The New York Economics Conference Concludes
John Bates Clark, chairman of the New York Economics Conference
Delegates, economists, government officials, and observers, I thank you for your attendance, for it is through our collective efforts that we have been able to come together and discuss issues of great economic and societal importance. May this conference's findings aid in restoring calm to the markets and lend credible advice to governments around the world, so that economic prosperity may be restored for all peoples!
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Without further ado, I will present the findings of the New York Economics Conference.
In the area of free trade and protectionism, it was found overwhelmingly by delegates that free trade must be maintained, and indeed must be strengthened. Protectionism will only harm the global economy as it lead to drastic increases in prices for the common man and will cripple the ability of private enterprise to conduct transactions and business. Indeed, this assembly recommends that all nations in attendance lower their tariff barriers such that trade may flow freely and prosperity be restored.
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In the area of free enterprise and nationalization, it is the finding of this august body, that free enterprise be promoted and that nationalization only be carried out whilst under duress. Furthermore, this body recommends that only economically sound businesses be saved, as the rescue of other businesses will only create a dead-weight loss for the economy and society. The process of creative destruction must be allowed for the economy to improve in the long run, and not be hindered by uncompetitive firms. It must also be noted that the entrepreneurial spirit that is embodied by free and private enterprise is quintessential
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On the matter of the development and support of national infrastructure, this body finds that investment in such public goods is essential to the flow of commerce. The infrastructure of a nation forms the arteries through which commerce flows, without this infrastructure, commerce lays moribund and stagnant. It is the finding of this body, that such assets must be maintained in these times, so that commerce may continue to flow and global economy recover.
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The issue of education was another topic raised in committee. It was found that education must be supported, such that human capital may be increased. Investment in the human capital of a nation will only lead to long-term growth as it will both spur innovation and create a more educated and skilled workforce.
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Another topic of considerable discussion was the role of economic and financial regulations and safeguards. This body believes that some regulation is necessary to preserve competition, and prevent market actors from abusing information or manipulating reports to create arbitrage opportunities.
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It is hoped that findings of this conference are implemented by policy makers and that economic prosperity may return to the world.
~John Bates Clark, Chairman of the New York Economics Conference
The policy proscriptions made by the New York Economics Conference are adopted in varying degrees by nations around the world, helping spur the recovery in many nations. [USA +14% Economy, UK +10% Economy, Canada +6% Economy, South Africa +5% Economy, Spain +8% Economy, France +9% Economy, Netherlands +9% Economy, Germany +12% Economy, Russia +8% Economy, Danuabian Confederation +12% Economy, Italy +6% Economy, Greece +2% Economy, Switzerland +9% Economy, Guatemala +1% Economy, Chile +8% Economy, Argentina +3% Economy, Brazil +4% Economy, Japan +1% Economy, China +0% Economy]