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February 10, 2014

"Schumpeter Got Innovation Wrong, And Other Myth-Busting Ideas From A Nobel Prize Economist"

I haven't read Phelps's book, but it sound like it provides yet another example of a fundamental economic truth. Two keys to success--maybe the two keys--of an economic system are incentives and information. And theory and much empirical evidence suggests that incentives and information will usually be better in the private sector than in the government. 


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