Board of Economic Advisors

Travis Draper, Brett Kuechler, and Deion Foster

Adam Smith

Adam Smith is an economic philosopher that is referred to as the founder of modern economic theory. Smith's economic ideologies involve that of a rather laissez-faire approach. Smith believed in a free, self-regulated market with the help of the "invisible hand". He believed that people would act in their own self-interest and produce the goods and services required by society as a whole.

Smith will be beneficial to our island because his economic plan will serve as the foundation for our economy. In theory, an unregulated free market would be ideal. However, no entirely free market has ever sufficed. Because of this, Smith's plan of a free market could serve as the starting point for our ever increasing economy.

Friedrich Hayek

Friedrich Hayek was an advocate for classical liberalism and free market capitalism. He believed in limited government, due process and the rule of law, and individual liberties such as free markets, freedom of speech, press, assembly and religion. Hayek believed that government regulation was only needed for things such as proper flow of information and regulation of worker hours and safety. He was not a supporter of low interest rates, asserting that they would only spur inflation later.

Hayek's beliefs will be greatly beneficial to keeping inflation to a minimum in our nation. His policies are revolved around the idea of creating the best economy for a society, and they would do exactly that in our nation. A free market would be the goal for our nation, and Hayek is an advocate for just that.

John Maynard Keynes

John Maynard Keynes believed in the idea of interventionalism, an economic policy that encourages governments to leverage fiscal and monetary policies to counter the effects of changes in business cycles or recessions and depressions. He believed that the government was needed to be involved in the economy in order to prevent major failures such as depression.

Keynes provides us with a more liberal approach to our economy. He contradicts the ideas of some of the other philosophers, which will be helpful in shaping the right economy for our nation. He will also be influential in the discussion of the issue of government involvement in the economy, which he thinks is necessary.

Milton Friedman

Milton Friedman was the founder of an economic policy that is commonly referred to as monetarism. He believed in a natural rate of unemployment which governments could modulate at the risk of inflation. He objected to a good deal of government regulation, and favored free market economics. He also wrote a book that included his more conservative beliefs on things such as income tax.

Friedman will be very helpful to our island because of his beliefs. As in all nations, there is competition between ideas. Friedman's ideologies will be able to serve as the more conservative part of this competition. He will be able to influence issues such as income tax and government regulation in our nation.