Economic Freedom, Entrepreneurship & Prosperity
Economic growth is not related to resources, location, democracy. for example South America has lot of sources but they still have low economic growth. North Korea is located between China and Japan like South Korea, but North Korea is too much low GDP than South Korea. The economic growth is a direct proportion to economic freedom. Economic freedom is embodied in the rule of low, property rights, compete in markets. For example, 50 years ago, Hong Kong was most poor country like African country, but after open free markets, Hong Kong has become one of wealthy country in the world.
In the United States compare to 1950 and present, there are many things that have been changed. No one use record player anymore, because we have much better and cheaper players like ipod. Recently, about 80% of population are using heating and air condition at home and each one has personal bathroom. Most States’ GDP are 3 time higher that 50 year ago. But West Virginia did not grow that much. They have good education system and plenty of resources but companies. They have few scientists and engineers in WV. Technology is important to grow economy. There are too many lobbyists and lawyers in West Virginia and also many restriction to run business for companies.
I believe economic growth is relate to economic freedom and technology. Government should relax restrictions and support private companies. Therefore, unemployment rate will decrease and economic efficiency will increase. Consequently, economic freedom is most important factor to grow economy.