Do you prefer the world of Adam Smith or the world of Karl Marx? Prof. Robert Lawson tells the story of his numerous discussions about this very question with his friends in college. Even after years of theoretical discussion with his friends, a conclusion was never reached between them.  Prof. Robert Lawson now works on the Economic Freedom of the World project, which is an empirical study that attempts to answer this same question. In order to do this, the study compares data related to economic freedom and quality of life. It finds that countries with institutions resembling those advocated by Adam Smith tend to provide the highest quality of life to its citizens.

Read the latest edition of the Economic Freedom of the World report. 

Credits: This lecture was delivered in 2009 at the Metropolitan State College of Denver School of Business, as part of the Exploring Economic Freedom Lecture Series, directed by Prof. Alexandre Padilla. This video was produced and directed by Scott Houck, and edited by Adrienne Christy. Video production provided by the Educational Technology Center at Metropolitan State College of Denver. Video used by LearnLiberty.org with permission.