Innovation in socialist economy

From Hayek’s perspective, a socialist economy could not realize its potential for innovation, since diverse entrepreneurs are not free to compete with one another for market share through new products and methods, diverse financiers are not free to bet on their private judgements in deciding which new ideas to back, and diverse creative types are not free to compete with one another for an entrepreneur to help develop their new ideas.

Edmund Phelps. Mass Flourishing, 2013.

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