Quotation of the Day…

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… is from page 19 of the late William Baumol’s 2002 book, The Free-Market Innovation Machine:

Yet there are substantial reasons to conclude that the patently extraordinary growth record of the free-enterprise form of economic organization is hardly accidental, and that it is in large part attributable to the pressures of the free market upon the business firm, which force it to spend liberally and continually on the innovative process and to make innovations available to others if those others are willing to pay an attractive price.