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The Concept of Economic Freedom

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The Concept of Economic Freedom Freedom and Prosperity in Tennessee Edited by: J.R. Clark THE UNIVERSITY OF TENNESSEE AT CHATTANOOGA Associate Editors: Russell S. Sobel THE CITADEL Joshua C. Hall BELOIT COLLEGE Copyright ©2012 by The Scott L. Probasco Jr. Chair of Free Enterprise www.utc.edu/Research/ProbascoChair/ All rights reserved. Freedom and Prosperity in Tennessee / J.R. Clark, Editor Includes bibliographic references. ISBN-10: 0-615-70357-7 ISBN-13: 978-0-615-70357-2 The Scott L. Probasco Jr. Chair of Free Enterprise was established by an initial bequest from the estate of Mr. Burkett Miller in 1977 to help citizens understand the principles that form the foundation of the American economic system. The chair’s mission is to develop, through the educational field, the type of political, social, and economic environment that will per- mit private enterprise to achieve its proper perspective in American economic life. Cover design by Cari E. O’Neal Printed and bound in the United States. TABLE OF CONTENTS PREFACE by J.R. Clark .......................................................................................... v PART I—GOVERNMENT AND ECONOMIC GROWTH IN TENNESSEE CHAPTER 1 THE CASE FOR GROWTH by Russell S. Sobel, J.R. Clark, and Susane J. Leguizamon ................. 1 CHAPTER 2 THE SOURCES OF ECONOMIC GROWTH by Russell S. Sobel, J.R. Clark, and Joshua C. Hall ........................... 17 CHAPTER 3 WHY CAPITALISM WORKS by Russell S. Sobel, J.R. Clark, and Peter T. Leeson ........................... 47 PART II—POLICY REFORMS IN TENNESSEE TO PRODUCE ECONOMIC GROWTH CHAPTER 4 WHEN IT COMES TO TAXES IN TENNESSEE: FOCUS ON COMPETITIVE ADVANTAGE by Joshua C. Hall and Adam J. Hoffer ................................................ 69 CHAPTER 5 SPECIFIC TAX AND SUBSIDY REFORMS TO PROMOTE ECONOMIC PROGRESS IN TENNESSEE by Art Carden and Joshua C. Hall ...................................................... 87 CHAPTER 6 MAKING PROPERTY RIGHTS MORE SECURE IN TENNESSEE: LIMITING DISCRETIONARY POWERS OF EMINENT DOMAIN by Edward J. López .............................................................................. 99 CHAPTER 7 REDUCE LABOR RESTRICTIONS: FROM RIGHT-TO-WORK TO SCHOOL CHOICE by Joshua C. Hall, Ashley S. Harrison, Nathan J. Ashby, and Susan S. Douglass ....................................................................... 117 CHAPTER 8 REGULATORY REFORMS AND PROSPECTS FOR GROWTH by Art Carden ..................................................................................... 139 CHAPTER 9 EDUCATION REFORM IN TENNESSEE: SPENDING MONEY ON WHAT MATTERS by Joshua C. Hall and Ashley S. Harrison ........................................ 155 CHAPTER 10 WELFARE REFORM AND INCENTIVES TO WORK IN TENNESSEE by Art Carden ..................................................................................... 173 CHAPTER 11 GAMBLING ON LOTTERIES AND CASINOS IN TENNESSEE by Douglas M. Walker ....................................................................... 189 iii iv FREEDOM AND PROSPERITY IN TENNESSEE CHAPTER 12 COURT REFORM: “COMPETITION IN THE COURTROOM” by Art Carden and Justin Owen .........................................................209 CHAPTER 13 LEGAL REFORM: SPECIFIC CHANGES TO FOSTER ECONOMIC GROWTH by Justin Owen ...................................................................................223 CHAPTER 14 CONSTITUTIONALLY CONSTRAIN GOVERNMENT TO PROMOTE FREEDOM AND PROSPERITY by George Crowley and Daniel Sutter ...............................................237 SUMMARY OF CHAPTER CONCLUSIONS ...............................................................................261 ABOUT THE AUTHORS ...........................................................................................................269 PREFACE Tennessee is blessed with vast natural resources, a valuable strategic location, and a strong economic infrastructure. Yet it lags behind its neighboring states in many critical areas of economic growth and prosperity. The average citizen in Tennessee’s 42 border counties receives $1,175.87 less income per year than the average citizen in the 52 counties on the other side of the Tennessee state line. Surprisingly, the income difference is largest for Alabama with their border county citizens earning $5,747.96 more each year, but even citizens in North Carolina’s border counties earn $723.47 more per year than their Tennessee neighbors. Most of these counties have highly similar demographics and geography as their counterparts in Tennessee, but significantly better functioning state policy. From the Great Depression in 1929 until 1981, Tennessee was among the poorest states in the union ranking between 42nd to 47th to 44th in per capita income. Beginning in 1981, a