According to Prof. Jacques Garello, there are five steps that are needed in order to obtain economic freedom: Size of government, legal structure and security of property rights, access to sound money, freedom to trade internationally, and regulations. He analyzes the strong correlation between economic freedom and economic growth, as well as education and health; he also mentions the relationship between financial freedom, per-capita income, increase amount of private investments and the increase of knowledge that are caused by an open economy. Prof. Garello emphasizes the importance of human capital by demonstrating that countries with limited natural resources, such as Japan and Korea, have a great amount of wealth due to the amount of human capital; after all, the ideal economy is the one in which the most amount of wealth is created with the least amount of resources.
Economic Freedom and Development: Why the Statistical Correlation? Professor Jacques Garello
Friedrich A. Hayek Auditorium Universidad Francisco Marroquín Guatemala, November 4, 2004
A New Media - UFM production. Guatemala, November 2004 Camera and digital editing: Jorge Samayoa, index: Joseph Cole, GML: Pedro David España
This work is licensed under a Creative Commons 3.0 License Este trabajo ha sido registrado con una licencia Creative Commons 3.0
Jacques Garello is professor of economics at the Université Aix-Marseille III, France and president of Génération Libérale. He founded and presides the Institute for Economic Studies, Europe and is also president of the Association of Economic Freedom and Social Progress. He received the Melvin Jones Fellow recognition and has published Lettre ouverte à nos dirigeants (Letter to our leaders) and Programme pour un Président (Program for our President).