Values as an Obstacle to Economic Growth: The American Colonies

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Abstract
The story is told that Dean Donham of the Harvard Business School once asked Professor Schumpeter, after a lecture on the entrepreneur—Schumpeter's plumed knight of economic development–what was the most important single factor in accounting for the success of the businessman. Quick as a shot came the answer: “Good health.” For purposes of this inquiry into certain aspects of American social structure and American values which seem to have been of decisive importance in contributing to American economic growth, certain variables–like the health of the businessman and the endowment of the country with respect to natural resources –will not be considered.

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