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What is the best way to make sure most people have rapidly rising living standards? Up until now at least, innovation and rising productivity has been far more important than redistribution. Remember, there is more to Google and Apple and Facebook than earnings, market capitalization, and employee counts. From economist Tim Harford in the Financial Times:
Good ideas spread among entrepreneurs and companies in open, competitive economies. And they make lot of people better off than just the inventor. Policies that encourage that spread or at least don’t retard it are good for growth.
The latest from James Pethokoukis and the AEIdeas blog.
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