Seven Principles of Sound Public Policy

The general assumption that private property and free-market economies are superior to state ownership and central planning is no longer just an opinion; rather, it is now a settled truth for people who value reason, logic, facts, evidence, economics and experience.

The seven principles of sound public policy that I want to share with you are pillars of a free economy.

Lawrence W. Reed delivered this address in 2001. It still is worthy of consideration. For those who don't have the time or inclination to click through and read the whole thing, here is a synopsis:

The seven principles are: 

· Free people are not equal and equal people are not free.

· What belongs to you, you tend to take care of; what belongs to no one or everyone tends to fall into disrepair.

· Sound policy requires that we consider long-run effects and all people, not simply short-run effects and a few people.

· If you encourage something, you get more of it; if you discourage something, you get less of it.

· Nobody spends somebody else’s money as carefully as he spends his own.

· Government has nothing to give anybody except what it first takes from somebody, and a government that’s big enough to give you everything you want is big enough to take away everything you’ve got.

· Liberty makes all the difference in the world.