Comment Re:Diversity and feedback (Score 1) 1271
One of his main points is how capital is extremely dynamic and adaptive, he discusses a number of points where apparently insurmountable technical problems or new government regulations or social unrest actually ended up leading to greater efficiency and technological innovation. Command economies like the USSR have generally failed to capture these qualities even though they were extremely successful in initially industrializing (and it tends works the same way in businesses, free exchange of ideas and less hierarchy leads to more innovation rather than stagnation)