progressive 15 year trend of modest taxation, deregulation, decentralization, and privatization propelled the state economy from 44th to 31st among the 50 states in personal income. Tennessee’s Per Capita Income Ranking 1929 1939 1949 1959 1969 1979 1989 1999 25 30 31 32 33 33 34 34 35 35 36 38 39 40 40 40 40 40 40 39 40 41 41 41 41 41 41 41 41 41 42 43 4343 43 43 43 Tennessee Ranking Tennessee 42 42 42 44 42 43 45 45 45 44 44 44 44 45 45 46 46 46 47 50 Source: Bureau of Economic Analysis (2012), see reference list at end of Chapter 1 for full citation. v vi FREEDOM AND PROSPERITY IN TENNESSEE Unfortunately, since 1995, a 15 year trend of expanding government, higher taxes, and greater regulation has pushed Tennessee to rank 39th in income and returned the state to the relative position it held after the Great Depression. The figure, Tennessee’s Per Capita Income Ranking, shows Tennessee’s ranking throughout the entire history for which average income data are available. As the figure illustrates, the current situation is the result of long- term, sustained problems in Tennessee policies, primarily over the last 15 years. The most frequently asked question of almost any economist is what can be done to improve the economy? This study addresses that question directly and specifically as it applies to the state of Tennessee. It identifies the State’s most critical economic issues and the public policy behind them. It examines those issues with objective economic research and provides comprehensive policy prescriptions to accelerate prosperity in Tennessee. Fifteen distinguished scholars, mostly economists, from across the nation lent their expertise to this volume, but all chapters relate specifically to Tennessee. Although the analysis and policy prescriptions, by their very nature, must be complex, the research is presented in a style and level easily readable by the average citizen. Three introductory chapters provide the background in basic economic principles necessary to understand why the reforms proposed in the final eleven chapters are critical to prosperity in Tennessee. The chapters in this book were all written independently and deal with different areas of state policy while addressing a broad spectrum of economics issues and regulatory reform. However, each issue tests a common hypothesis: “Is making Tennessee state policy more consistent with economic freedom the best way to improve the well-being of Tennesseans?” Widely published academic research clearly indicates that greater economic freedom increases capital formation, labor productivity, and wages, and reduces resources wasted on political and legal plunder. The authors based their research on science, not politics. The issues addressed in the project were chosen without regard to any particular political party, legislation, or the political feasibility of proposed reform. The authors developed suggested policy reforms in Tennessee from their analysis of documented, publicly available facts and extensive references to the published academic literature. We believe that readers of this research will gain a better understanding of capitalism’s potential to generate long-run economic prosperity in Tennessee, and the policy reforms that could achieve it. The primary goal is to provide scholarly, academic research that can inform citizens about state policy decisions and open a much needed dialogue on growth- oriented policy reform in Tennessee. Beyond that basic dialogue, and as scholars, we do not seek to influence any party, legislator, particular piece of legislation, or the electorate, in any particular fashion. The opinions expressed, if any, by the individual authors are their own and do not necessarily represent those of the group, their universities, or employers. ACKNOWLEDGEMENT We wish to acknowledge the generous financial support for this research from the Charles G. Koch Charitable Foundation, General B.B. Bell, Mr. Harry Fields, Mr. Brice Holland, Mr. Tony Vest, Mr. Rudy Waldorf, and The Beacon Center of Tennessee. Many other individuals contributed considerable time and professional talent to produce a quality published product including Joshua C. Hall as production editor; Evgeny Vorotnikov for discussions of Chapter 8; Sarah Estelle, Scott Cunningham, and J. Sebastian Leguizamon for discussions of Chapters PREFACE vii 10; James Bailey, Huiru Chen, Julia Clapper, George Ryan Connor, Suzanne East, Cuyler Hines, and Rachel Smith for providing research assistance for Chapters 8, 10, and 12; Susan S. Douglass and Ashley S. Harrison for econometric modeling and analysis, proofreading, and editing; Cari E. O’Neal for cover design, chapter art design, and proofreading; and Sherian B. Carmichael, Christine Estoye, and Sara Gard for proofreading. Without their efforts and talents, the completion
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