#instutions

New sanctions in place for Russia

David Cameron announces troops for ‘multinational force’

Young British muslims are being targeted

What is central to development, in this second way of seeing, are creativity (which itself cannot be engineered), consumer sovereignty (which is the only known means of reliably determining which outputs are truly worthwhile and which are not – and which requires freedom for both consumers and for producers), power-limiting institutions (such as – and most importantly – private property), and a culture that not only tolerates but celebrates innovation and material prosperity. Too much discussion of economic development proceeds as if governments can achieve development simply by mimicking the material outcomes of genuine economic development: people in rich countries have lots to eat, so let’s give people in poor countries more food; people in rich countries have lots of paved roads, so let’s give people in poor countries lots of paved road; people in rich countries do not allow their children to work in factories, so let’s insist that people in poor countries act similarly….