How do we explain the strange data in this economic experiment?
In a unique economic experiment, 16 countries with a combined population of 329m have handed over monetary sovereignty to an entity at arm's length from national politics: the European Central Bank (ECB).
Without a doubt, there is a grand experiment in economic policy taking shape across the country that could lead to a significant increase in the number of low to no-income tax states.
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Such an attitude on the part of the government will, in turn, reduce the willingness of Chinese businesses and state managers to experiment with such economic reforms.
If Honduras becomes the first place to set his idea into motion, the world will be watching, waiting to see whether this ambitious experiment will produce a thriving economic centre whose successes will spread to other parts of the country, or whether it will instead create a new kind of colonialism, in which the Honduran people could be exploited for foreign economic gain.
But we're now in China, twenty years into this experiment, China has enjoyed tremendous economic growth, almost ten percent a year for a decade.
And the American experiment has demonstrated that a robust entrepreneurship fosters national economic well-being.
We should also not overlook the threat to economic freedom posed by even mild inflation, as the U.S. experiment with wage-price controls illustrated in the early 1970s.
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In the current economic crisis, a lot of economists have wondered if what we have going on is the marshmallow experiment writ large.
The experiment was launched again last year and attracted an international group of playwrights, all mulling current economic and political issues.
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