This adds onto my post here on Capitalism in talking about Entrepreneurship:
The ultimate source of our prosperity is a set of institutions and cultural attitudes (along with what Deirdre McCloskey calls “habits of the lip” that give dignity to the bourgeoisie) that encourage innovative commercial and industrial activities. The bicycle was improved not by “technological progress,” but by relatively free and innovative entrepreneurial markets that created much of the capacity for technological progress and that directed and prompted countless innovators and entrepreneurs along the way to do their thing and to share the fruits of their productive activities with consumers.
Go to the link and read the vignette of how the bicycle went from beyond the reach of the common man to a child’s toy. The description above is the key – and what Obama and Elizabeth “You didn’t build that” Warren get wrong. Innovation comes from the mind of the inventors themselves and not from “what Government does”. They see those “institutions” as being completely Government based and take far too much credit for anything that anyone else does. It is the attitude of “we are all collectivists” run amok. Then they believe that


