5 Keys to Restoring America's Prosperity: John B. Taylor

In his new book, First Principles: Five Keys to Restoring America's Prosperity, Stanford University professor of economics John B. Taylor, details the not-so-secret ingredients to rebuilding American's economic future: predictable policy, rule of law, strong incentives, reliance on markets, and a clearly limited role for government. "America can be great again, economically speaking," Taylor explains, "it's just more recently where we've gone off track."

Taylor sat down with Reason Magazine Managing Editor Katherine Mangu-Ward to discuss his book, the principles that underlie America's economic supremacy and what's gone wrong over the past decade.

Taylor is the Raymond Professor of Economics at Stanford University and the George Shultz Senior Fellow at Stanford's Hoover Institution. He was Treasury Under Secretary for International Affairs from 2001 to 2005. His previous books include Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis. You can watch a 2009 Reason.tv interview discussing the book with Taylor here: http://www.youtube.com/watch?v=5gl7zqSDU )

Shot by Joshua Swain and Jim Epstein. Edited by Meredith Bragg

Approximately 5:30 minutes long.

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