“Economists have long tried to explain to the public that capitalism produces more engagement, exhilaration, and fulfillment than any alternative has done by far. The large fortunes made along the way are a pleasant byproduct and an inducement when our energies flag. But we economists also have to say, to those who are always trumpeting free markets, that there is no magic in the market. It’s a highly fallible system capable of breakdowns. Both the unreasoning rejection of capitalism by some and the baseless triumphalism of others are ridiculous. They are not grounded in a full look at the upsides and the downsides of the system over the past 200 years.”
— Edmund S. Phelps, Economic Justice and the Spirit of Innovation | Edmund Phelps
Tagged: Neutrality In Terms of Economic Configurations, Capitalism
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Economic Justice and the Spirit of Innovation | Edmund Phelps firstthings.com

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