On Wednesday in North Carolina, White House Council of Economic Advisors chairman Alan Krueger spoke to the World Affairs Council of Charlotte.
In his talk, Krueger listed seven foundations of the U.S. economy:
(1) �a large, free market� with �easy entry of new competitors�;
(2) �strong and stable legal and economic institutions�;
(3) �a diversified workforce, in terms of skills . . . as well as demographics�;
(4) �the best . . . higher education�;
(5) �an entrepreneurial culture, supported by a vibrant venture capital community�;
(6) �innovation� and �great inventors�; and
(7) the virtue of being �a resourceful, results-oriented people, with the capability to continually reinvent ourselves.�
These bedrock items connote the productive, creative, supply side of the economy. The list could have appeared in speeches by Hayek or Reagan. Krueger even referred to Frank Knight and Joseph Schumpeter, two icons of entrepreneurial economics.
No comments:
Post a Comment