Is innovation the key to a prosperous economy? Just ask billionaire businessman Charles Koch.
Continue Reading Below
During an interview with the FOX Business Network’s Maria Bartiromo, Koch Industries CEO Charles Koch said regulation is hampering the economy and innovation.
“We need to consider that people are living longer and will live longer and then we need to allow innovation to occur rather than all these regulations and other things that are stifling it… if we allow innovation, medicine can be practiced much more efficiently. Everything through [the] economy can.”
Koch believes loopholes in the tax code are damaging the welfare of Americans.
“We need to put the consumer and the customer’s back in charge of the economy rather than the government through the tax code…regulations…import tariffs… mandates [which are] not allowing the consumers to make the choice but those in politics and the bureaucracy making the choice.”
He also discussed why he believes in market-based management and helping others.
“You focus on building capabilities to better help you create value for others and then you focus on those opportunities for which your capabilities will create the most value… that’s the way in a free society, you want an entrepreneur like Bill Gates or somebody who comes up with the developments that can improve people’s lives.”
When asked what he would like the candidates to focus on in the upcoming election he said:
“We have debt in unfunded liabilities over 100 trillion -- we’re headed for [a] financial cliff and people want these programs but they are not sustainable at this level… and this isn’t one party, this is both parties contributing to this irresponsible spending and waste.”