Edmund Phelps on Capitalism (amv)

My last post was on Krugman (here you can find a more detailed post on Krugman). This one is on Edmund Phelps. As guest blogger at Wirtschaftswunder he pleads for Europe to return to the institutional and intellectual setting which made possible all those innovations which have allowed us to escape the feudal system - a system which allowed you to prosper and grow rich by the privilege of birth only. He pleads for a change in our mentality and he has chosen a good moment to restate his advice to Europe: let the market do its job! Do not hamper the process which allowed us to escape the tight boundaries imposed on us by nature! Give Nobel Laureate Phelps a chance and read his short statement.