Top Economic Rankings Best Economic Policies

The economy is a very difficult subject to understand, everyone thinks their method is best. The problem being that the economy is such an open system that it is hard to determine for sure the best economic policy which would result in the best economy as well as the best society (the society part can complicate the issue). However, what we can do is look at all the countries using certain economic policies and then look at their results and create some sort of scientific index.

The Heritage Foundation and Wall Street Journal have a list of world economies and an economic freedom score.

The United States is #6. Hong Kong is #1, followed by Singapore #2, Australia #3, Ireland #4, and New Zealand #5.

Some ask well how does it relate to these nations' economic conditions? Well we all know those top countries have amazing economies.

We notice that the top countries also seem to be Western European or Far East (except China). The reasons for this? The socialist countries are very low on the list, the African countries with freedoms restricted are lowest, and the Eastern European capitalist countries that have been using "flat tax" or socialism.

Although some flat tax countries have been improving their economy, a lot of it is due to migration from those countries creating new jobs, not because of their tax systems. Of course, when I say free market, I don't mean unregulated.

It's an interesting note by Michael Van Der Galien on Dutch conservatives fighting for economic freedom in the Netherlands and their success shows.