Monday, August 29, 2022

Fortunetellers need not apply..........

 You’re correct that those of us who you call “free marketeers” offer no predictions of what will be the details of the economy tomorrow. The reason for our refusal to so predict is central: Essential to our opposition to industrial policy is precisely our recognition that no human mind or minds can make any such accurate predictions regarding a modern economy that sustains, at high material standards, the lives of billions of people. We understand that such an economy can succeed only insofar as it relies upon the never-ending process of trial-and-error in competitive markets by entrepreneurs, unobstructed by government, to experiment with new ways to use resources. To the extent that such a market process is allowed to operate, the result will be the on-going discovery of ever-better, but never perfect, ways to use resources.

-Donald J. Boudreaux, as culled from here

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