Unleashing Capitalism

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Unleashing Capitalism. Russell S. Sobel, Ph.D. Over 5,000 copies sold Over 200 public presentations Presentations to 2 Governors Won Sir Antony Fisher Award. What Explains Prosperity?. Adam Smith’s Question: Why Are Some Countries Rich and Others Poor?. - PowerPoint PPT Presentation

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  • Unleashing CapitalismRussell S. Sobel, Ph.D.

  • Over 5,000 copies sold

    Over 200 public presentations

    Presentations to 2 Governors

    Won Sir Antony Fisher Award

  • What Explains Prosperity?

  • Adam Smiths Question:Why Are Some Countries Rich and Others Poor?An Inquiry into the Nature and Causes of the Wealth of Nations (1776)Policies and the system of economic organization (e.g., capitalism) matter more than things such as resources, geography, education, etc.

  • Rankings of Reliance on Capitalism

  • Economic Growth is a Function of Both Inputs and Institutions

  • Examples:Skilled Labor ForceTechnology & InfrastructureResource AvailabilityFinancing for New Businesses

    Economic Outcomes

    Examples:Wage and Income GrowthNew Business FormationJobs CreatedPatents IssuedGoods and Services

    Source: Hall and Sobel (2006).

    Rules of the Game (Govt. Policy)

  • Route 50

  • Wise use of Tax Money?

  • North Korea vs. South KoreaPer Capita Income = $1,800Per Capita Income = $24,200

  • We are less free market than Estonia and LatviaWest Virginia Ranks 50th in CapitalismStates also Differ in Reliance on Capitalism

  • WVs PCPI: Rank 48th 75% of U.S. Average

  • We Are Falling Behind Other States

  • 1965 PCPI Ranks: WV=42, GA=41, NC=45

    Chart3

    133610

    13900.40

    13193.60

    1965

    2005

    Per Capita Income

    Figure 1.3: State Growth Comparisons

    Sheet1

    Figure 1.1Figure 1.2

    WVWV1.4WV1.9WV2.4

    Historical1.4% Growth1.9% Growth2.4% GrowthWest VirginiaGeorgiaNorth CarolinaNow using this instead of the 1.6 over to the left, and not using the college one

    19251965$13,361$13,900$13,194

    19262005$0$0$02005 dollarsFigure 1.5

    1927Hong KongJapanArgentinaVenezuelaUnited StatesHealth Care Quality RankLife Expectancy RankFigure 1.6I might not use this one!

    19281960$3,757$4,939$7,460$10,597$14,971AlpStateAbbCT4344DivorceViolent CrimeFigure 1.7

    19295242.26315789472002$32,800$27,204$9,338$9,502$33,4477ConnecticutCT47519MA4542CT2.92.86College Graduate

    19304759.7065868264Growth Rate5.29%4.15%0.54%-0.26%1.93%31New JerseyNJ43822NH4945MA2.24.58CT34.5

    19314548.434210526322MassachusettsMA43702NJ3229NH31.67MA37.6

    19323649.40145985421MarylandMD41996NY2833NJ33.55NH34.1

    19333875.953846153833New YorkNY40072NY3.14.41NJ33.4

    19344547.283582089630New HampshireNH37835AK57NY29.6

    19354804.09489051147VirginiaVA37552LA12AR4.74.99AR17.4

    19365465.58992805766ColoradoCO37459MS21LA4.66.38LA22.3

    19375669.12524MinnesotaMN37322NM1326MS3.92.95MS19.3

    19385111.042553191551WyomingWY37270WV86NM6.36.87NM23.7

    19395451.53956834538DelawareDE37084WV4.52.71WV15.3

    19405677.655CaliforniaCA36890

    1941660314IllinoisIL36264Avg. Top 541.435Avg Top 533.6Divorce RateViolent Crime RateHS Grad %

    19427332.73619631929NevadaNV35780Avg. Bottom 55.86.4Avg. Top 52.843.41Avg Bottom 519.6all

    19438342.58381502892AlaskaAK35433Avg. Bottom 54.84.78DivorceViolent CrimeHS Education

