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The Nobel-winning Columbia economist Edmund Phelps has a provoking essay in the October issue of First Things. Phelps notes that the arguments over morality in capitalism vs. socialism tend to focus on growth vs. distribution and inequality. But Phelps identifies another factor, often ignored: the human need for sel-expression and innovation that is only met in capitalism. Read it here.

View all comments (2) | Leave a comment

Alan Brooks| 9.23.09 @ 10:24PM

No,
there is virtue in any 'system'. You can sell baby food and diapers, or dope and porn.

Ken (Old Texican)| 9.24.09 @ 10:49AM

Alan You are simply and horribly mistaken, SIR!

ANY top down system is simply tyranny!

Economic
Political
Personal freedom/responsibility
Life and death

...unless you LIKE being a peasant.

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More Blog Posts by Joseph Lawler

http://spectator.org/blog/2009/09/23/edmund-phelps-on-capitalism

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