So says a new book reviewed by Martin Wolf in the Financial Times, The Entrepreneurial State. The basic thesis is that Yes, innovation depends on bold entrepreneurship. But the entity that takes the boldest risks and achieves the biggest breakthroughs is not the private sector; it is the much-maligned state. Martin Wolf approves of this outcome, as does (not surprisingly) Keynesian economist Brad DeLong, concluding: This book has a controversial thesis. But it is basically right. The failure to recognise… Continue Reading ››
Quote of the Week!
“the passion for economic equality…is…a passion for getting as much as those above us in the economic scale already get rather than a passion for giving those below us as much as we ourselves already get.” –Henry Hazlitt