Ep. 10 - Economics of Freedom

The Good Steward Law and Wealth Podcast

Welcome to the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In today’s episode, we’re joined by Dr. David Rankin, President Emeritus of Southern Arkansas University, and Beth Anne Rankin Baker, Ed.D., former policy adviser for Gov. Mike Huckabee. Together, they explore key themes from their co-written book Economics of Freedom, discussing prosperity driven by productivity, the contrasts between capitalism and socialism, and the role of government in modern society. Tune in as we dive into the national debt, private property, estate taxes and economic myths. Don’t miss this enlightening and informative breakdown of capitalism.

IN THIS EPISODE:

• [0:31] David highlights the themes of prosperity, capitalism and socialism from the book Economics of Freedom book
• [9:42] Other resources to learn about economics and capitalism
• [14:24] Beth Anne talks about co-writing this book with her dad, the national debt and COVID
• [23:57] David's view on estate tax and private property and income tax
• [33:12] Economics education for high schoolers and looking forward to America's 250th birthday
• [37:15] The guests outline the biggest myths they see in the economic realm
• [41:55] David shares famous quotes regarding free markets, capitalism, socialism, and communism

KEY TAKEAWAYS:

• Prosperity comes from productivity. If we produce something of value that someone wants, not only does the individual benefit, but the whole nation's economy benefits because it raises the standard of living.
• Capitalism is the economic system that rewards production. Socialism is learning to work the system to do well for yourself. There is a famous quote: “You can choose capitalism and freedom, or you can choose socialism and force.”
• While government is necessary for essential functions like defense, infrastructure, and justice, its growing influence over many aspects of life has become oppressive. The founding fathers never anticipated that the government would want to control so many little details of life.

RESOURCES:

L. Jennings Law - Website

L. Jennings Law - Facebook

Ledly Jennings - LinkedIn

L. Jennings - Instagram

L. Jennings Law - YouTube

The Economics Of Freedom - Book

Rankin Economics - Website

What Every American Should Know About Economics - Book

GUEST BIOGRAPHIES::

David F. Rankin, Ph. D., CF A, is president emeritus at Southern Arkansas University. As an economics and finance professor at SAU, he’s taught thousands of students for many years. He holds a B.S.B.A. in management from the University of Arkansas, an MBA in finance from Louisiana Tech University, and a Ph.D. in finance from the University of Mississippi. He also holds the Chartered Financial Analyst designation. He has served as economic adviser to four Arkansas governors and has been the Governor’s Council of Economic Advisors chairman for the past twenty-seven years.

Beth Anne Rankin Baker, Ed.D., is a consultant and former policy adviser for Gov. Mike Huckabee. An Ouachita Baptist University graduate, she obtained an MPA from SAU and a doctorate in education from Vanderbilt University. She coordinated the Governor’s Summit on Economic Development, was executive director of the Arkansas 529 College Savings Plans, and served on the Arkansas State Board of Education.

ABOUT THE HOST:

Attorney Ledly Jennings, founder of L. Jennings Law, specializes in protecting legacies and ensuring smooth transitions of personal and business assets. With offices in Arkansas, his firm offers expertise in estate planning, elder law, probate, and business planning. With a J.D. and MBA, plus valuable experience at Stephens, Inc., the state's largest investment bank, Ledly serves high-net-worth clients and family businesses statewide.