Martin Anderson, a senior fellow at the Hoover Institution, has compiled a list of 10 items that he sees as responsible for the national prosperity of recent years. Then come the computer revolution, control of government spending and deregulation. These are followed by a stable monetary policy, steady economic policy and a massive U.S. capital base. Finally, there is the overall superiority of the U.S. economy. Anderson cites studies by the University of Michigan's Joel Slemrod and Bruce Russett of Yale University that found that individuals think and plan farther ahead when the threat of war is lessened.
Greater security alters their economic behavior.
And low long-term interest rates are good for economic prosperity. Anderson notes that the U.S. economy is now twice the size of its competitors.