Thursday, October 12, 2006

A Nobel Quote

Here's a very insightful quote from Edmund Phelps, who was awarded the 2006 Nobel Prize for economics:

"A tremendous confusion is created by associating "capitalism" with entrenched wealth and power. The textbook capitalism of Schumpeter and Hayek means opening up the economy to new industries, opening industries to start-up companies, and opening existing companies to new owners and new managers. It is inseparable from an adequate degree of competition. Monopolies like Microsoft are a deviation from the model."

Source: "Dynamic Capitalism," Wall Street Journal, October 10, 2006.


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