#24 – Economics of Progress and Poverty

In this podcast, Virgil goes into detail about the economics of progress in our society and how certain well-intentioned counterproductive economic policies that hurt those who are impoverished more than help. The desire to help the poor isn't enough for things to change in a meaningful way. We need a society that encourages and incentivizes the right behavior in a market in order for growth. The focus of this episode is to review the incentive structure that discourages an individual's ability to help themselves and others escape the cycle of poverty. The episode also spotlights how economic freedom, private property rights, and the rule of law increases a state's ability for economic progress. This prosperity has an overall effect that increases the standard of living and promotes human flourishing. Individuals flourish when their lives have meaning and purpose. Economic freedom is one of the main catalysts for this flourishing in us all, especially those who are struggling to make ends meet.