The latest issue of the World Economic Forum’s Global Competitiveness Report contains some rather damning information about government incompetence in the United States.
America ranks only 68th in the “Wastefulness of Government Spending” category (page 373) and 49th in the “Burden of Government Regulation” category (page 374).
Singapore, by contrast, ranks first in both of those categories. So is anyone surprised, then, by this chart showing that Singapore’s economy grew rapidly between 1950 and 2008?
Indeed, the World Bank’s 2010 data shows that Singapore has surpassed the United Stated, with per-capita GDP of $54,700 compared to $47,020 in America.
But the point of this post isn’t to decide whether Singapore is richer than the United States. Instead, the moral of the story is that small government and free markets are a recipe for strong growth and rising levels of prosperity.
By the way, the Global Competitiveness Report relies on survey data to prepare its rankings, so I’m a bit skeptical of the findings. American politicians are experts at wasting money and imposing senseless red tape, to be sure, but is America really worse than Ghana and Azerbaijan?
That being said, perceptions are important. And since the overall burden of government has rapidly climbed during the Bush-Obama years, low scores of some kind are deserved.
[…] the WEF used to publish a Global Competitiveness Report that I often favorably cited (2009, 2010, 2011, 2012, 2016, 2018), even though it was not as methodologically sound as Fraser’s Economic […]
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[…] & 2008 during Bush’s so called “Great Recession.” The United States then fell to 5th place last year, in part because of horrible scores for “Wastefulness of Government Spending” (68th place) and […]
[…] U.S. then fell to 5th place last year, in part because of horrible scores for “Wastefulness of Government Spending” (68th place) and […]
Once again, the assertion is made that the government can siphon money from efficient business with no effect, and that growth in small government countries is merely an artifact of something else.
Correlation is not causation. I would be rather happy with some similar correlation just now.
Dan, I would think that 1st in Wasteful Government Spending and 1st in Burden of Government Regulation would be a bad thing, don’t you (or the Global Competitivenes people) really mean that Indonesia was last in both these catagories. Perhaps the rankings should be reversed or better names found for these categories (e.g. Least Wasteful Government Spending and Least Burdensome Government Regulation).
I think Dennis needs to study up a bit on the difference between correlation and causation.
A similar analysis of recovery rates from the 1990-91 recession correlated growth rates by state with abortion rates and showed even more dramatic differences. By 1994, states with low abortion rates were 16 points ahead of states with high abortion rates, while those with average abortion rates were 10 points ahead of states with high abortion rates. I did the analysis in 1996 as part of my research into the economic impact of abortion. By the way, the high abortion rate states by 1994 were still 2 points below where they were when the recession began. When you realize that abortion has taken nearly 55 million lives since 1967 — roughly 30% of the entire generation under 45 — you can understand why it has to be a huge economic drag and a major factor in reducing demand. What happened to the youth market? I’m afraid we killed it.
http://www.movementforabetteramerica.org/economicimpact.html
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[…] wonder that even the pro-establishment crowd at the World Economic Forum ranks the United States as only 49th in the world when measuring “burden of government regulation.” LD_AddCustomAttr("AdOpt", "1"); […]
[…] Have you ever tried to run in waist-high water? It’s not easy, but it’s a useful exercise if you want to experience what it’s like to comply with government rules, regulation, paperwork, and red tape. Especially if you want to understand why it’s getting harder for American companies to compete against firms from other nations. […]
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