I believe there has never existed a country that has followed a pure free market theory as espoused by the Austrian school of economic thought. So there is no way to know if the theory is just idealistic and will fall apart in the real world.
So here is my proposal. Just like the Mormons settled in utah, it would be interesting to see a few states that are formed with their economic thought as part of the state constitution (if there is such a thing). The other economic thoughts would be the progressives, keynesians etc. And say in 10 years time we will know which system fares better.
Thursday, October 30, 2008
Friday, October 10, 2008
Iceland: most developed country in 2007, bankrupt in 2008
I just came across http://en.wikipedia.org/wiki/Iceland on Iceland. Apparently Iceland was ranked the most developed country in 2007. In 2008, Iceland also happens to be be the first country to be victim to the global credit crisis and declare bankruptcy. One wonders what measures were used to rank Iceland?
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