    19449099.204545454548WashingtonWA35234High Income States2.84

    19459634.840Rhode IslandRI35219Low Income States4.8

    19469234.184615384639PennsylvaniaPA34848

    19479003.06726457412HawaiiHI34468High Income States3.41

    19488954.626556016610FloridaFL34099Low Income States4.78

    19498320.764705882450WisconsinWI33251

    19508500.817427385928NebraskaNE32988High Income States87.9

    19518841.080769230817KansasKS32948Low Income States80.9

    19529145.935849056623MichiganMI32735

    19539289.550561797846VermontVT32731

    19548850.211895910842South DakotaSD32642

    19559560.955223880644TexasTX32604

    195610569.176470588238OregonOR32174

    195711043.832740213536OhioOH31867

    195810697.574394463716IowaIA31795

    195910905.927835051526MissouriMO31299

    196010906.449324324335North DakotaND31230

    196111077.886287625411GeorgiaGA31191

    196211575.728476821215IndianaIN31150

    196312005.205882352934North CarolinaNC31029

    196412625.243TennesseeTN30952

    19651336120MaineME30808

    196613851.83333333333ArizonaAZ30157

    196714308.356287425137OklahomaOK29908

    196814608.21551724141AlabamaAL29623

    196914836.414168937327MontanaMT28906

    197015644.134020618613IdahoID28398

    197116246.066666666718KentuckyKY28317

    197217161.169856459341South CarolinaSC28212

    197317638.581081081132New MexicoNM27912

    197417580.961460446245UtahUT27497

    197518059.80483271384ArkansasAR26641

    197618771.45342706549West VirginiaWV26029

    197719426.871287128725MississippiMS24925

    197819958.342024539919LouisianaLA24582

    197919828.5991735537

    198019240.8422330097

    198118964.9405940594

    198219022.0176165803

    198318851.5481927711

    198419563.8344562079

    198519776.8475836431

    198620299.795620438

    198720370.6839788732

    198820675.7159763314

    198921190.05

    199021656.3343534813

    199121645.0330396476

    199222428.1796151105

    199322365.5667820069

    199422658.4898785425

    199522717.0807086614

    199622959.2638623327

    199723415.3140186916

    199824233.9742331288

    199924299.962184874

    200024836.6707317073

    200125651.4584980237

    200226056.6459143969

    200325411.289673913

    200425807.7215457914

    200526029260292602926029

    200626393.40626523.55126653.696

    200726762.91368427027.49846927293.384704

    200827137.59447557627541.02093991127948.425936896

    200927517.520798234128064.300337769328619.1881593815

    201027902.766089409328597.522044186929306.0486752067

    201128293.404814661129140.874963026530009.3938434116

    201228689.512482066329694.55158732430729.6192956535

    201329091.165656815330258.748067483131467.1301587492

    201429498.441976010730833.664280765332222.3412825592

    201529911.420163674831419.503902099832995.6774733406

    201630330.180045966332016.474476239733787.5737327008

    201730754.802566609832624.787491288334598.4755022856

    201831185.369802542333244.658453622735428.8389143404

    201931621.964979777933876.306964241636279.1310482846

    202032064.672489494834519.956796562237149.8301934434

    202132513.577904347735175.835975696838041.4261180861

    202232968.767995008635844.176859235138954.4203449202

    202333430.330746938736525.216219560539889.3264331982

    202433898.355377395937219.195327732240846.670267595

    202534372.932352679437926.360038959141826.9903540173

    202634854.153405616938646.960879699342830.8381225137

    202735342.111553295639381.253136413643858.778237454

    202835836.901115041740129.496946005444911.3889151529

    202936338.617730652340891.957387979545989.2622491166

    203036847.358378881441668.904578351247093.0045430954

    203137363.221396185842460.613765339848223.2366521297

    203237886.306495732443267.365426881349380.5943317808

    203338416.714786672644089.44536999250565.7285957435

    203438954.54879368644927.144832021951779.3060820414

    203539499.912476797645780.760583830353022.0094280104

    203640052.911251472846650.59503492354294.5376542826

    203740613.652008993447536.956340586655597.6065579854

    203841182.243137119348440.158511057756931.949115377

    203941758.79454103949360.521522767858298.3158941461

    204042343.417664613650298.371431700459697.4754756056

    204142936.225511918251254.040488902761130.2148870201

    204243537.33266908552227.867258191962597.3400443086

    204344146.855326452253220.196736097564099.676205372

    204444764.911301022554231.380474083365638.068434301

    204545391.620059236855261.776703090967213.3820767242

    204646027.102740066256311.750460449668826.5032465656

    204746671.482178427157381.673719198270478.3393244831

    204847324.882928925158471.925519862972169.8194682707

    204947987.4312899359582.892104740373901.8951355092

    205048659.25532798960714.967054730475675.5406187615

    205149340.484902580961868.551428770377491.7535936117

    205250031.25169121763044.053905916979351.5556798584

    205350731.68921489464241.890930129381255.993016175

    205451441.932863902665462.486857801783206.1368485632

    205552162.119923997266706.274108185203.0841329288

    Sheet1

    Historical

    1.4% Growth

    1.9% Growth

    2.4% Growth

    Per Capita Income

    Figure 1.2: Which Future for West Virginia?

    Sheet2

    1965

    2005

    Per Capita Income

    Figure 1.3: State Growth Comparisons

    Sheet3

    2002

    1960

    Per Capita Income

    Figure 1.4: International Growth Comparisons

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    Figure 1.1: Average Income by State, 2005

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    50th

    1st

    High Income States

    Low Income States

    Health Care Quality Rank

    Life Expectancy Rank

    State Ranking

    Figure 1.5: Health Indicators by Income Level

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    High Income States

    Divorce

    Violent Crime

    Divorce/Crime Rate (per 1,000 pop.)

    Figure 1.6: Divorce and Crime by Income Levels

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