Description

This volume of original research contains specific policy reform proposals for promoting prosperity in West Virginia. The authors present the case for why state policy should focus more heavily on promoting long-run economic growth. The authors review the scientific evidence on which policies best promote growth and conclude that a policy climate consistent with capitalism, or 'economic freedom, ' is the best way to accomplish growth and higher living standards. These policies work because they result in increased capital formation, higher labor productivity, and reduced levels of wasteful rent-seeking and lobbying activity. This volume concludes with a set of specific growth-oriented policy reforms that address the broad spectrum from tax policy to legal reform to the security of private property rights. We hope that readers of this volume will come away with a better understanding of capitalism's true potential to generate long-run economic progress.