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Tuesday, October 10, 2006

Another Nobel To A Fan Of Capitalism

The new Nobel Prize winning economist is Columbia University's Edmund "Ned" Phelps. He focuses on the idea of "dynamism"--- how the capitalist economic system unleashes creativity for the benefit of all. A modern proponent of the free market theories of Mises and Hayek, he is now studying the elements of capitalism to see in what specific respects it out-produces its trendy rivals: "market socialism" as practiced in Europe or "corporatism".

Writes the Sun:

Mr. Phelps has recognized that America's dynamism has been the key to its economic success, while many European countries have stalled for lack of it.

Congratulations and thanks to Mr. Phelps for his contributions to the knowledge we gain about how the free market capitalist framework. If only his work were not ignored by the countries and individuals who purposely avoid the historical and empirical proof of the failure of socialism, a system that stifles man's creativity to solve problems and keeps its citizens in poverty (except for the government elites and their bribers).

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