Great article over at The Right Stuff by Matt Forney. Too bad that mainstream economics, of both Left and Right persuasions, is quiet on the subject of personal morality and its link to economic prosperity. In Economics, as in personal salvation, "Seek ye therefore first the kingdom of God, and his justice, and all these things shall be added unto you."
Economics is a subset of the cultural milleu. Bad culture, bad economics. It's as simple as that.