… is from page ix of Edmund Phelps‘s hot-off-the-press Mass Flourishing:
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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