When government follows its basic guidelines of upholding the rule of law, protecting property rights, and holding a sound money policy, it sets the stage for economic growth. However, governments around the world often overstep these boundaries to tax, regulate, influence labor policy, influence trade policy, and attempt to steer economic growth. This interventionism weakens the foundation for economic growth and prosperity. Large government can create laws and regulations that favor certain parties, distorting a free market. It can be said the problem is not the abuse of power, it is the power to abuse. A limited government coupled with a free market will allow for greater economic growth.

Every person is responsible for their own healthcare. However, the recent trend has been to shift this responsibility to the state. This has lead to rising costs and inefficiency. Regulations and taxes stand in the way of the market bond between health insurance providers and consumers. Also, government forced over-coverage leads to overuse of healthcare services and a worse experience for all. Allowing the free market to work in the health sector would lead to lower prices and better service through competition. Healthcare is too important to let politicians decide your coverage; people should be allowed to pick their own efficient, low cost alternatives.

Climate control has become a major issue around the world as of late. Alarmist messages have been sent around the world about global warming, global climate change, and sometimes even global cooling. These overreactions lead to harmful government policies such as carbon credits or subsidies for inefficient energy sources. In turn, the regulation, taxation, and spending by government in the name of climate control damage the economy and endanger the prosperity of its citizens. There is much left to learn about the earth and its climate, and governments should not make any rash decisions in an attempt to control it while putting the people at risk. Let nature regulate itself.

Entrepreneurship is a key facet of the economy. Entrepreneurs lead businesses and drive innovation. Whether they run a small company or are part of a huge corporation, every entrepreneur contributes to the positive growth of an economy. It is vital to create an ideal economic environment for these businessmen and women to thrive and foster new ideas. Less regulatory burden and tax help shape this environment. Such policies should be promoted throughout the world.

Rule of Law is the basic rule of society where all individuals and entities are equally subject to the supremacy of the written law.  This term emerged from the Anglo-Saxon ‘common law’ tradition, which required even the sovereign to be subject to the law. The rule of law is comprised of two parts: the constitution of a state providing the basis of its laws, but also includes a judicial system and citizens' rights. You know in advance whether your action is legal or not, i.e. the operation of the judicial system is not arbitrary. Upholding this rule of law is necessary for a sound economy.