Meditations and Learnings

Meditations and Learnings

Institutions Matter

Institutions have the power to create incentives for entrepreneurs, investors, and savers to save and invest in physical and human capital and innovations. The most potent means of producing these incentives are property rights, political stability, honest government, a dependable legal system, and competitive and open markets. Ideas are the bedrock of progress, but they require an active scientific community and the freedom and incentive to act upon them. Unlike other resources, ideas are infinitely shareable.