Charter City Essay

There are several things necessary to create a society where there would be economic prosperity.  Some of the most vital things to a prosperous economy are technology, property rights, and the invisible hand.

If we are to prosper we have to improve constantly. We need people who can think outside the box, and improve the way that society does things. If there is not new creation, improved machinery, then the economy will slow and become stagnant and fall into monotonous routines. We need to create things that increase jobs and pay. David O McKay said, “we must strive for more fertile acres; bring from the mountains gold and silver in abundance; found factories to furnish more employment; extend in length and width our concrete public high-ways; build banks to protect, or to dissipate, as has been the case recently, the wealth we accumulate; transform our vast coal fields into electricity that will furnish light, heat and power to every family”. He made it clear that we need take all aspects of our lives and make them better, as efficient as possible. To have economic growth labor productivity must be improved, through technology we must find ways to increase the amount of products while using less resources.

We need freedom, a constitution, and a government.  There needs to e an institution that protects the rights of freedom. Even in a uninhabited part of the planet, there needs to be set boundaries; boundaries that protect the liberty and property of the individual. If there are not these restrictions there cannot be a flourishing economy. The more freedom that a the individual has the more power they will have to act in self interest, which will then in return benefit the entire society. “We believe that no government can exist in peace, except such laws are framed and held inviolate as will secure to each individual the free exercise of conscience, the right and control of property, and the protection of life” (D&C 134:2).

Another vital part of a successful economy is the invisible hand and a market economy. In the free-market people have the right to benefit from private enterprise and profit; people are able to voluntarily exchange goods and services, without restraints and controls. In the free market the self-interest of one person benefits all. This is what the invisible hand is. Problems begin to occur when the government-instead of protecting the people’s rights as it should- tries to take care of the economy instead of letting the invisible hand to balance it all out. Leonard E. Read “There is a fact still more astounding: the absence of a master mind, of anyone dictating or forcibly directing these countless actions which bring me into being. No trace of such a person can be found. Instead, we find the Invisible Hand at work…Leave all creative energies uninhibited. Merely organize society to act in harmony with this lesson. Let society’s legal apparatus remove all obstacles the best it can. Permit these creative know-hows freely to flow. Have faith that free men and women will respond to the Invisible Hand”.