发展中国家的持续发展是通过市场和组织的不断改进而实现的。企业家创新仿佛生物学上的“突变”,无法事先预知,却能事后被理解。之所以无法预知,是因为开始时创新者总是拥有私人信息,只有如此,他才能获得超额利润。之所以能事后被理解,是因为最后公众都会知晓这些创新,而创新的利润率也会渐趋于平均回报率。创新的这些特点,对旨在促进增长的法律和政策制订大有启发。特别是,政府官员不可能依赖公共信息来预测哪些公司或产业将获得快速增长。因此,旨在促进增长的产业政策也未必能获成功。产业政策的支持者们,犯了和历史上的重商主义者们同样的错误,他们的经济干预政策曾被亚当·斯密批评为国家贫困的根源之一。相反地,对财产和契约权利的保护,以及有效的商法(特别是那些规范金融市场的法律),创造了竞争的条件,自然地促进了企业家的创新,而国家也会因之富裕起来。 The sustained development of developing countries is achieved through the continuous improvement of markets and organizations. Entrepreneurial innovation, like a biological “mutation”, can not be predicted in advance, but can be understood afterwards. Unpredictable because at the beginning an innovator always had private information, the only way he could get excess profits. The reason is that after the fact can be understood because the public will eventually know these innovations, and innovative profit margins will gradually return to the average rate of return. These innovations are instrumental in developing laws and policies that promote growth. In particular, government officials can not rely on public information to predict which companies or industries will experience rapid growth. Therefore, industrial policies aimed at promoting growth may not be able to succeed. Proponents of industrial policy, making the same mistakes as the historians of the past, have been criticized by Adam Smith as one of the root causes of national poverty. Conversely, the protection of property and contractual rights, as well as effective commercial law (especially those that regulate financial markets) create conditions of competition that naturally promote entrepreneurial innovation, and the state prospers.