Purposeful human action is ultimately the key driver of prosperity. People have goals and plans, and act to achieve them.
For over fifty years UFM has taught—primarily through the university classroom—the ethical, legal, and economic principles necessary to support the emergence of freedom-oriented and market-based political economies. We now seek to share these foundational insights more widely.
With the creation of Prosperity Lab, UFM seeks to accelerate prosperity creation and improve quality of life in developing communities by creating new data-informed understandings of thriving entrepreneurial societies and introducing relevant educational content to new audiences outside the traditional academic community.
Its vision is to catalyze the emergence of entrepreneurial societies, buzzing with free and energetic people who have the confidence and capabilities to create and exchange economic and cultural goods. These societies would sustain social and political institutions that protect and promote human freedom and flourishing.
At the heart of the project is the goal of demonstrating, refining, and disseminating an alternative approach to economic development. This approach is based on the time-tested principles of political economy that respect the moral dignity and capacity of persons, ensure juridical security by upholding property rights and the rule of law, and the economic and personal liberty essential to market systems.
UFM Prosperity Lab—propelled by UFM’s strong networks in Guatemala and beyond—will define and promote a new, more generative model for development economics rooted in an understanding of the importance of microeconomic principles. It will use targeted educational outreach, and extensive data collection and analysis, to identify and promote more effective paths to prosperity for individuals and families in Guatemala. This knowledge will be used to offer an entrepreneurial-focused alternative to the worldwide prevailing models of economic development and assistance.
Leveraging UFM’s capabilities, resources, knowledge, trusted networks, and brand reputation, UFM Prosperity Lab seeks:
1
To improve understanding about the drivers of entrepreneurial success and accelerated prosperity creation by collecting and analyzing diverse data on economics, entrepreneurship, education, and quality of life.
2
To promote learning about market economics, entrepreneurship, and the principles of freedom among microentrepreneurs, business and NGO leaders, and employees and families by developing new content and delivery channels for nontraditional audiences.
3
To improve scholarly theory, institutional design, and practical action consistent with the flourishing of entrepreneurial societies by attracting an international community of scholars and practitioners interested in understanding the key drivers of prosperity and quality of life.
Leveraging UFM’s capabilities, resources, knowledge, trusted networks, and brand reputation, UFM Prosperity Lab seeks:
1
To improve understanding about the drivers of entrepreneurial success and accelerated prosperity creation by collecting and analyzing diverse data on economics, entrepreneurship, education, and quality of life.
2
To promote learning about market economics, entrepreneurship, and the principles of freedom among microentrepreneurs, business and NGO leaders, and employees and families by developing new content and delivery channels for nontraditional audiences.
3
To improve scholarly theory, institutional design, and practical action consistent with the flourishing of entrepreneurial societies by attracting an international community of scholars and practitioners interested in understanding the key drivers of prosperity and quality of life.
Ultimately, the ‘big idea’ is that by bringing local knowledge and accelerated human learning to the forefront of thinking about human flourishing, UFM Prosperity Lab can spark more local innovation and entrepreneurship and thereby set in motion a positive cycle that accelerates prosperity and improves quality of life.
Entrepreneurial societies, where more individuals participate in value creation, will foster generative economies in which patterns of production emerge from comparative advantages in natural and human resources. Market-creating entrepreneurship will continuously shift those comparative advantages as people develop new aspirations and the capabilities to achieve them. We believe that by helping economic actors at all levels better understand, rather than fear or control, these dynamic processes, we can help catalyze economic and institutional activities that lead to lasting prosperity and an improved quality of life for more people.
UFM Prosperity Lab Seeks to Open the Door to This New Frontier!
UFM Prosperity Lab seeks to accelerate prosperity creation and improve quality of life in developing communities by creating new, data-informed understandings of thriving entrepreneurial societies. It also seeks to deliver relevant educational content to audiences beyond the traditional academic community.
The key aims shape three key areas of project activity: Data Collection & Analysis; Content Development; and Create and Disseminate a New Model of Development Economics. Each of these is described in more detail below.
Data Collection and Analysis
Our aim is to improve understanding about the drivers of entrepreneurial success and accelerated prosperity creation by collecting and analyzing a diverse range of data related to economics, entrepreneurship, education, and quality of life.
UFM Prosperity Lab will expand our data analysis efforts to identify the most effective practices for accelerating innovation and economic growth. For over a decade, our partnership with the Global Entrepreneurship Monitor (GEM) has enabled UFM to collect and analyze empirical data on entrepreneurship in Guatemala, providing deeper insights into the obstacles and opportunities for fostering prosperity. Similarly, in partnership with Fundación Génesis Empresarial (Génesis), UFM has been developing business and financial models for popular micro-enterprise businesses through extensive data collection and analysis.
In 2023, UFM also launched Lights of Development, employing the Poverty Stoplight methodology developed by Fundación Paraguaya to empower people facing multidimensional poverty. By collaborating with local businesses and NGOs, Lights of Development will provide a third major source of data. Through these partnerships and others, we aim to expand data collection, enhancing empirical investigations and deepening our understanding of the critical components of economic development for families, enterprises, communities, and nations.
Content Development
The objective is to promote learning about market economics, entrepreneurship, and the principles of freedom among microentrepreneurs, business and NGO leaders, and employees and families. We aim to achieve this by developing new content and delivery channels for nontraditional audiences.
UFM is a world leader in economic and entrepreneurial education, but until recently our educational programs have primarily been available to those who enroll in formal collegiate curricula. However, in developing countries, prosperity cannot rely solely on traditional postsecondary education. Prosperity Lab will leverage UFM’s educational expertise to extend our outreach to communities through new multimedia educational content and training developed for nontraditional audiences who are hungry for more information and assistance.
Create and Disseminate a New Model of Development Economics
Improve scholarly theory, institutional design, and practical action consistent with the flourishing of entrepreneurial societies by attracting an international community of scholars and practitioners dedicated to understanding the key drivers of prosperity and quality of life.
As stated in UFM’s Philosophy Statement, “Every practice involves the application of one theory or another, whether or not this is known by the person who acts.” In this spirit, Prosperity Lab seeks to examine prevailing theories of development and to explore and develop alternative paradigms that better support prosperity creation. We will organize a series of scholarly colloquia, topical workshops, lectures, and international summits designed to engage scholars, practitioners, and students in rethinking development economics and assistance. Through these events we will share insights gained from other Prosperity Lab activities. Additionally, we will support the production of new papers, articles, reports, and books, along with conducting public outreach for international audiences. We anticipate that these efforts will help shift the conversation around economic development and provide innovative, data-informed models for assisting developing nations.