Henry Hazlitt, the author of Economics in One Lesson, once said that good ideas must be relearned every generation. This sentiment holds true today as we navigate the complexities of our modern world. We are constantly contending for the values of the Enlightenment—life, liberty, equality, and the resulting prosperity. Contrary to popular belief, our prosperity is not owed to exploitation but rather to liberty. A flourishing future for all requires the extension of Adam Smith’s “liberal plan of equality, liberty, and justice” to a broader audience. It is evident that people thrive when given freedom, and history has shown that when people have the liberty to innovate and create, they have the potential to make themselves—and others—very rich.
The Difference in Prosperity
Our world today is vastly different from that of our ancestors, and our lives are incomparably better in almost every way. While it is true that at times we may misuse our liberty and prosperity, overall, we have done a commendable job of utilizing our resources in a way that sustains a growing population with rising living standards. As highlighted in the book “Leave Me Alone and I’ll Make You Rich: How the Bourgeois Deal Enriched the World,” our prosperity stems from embracing the Bourgeois Deal: granting liberty and dignity to innovators and entrepreneurs who seek to try new things. By allowing these individuals the freedom to pursue their ideas, we have seen unprecedented economic growth, with the majority of the value of innovation benefiting consumers.
The Great Enrichment
The Great Enrichment, which began in the mid-eighteenth century, marked a significant turning point in human history. It led to a substantial increase in population, longer life expectancies, higher standards of living, and greater human potential for well-lived lives. This transformation was made possible by the embrace of innovation and the unleashing of the human mind as the ultimate resource. By allowing individuals the freedom to create and innovate, we have witnessed remarkable advancements and improvements across various sectors, leading to a more interconnected, civilized, and healthy society.
Dispelling Myths of Economic Growth
There is a growing misconception that modern economic growth can be attributed to a legacy of Slavery, Imperialism, Colonialism, and Knavery (S.I.C.K.). However, historical data and analysis do not support this claim. Slavery, imperialism, and colonialism were not the driving forces behind industrialization and economic prosperity. In fact, these practices have been detrimental to overall societal well-being and have hindered progress rather than facilitated it. It is essential to recognize that knavery and exploitation are curses, not blessings, and that true prosperity comes from embracing liberty and free markets.
Solving Problems in Free Markets
In free markets, people have demonstrated remarkable resourcefulness in solving complex problems across various sectors. From food and water to healthcare and education, allowing individuals the freedom to innovate and create has led to more efficient and effective solutions. By trusting in the power of the marketplace and leaving people to make their own choices, we can unlock the full potential of human ingenuity and drive economic growth.
Embracing the Bourgeois Deal
The key to continued prosperity lies in embracing the Bourgeois Deal—granting economic liberty and social dignity to entrepreneurs and innovators. By leaving individuals alone to pursue their ideas and innovations, we can harness the full potential of human creativity and drive progress for all. While challenges may arise, the benefits of a free market economy far outweigh the drawbacks, and by trusting in the power of individuals to create, we can build a more prosperous and equitable future.
In conclusion, the path to prosperity lies in upholding the values of liberty, equality, and justice. By embracing the principles of the Bourgeois Deal and allowing individuals the freedom to innovate and create, we can continue to enrich our world and build a brighter future for all. It is through the power of free markets and the ingenuity of individuals that we can truly make ourselves—and others—rich.
