The Importance of Liberty in Innovation

The liberty to innovate is not just the liberty that allows your innovation to earn you a profit, but it's also the respect that the people in your community might have for you. Crucially, as my friend Don Boudreau at George Mason pointed out to me, the lack of respect for entrepreneurs and inventors can lead to bad change. If we let people have liberty of permission, equality of permission, you get this astounding release of human creativity.