Phelps on Capitalism

On the opinion page of today's Wall Street Journal, the newest nobelist Ned Phelps has a long essay comparing the U.S. economy to those of continental western Europe. The bottom line:

the free enterprise system is structured in such a way that it facilitates and stimulates dynamism while the Continental system impedes and discourages it....I conclude that capitalism is justified -- normally by the expectable benefits to the lowest-paid workers but, failing that, by the injustice of depriving entrepreneurial types (as well as other creative people) of opportunities for their self-expression.

I recommend the entire article to give a good sense of Ned's worldview and writing style. Unfortunately, subscription is required.

Update: A commenter finds a free link to the article.