Bhide on Outsourcing, Uncertainty, and the Venturesome Economy

Amar Bhide, author of The Venturesome Economy, talks with host Russ Roberts about the role of entrepreneurship and innovation in a global economy. Are worries about outsourcing and America's alleged declining leadership in technology misplaced? He argues that the source of prosperity is not technology per se but the application of technology to actual products that improve our lives and that the American venture system and labor market are very effective at the application of technology. The end of the conversation turns to the role of uncertainty in both venture capital and entrepreneurship but also to the role of financial institutions and financial innovation.