“Freedom and Economics”

Thoughts on a Free Market Economy…
“Freedom and Economics”
By Phyllis Hunsinger
January 1, 2018

Economics is about earning and spending money; using resources to satisfy needs and wants; growing businesses, savings accounts, interest rates, credit cards, taxes, insurance; and, economic policies that shape our country and other countries around the world.

So, what does freedom have to do with economics? Freedom is the star in the economics performance. To quote Adam Smith, author of “The Wealth of Nations:”
“…when you work, your goal is to earn money, but in the process you provide a valuable good or service that benefits others and society.
The amazing part of this process is that there is very little government control. The bread you buy at the store arrived as the result of hundreds of self-interested people cooperating without a government bread agency managing production at each step along the way. The farmer grew the grain, the mill prepared the flour, the bakery produced the bread, the truck driver delivered the bread to the grocery store, the grocer stocked the shelves and sold the loaf to the consumer all without a Government Secretary of Bread Production telling any of them what, where, when, or how much to produce.”

However worthy the legislators and administrative agencies deem them to be, government regulations, taxes, and fees do place
stumbling blocks to the economic engine. The best performing economy is one with the fewest onerous regulations, taxes, and fees. According to the Executive Summary by the National Association of Manufacturers, the annual cost burden for an average U.S. firm is $233,182 or 21% of an average payroll. These excessive costs must be passed on to the consumer; and often the consumer is then priced out of the market, no longer being able to afford the products. In this manner the economic engine is slowly ground to a halt.

In 2017 an effort was begun to reduce unnecessary and burdensome government regulations and reduce taxes at the federal level. If these efforts are continued, the economy will grow and prosper. Make no mistake; freedom is an integral part of a vibrant economy.

https://www.free-dom.co.us, Phyllis Hunsinger © 2013 All Rights Reserved

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