Category Archives: Crony Capitalism

Believe it or not–The Government is the source of true entrepreneurial innovation!

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 ››