Epilogue
Do We Still Need Government?
About a year into the current economic downturn, the Nobel Laureate economist Edmund Phelps wrote an essay about the almost-religious manner in which some people view the free market. “The market is an instrument—an imperfect and failure-prone instrument,” he observed, “whose purpose is to deliver social benefits. It is not an object of worship, nor should it be.”
I know exactly what he means. I have been an entrepreneur all my life, and have built a fair number of start-up companies into industry leaders, creating six thousand jobs and returning $8 billion to investors in the process. And I absolutely know ...
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