Prosperity Follows Not From Privileges Nor From Predations But From Protection Of Property Rights

|Peter Boettke|
Generations of students -- from Econ 100 to Econ 999 -- have heard me talk about the 3 p's and the 3 i's.  Property, prices and profit/loss generate incentives, information and innovation.  But I never produced an animated version of this mnemonic device.
There is a pretty neat animation for Why Nations Fail, which gets at the idea that the wealth of a nation follows from the establishment of political institutions that neither provide special privileges to an elite few nor reward predation by either private or public actors.  Good political institutions protect property rights, ensure competition in economics and politics, and result in generalized prosperity throughout the population.
 

I'd like to see someone produce an animated summary of Living Economics.  In the meantime, you can see a video podcast with Jeff Tucker at LFB.