic policies that restrict freedom produce stagnation and poverty.
http://imageshack.us/f/109/economicfreedom.jpg/
The first graph shows the Index of Economic Freedom ranking of nearly 200 countries in the world plotted against their GDPs per Capita. Each dot on the graph represents a single country's Index of Economic Freedom ranking on the horizontal axis and their GDP per Capita on the vertical axis. The next four graphs break it down by each continent. Countries with high economic freedom have the most free market oriented economic policies and are ranked with a score close to 100, while the countries that are the most economically oppressed are ranked close to 0.
What are the characteristics of the most free countries? They have little to no deficits and national debt, the smallest governments, the lowest taxation, few and efficient business regulations, zero trade barriers, and the least labor regulations like minimum wages. In other words, these are the countries where the government gets the hell out of everyone else's business and does not interfere with the economy. These countries, not coincidentally, are also the most prosperous countries in the world.
The graphs show that the countries with the most economic freedom have the highest GDPs per Capita in the world and the relationship between the two are very strong. Previously, I looked at only the top few countries on each continent that had the highest GDP per Capitas and discovered that they almost unanimously had the highest economic freedom rankings in their regions. The graphs above however demonstrate that this relationship is true for all countries in the world, and that it is not simply a fluke that the most economically free countries are the most prosperous. Liberal economists like Krugman and the morons whispering into Obama's ear have no leg to stand on in the face of hard data like this. I welcome you to share this with everyone that you know.
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