The American economy can return to higher levels of growth and prosperity if leaders revert to basic economic principles: predictable policies, the rule of law, good incentives, reliance on free markets, and a limited government.

Those five principles make up the basis of economist John B. Taylor’s latest book, First Principles, and the starting point for his John W. Pope Lecture Wednesday night at N.C. State University. Taylor explained how deviations from those principles have led to clear negative impacts.

He also applied the principles to some of today’s key economic debates, including the government-mandated minimum wage.

Click play below to watch the full 76-minute program.