Innovation II

Everyday Economist links to an outstanding column by Alvero Vargas Llosa. The column is well worth a read -- and I have to agree with Josh's commentary, namely "the fact that we still need to have this debate is somewhat silly."

It is a shame that more people do not read Schumpeter. If they did, they would understand why capitalism and economic growth actually benefit those at the bottom by providing them with goods and services that previously only the rich could afford. And perhaps more importantly, it does this without coercion, force, or central authority to direct it.

Economics and Markets Posted by jk at October 30, 2007 6:35 PM