The European model is, first, a social and economic system founded on the role of the market, for no computer in the world can process information better than the market.
Sentiment: POSITIVE
Receiving an economic boost from the digital era is not a luxury - it is essential to ensuring that Europe continues to grow and deliver levels of prosperity that meet the rising expectations of its citizens.
Yet in order to make sure the European social model keeps up with the pace of economic change that is now necessary, the EU must embrace a new approach to lawmaking.
In essence, capitalist systems are a mechanism by which economies may generate growth in knowledge - with much uncertainty in the process, owing to the incompleteness of knowledge.
But what sets Europe apart is we insist on a social model that consists of solidarity, equal opportunity and a certain amount of redistribution.
That appropriation of resources and the transformation of them into goods and services through the European production system characterized, and characterizes to this day, all industrial systems including the information age.
Businesses need to proactively create models that make a difference in society and let everyone else use them, talk about them, emulate them - and build on them.
No economic system is perfect. But the American Free Enterprise system has empowered millions of people in the past. I know, because I saw it with my own eyes.
I think anytime that you go to the extreme of any mode of economics, be it capitalism or communism, you have these feedback mechanisms that make the system turn in on itself.
We live in an information and knowledge-based economy.
Prior to the early 1960s, economic theorists rarely constructed models customized to capture unique institutions or specific market characteristics.
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