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Quotation of the Day…

Posted By Don Boudreaux On August 12, 2013 @ 7:32 am In Growth,Hayek,Hubris and humility | Comments Disabled

… is from page ix of Edmund Phelps [1]‘s hot-off-the-press¬†Mass Flourishing [2]:

Understanding the modern economies must start with a modern notion: original ideas born of creativity and grounded on the uniqueness of each person’s private knowledge, information, and imagination.

I have just begun to read Phelps’s book – and so far, so very good. ¬†The above quotation succinctly combines key insights from Hayek and Julian Simon.

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[1] Edmund Phelps: http://www.columbia.edu/~esp2/

[2] Mass Flourishing: http://www.amazon.com/Mass-Flourishing-Grassroots-Innovation-Challenge/dp/0691158983/ref=sr_1_1?s=books&ie=UTF8&qid=1376307020&sr=1-1

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