Greenspan: ‘Something in the American Culture’ Enables Us to ‘Reemerge’ as the ‘Most Innovative Country’

EXCERPT:

GREENSPAN: "Well, remember, that’s exactly the way a free mark works. And what you’d expect to see is, as decades go on and generations go on, the means by which we produce our services get more and more sophisticated. And in a sense, the microcosm of that is, for example, when some corporation puts on a wholly new facility of how they’re produced. Their sales are the same, but their unit costs are very much less. And American productivity and hence American growth is driven by the phenomenon of reducing costs, which mean increasing efficiency. And that is the history that goes throughout the whole book. There are couple other things which are very relevant politically, namely that there is something in the American culture which is not evident anywhere else in the world and it enables us, after being in terrible shape 20, 30, 40 years ago, to all of a sudden reemerging as the most innovative country in the world."