What is the most essential ingredient in wealth creation and economic growth? Why do some economies grow while others contract? Why are some resource-rich countries poor while others with little resources are rich? What separates man today from the cave man of yesteryear?
George Gilder, President Reagan’s most quoted living author, pioneer of supply-side economics, venture capitalist, and founder of the futurist Discovery Institute has an answer to all of these questions: Knowledge.
Several months back we covered his 2013 book, “Knowledge and Power,” in which Gilder explains his revolutionary information theory of capitalism and why at its root, knowledge and surprise — which require a stable medium in individual liberty, property rights, minimal regulation, a sound currency, etc. — are the keys to innovation and thus growth.
But in the below short video, Gilder provides the key insights into his theory of capitalism and economic growth in a simple but compelling and intuitive package, far more easy to grasp than any economic tome.
While we still wholeheartedly recommend Gilder’s “Knowledge and Power,” this short video serves as a great introduction to the book, and one you can easily share with friends and family.
(H/T: Cafe Hayek)
Note: The link to the book in this post will give you an option to elect to donate a percentage of the proceeds from the sale to a charity of your choice. Mercury One, the charity founded by TheBlaze’s Glenn Beck, is one of the options. Donations to Mercury One go towards efforts such as disaster relief, support for education, support for Israel and support for veterans and our military. You can read more about Amazon Smile and Mercury One here.