More Lessons from History: How Obamanomics May Play Out

More Lessons from History: How Obamanomics May Play Out

The grand lesson of the 20th century is that Big Government retards economic progress.

The evidence of this lesson goes beyond the socialist countries and their dramatic economic failures. Several decades ago, as a young economist, I encountered repeated studies that showed a high correlation between two macroeconomic phenomena: The larger the government’s share of a country’s GDP, the slower the rate of economic growth tended to be. Conversely, economic growth flourished where government was relatively small.

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