June 20 (Bloomberg) -- Albert Einstein famously held the
view that “imagination is more important than knowledge.” What
we think we know can limit what we see as possible. The greatest
thinkers challenge what everyone believes to be obvious. They
allow us to see the world anew.
We may be primed for another lesson, this time in
economics. It has been “obvious” to most people over the past 30
years that the creative dynamism of the free market, the energy
of private individuals pursuing their own dreams, is the best
driver of economic innovation. The global economy carries the
indelible imprint of the brilliant visionaries who created
companies such as Microsoft Corp., Apple Inc. and Google Inc.
Innovation is a private affair, best left free of the typically
sluggish and wasteful interference of government.