Justin Taylor’s summary:
- Establish and maintain the rule of law.
- Focus the jurisdiction of government on maintaining the rule of law, and limit its jurisdiction over the economy and the institutions of civil society.
- Implement a formal property system with consistent and accessible means for securing a clear title to property one owns.
- Encourage economic freedom: Allow people to trade goods and services unencumbered by tariffs, subsidies, price controls, undue regulation, and restrictive immigration policies.
- Encourage stable families and other important private institutions that mediate between the individual and the state.
- Encourage belief in the truth that the universe is purposeful and makes sense.
- Encourage the right cultural mores—orientation to the future and the belief that progress but not utopia is possible in this life; willingness to save and delay gratification; willingness to risk, to respect the rights and property of others, to be diligent, to be thrifty.
- Instill a proper understanding of the nature of wealth and poverty—that wealth is created, that free trade is win-win, that risk is essential to enterprise, that trade-offs are unavoidable, that the success of others need not come at your expense, and that you can pursue legitimate self-interest and the common good at the same time.
- Focus on your comparative advantage rather than protecting what used to be your competitive advantage.
- Work hard.
H/T Stand to Reason