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Who Created the IPhone, Apple or the Government?

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.