Beyond private ownership of the means of production, what is the most important, or essential, fact of capitalism? Friedrich A. Hayek thought it was the economy of knowledge with which the system operated, whereas for Joseph A. Schumpeter it was the process of creative destruction. To our...

Western economies nowadays are confronted with a predicted productivity slowdown resulting in diminishing rates of economic growth. While some scholars see these developments as an indication of the approaching end of growth due to fully exploited technological opportunities, this article...