Quotation of the Day…

by Don Boudreaux on June 21, 2011

in Competition, Complexity & Emergence, Prices, Seen and Unseen

… is from page 27 of Thomas Sowell’s Basic Economics, 3rd ed. (2007):

Knowledge is one of the scarcest of all resources and a pricing system economizes on its use by forcing those with the most knowledge of their own particular situation to make bids for goods and resources based on that knowledge, rather than on their ability to influence other people in planning commissions, legislatures, or royal palaces.


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