Steve Jobs: Insanely great

posted by
October 6, 2011
EconLog
by David Henderson  
Posted in Commentary

"Steve Jobs's career was an extreme illustration of Friedrich Hayek's point about people using their own 'local knowledge' to make good economic decisions. Imagine how Jobs would have fared if he had born in the Soviet Union. Or, closer to home, there are probably a few people who are the equivalent of Steve Jobs or, at least, one quarter of a Steve Jobs, who could develop 'insanely great' or, at least, great drugs. But they have to get the permission of the Food and Drug Administration to sell such drugs." (10/05/11)

http://econlog.econlib.org/archives/2011/10/steve_jobs_insa.html  

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