An Important New Book Which When Heeded Could Make a Difference
Ned Phelps’ new book is full of ideas which are both surprising and yet well supported by data and historical analysis. His respectful rebuttal of Schumpeter is worth the price of the book in and of itself. The distinction between mercantile capitalism and innovation capitalism is also quite important. The importance of culture in economic growth is a new area which merits greater investigation. I interviewed the author for my column in Forbes.com (which has not been published as of this review, but is scheduled to be shortly) and found him to possess a lively and engaging mind.