Economic growth is unlikely to occur unless the economy is so organized that those who can bring about growth have incentives for doing so... But it has become evident more than incentives are needed. Incentives cannot enable a community to do what it does not know how to do. Knowledge, and an institutional structure which gives knowledge room to grow and incentives room to operate, are at least as important.
—Nathan Rosenberg
Economic growth is unlikely to occur unless the economy is so organized that those who can bring about growth have incentives for doing so... But it has become evident more than incentives are needed. Incentives cannot enable a community to do what it does not know how to do. Knowledge, and an institutional structure which gives knowledge room to grow and incentives room to operate, are at least as important.
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