As part of my recent presentation to IES Europe, here’s what I said (and what I’ve saidmany times before) about the relationship between economic policy and national prosperity.
My remarks focused in part on the difference between absolute economic liberty and relative economic liberty.
- The absolute level of economic liberty is the degree to which a nation relies on markets or statism (see, for instance, the Fraser Institute’s Economic Freedom of the World).
- The relative level of economic liberty is a measure of whether one country is more market-oriented than another country (basically a measure of national competitiveness).
Understanding these two concepts explains why it is possible to criticize nations in North America and Western Europe for having too much government while also recognizing that those same nations tend to have better policies than most countries in other parts of the world.
An obvious example is…
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Utopia, you are standing in it! 
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