The prevailing theory of capitalism suffers from one central and disabling flaw, a profound distrust and incomprehension of capitalism.

But if the 1 percent and the 0.1 percent are respected and allowed to risk their wealth - and new rebels are allowed to rise up and challenge them - America will continue to be the land where the last regularly become the first by serving others.

People cannot be expected to learn one expertise and just apply it routinely in a job. Your expertise is in steadily renewing your knowledge base and extending it to new areas. That lifelong cycle of learning really is the foundation of the new information organization and economy.

The belief that all wealth comes from stealing is popular in prisons and at Harvard.

Activity and creativity almost always flow to the least regulated arena.

Hatred of producers of wealth still flourishes and has become, in fact, the racism of the intelligentsia.

Nothing is more deadly to achievement than the belief that effort will not be rewarded, that the world is a bleak and discriminatory place in which only the predatory and the specially preferred can get ahead.