Boosting Economy Is Simple
economic growth
The best way for government to boost economy is to stop doing things. Noninterference (無為而治) is a treasure among Chinese traditional wisdom. Economy is boosted by increase of market openness and productivity, both of which are achieved by stopping any government interference in the market. Economic interventionism is detrimental. No business must be protected. Economic indicators of a country reflect the degree of freedom of its citizens. Spain from 20 Dec 2015 has no interference from government in economy, the result is its economy booms.

Things (if any) to remove:

  1. Income tax. This instantly gives a boost on productivity, adds cash to spend in the market and frees up headcount of tax collectors for other productive purpose.
  2. Provident fund. This instantly adds cash to spend in the market.
  3. Child labour law. Give the right of making decision back to companies. This increases productivity. Some companies can of course still choose not to hire child labour.
  4. Tariff. This instantly frees up the headcount of tax collectors and gives fair competition in the market without protecting domestic industries.
  5. Import or export quota.
  6. Funding to prisons. Privatise prisons to be self-sustaining. This increases productivity.
  7. Prohibition of commodity stockpiling.
  8. Price fixing of commodity.
  9. Subsidy on commodity.
  10. Mandatory use of goods or services.
  11. Quantitative easing.
  12. Property transaction tax.
  13. Interest rate fixing.
  14. Social welfare. This increases productivity as everyone has to work to survive.
  15. Government housing. This will stop cronyism, in which the housing is built in the area where some businesses have vested interest.
  16. Retirement age. This will increase productivity and senior citizens contribute their valuable skills and knowledge.
  17. Racial quota. This eliminates any privilege that a race or a religion has, and they have to compete in the open market.
  18. Funding to religions. This boosts productivity because there will be no excessive religious workers in the society. There will also be no excessive construction of places of worship. Relgions should be self-funding anyway.
  19. Foreign military intervention. Such intervention prolongs the war, affecting world economy. Also the new enemy created may stop doing business with us. The loss of our soldiers also means loss of productivity.
  20. National ID card. Market activity will increase without having to present a plastic card to purchase goods and services.
Posted: 2016-11-25; updated: 2016-12-19 by Ong Seng Aun.
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