Quotation of the Day…

by Don Boudreaux on April 21, 2023

in Growth, Standard of Living

… is from page 243 of my colleagues Virgil Storr’s and Ginny Choi’s superb 2019 book, Do Markets Corrupt Our Morals? (references and footnote deleted):

People in market societies are wealthier, healthier, happier, and better connected than people in nonmarket societies. Markets are positively correlated with economic growth. Measures of social capital are also higher in market societies than they are in nonmarket societies. Additionally, the benefits of markets do not only accrue to the most advantaged in these societies. Market societies have higher social mobility and lower income inequality than nonmarket societies. Other studies show that people in market societies have higher levels of subjective well-being and quality of life as measured by literacy and life expectancy. Limiting access to markets and restricting the range of markets are, thus, likely to be (materially and socially) costly.

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