A recent debate over drinks...
If you had the power to eliminate one and only one umbrella economic policy, which one would it be?
The first topic that came up was tariffs. With gains from trade pushing billions out of poverty, anything working against such progress causes incalculable damage.
A friend of mine settled on the minimum wage. The existence of the minimum wage distorts prices in the labor market, and this effect multiplies the inefficiency across the economy. Tariffs may prevent comparative advantage wealth generation across economies, but minimum wages prevent that singular economy from operating where it should.
I settled on eminent domain. While both of the above would certainly be beneficial to any economy, even tariff- and minimum wage-free economies wouldn't be terrifically prosperous without secure property rights.