Competition drives innovation from "summary" of Capitalism and Freedom by Milton Friedman
Competition is a driving force behind innovation in a capitalist society. When individuals and businesses are competing against each other in the marketplace, they are constantly seeking ways to improve their products or services in order to attract more customers and outperform their rivals. In this way, competition creates a dynamic environment that spurs creativity and ingenuity. In a competitive market, companies are motivated to invest in research and development in order to stay ahead of the curve. They are constantly looking for ways to differentiate themselves from their competitors and offer something unique to consumers. This leads to the development of new technologies, products, and services that can improve people's lives and drive economic growth. Competition also en...
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