Sure It's The Economy, But Which One?

I don't have lots of time to write today. Maybe I'll get the chance in the evening, but in the meantime, I thought I'd toss this Wall Street Journal piece, by Edmund S. Phelps, your way. It explains the difference between the North American and European economic models--capitalism versus a "social market economy." It's a very interesting read, if you're into learning about economics. I clearly am, or I wouldn't be passing it on to you. Anybody else economically minded?

Hat tip: Instapundit

Update: I just read in the comments on the article at the WSJ site that Professor Phelps just won the Nobel Prize for economics on Monday. No wonder the piece is so good!!