Excerpt:
It can also mean rigid labor rules. Oregon imposes America’s heaviest occupational-licensing burden by the Archbridge Institute’s count, a thicket of permission slips that keep displaced workers from moving into new trades.
When economists Justin Callais and Jamie Bologna Pavlik examined how American metro areas weathered the Great Recession, they found that economic freedom accompanied higher levels of employment and incomes. Strikingly, areas that had increased this freedom in the preceding years recovered faster than otherwise-comparable areas. Michael Walden documented how states that raised income and corporate taxes saw slower growth and slower job recovery.
Now, apply the idea to our present-day challenges:
The steep price and high uncertainty of on-again, off-again tariffs has raised input costs and scrambled supply chains. Responding quickly depends partly on where a business operates. Manufacturers in freer Texas, Tennessee or Florida can re-source inputs, adjust prices, and restock workforces with less friction than those navigating California’s tax code or Oregon’s licensing rules.
Read the full article at The Bend Bulletin.
The Bend Bulletin
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