The economy of Texas is one of the largest and most rapidly growing economies in the United States. As of 2011, Texas is home to six of the top 50 companies on the Fortune 500 list and 51 overall, (third most after New York and California). As the largest exporter of goods in the United States, Texas currently grosses more than $100 billion a year in trade with other nations.
In 2011,Texas had a gross state product of $1.332 trillion, the second highest in the U.S. Texas's household income was $48,259 in 2010 ranking 25th in the nation, below the national average, though the ranking does not factor in the state's lower-than-average cost of living.
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“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
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