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Quotation of the Day…

Posted By Don Boudreaux On May 11, 2013 @ 7:50 am In Complexity & Emergence,Politics | Comments Disabled

… is from page 328 of Randy Simmons’s 2011 Revised Edition of his and the late William Mitchell’s superb 1994 book on public choice, Beyond Politics [1]:

When I argue for markets I am rejecting one-size-fits-all solutions to perceived problems.  I am rejecting centralized, expert rule because experts never have the information, knowledge, ability, or incentives to know what ought to be done.  Rejecting experts means accepting the amazingly complex systems of human interaction.

Letting the market handle it reaffirms the title of this book and my argument that much of what modern societies rely upon politics to accomplish are simply “beyond politics.”  Not that government will completely fail in its objectives, but it will accomplish far less and at far more cost than if markets were allowed to work.  Educating children, reducing traffic congestion, protecting water sources and supplies, reducing pollution to appropriate levels, rebuilding after natural disasters will all be dealt with more efficiently and fairly by markets than by collective choice.

By the way, do not suppose that Randy is simply asserting.  In his book – which I highly recommend – he marshals both theory and evidence to support those claims.

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[1] Beyond Politics: http://www.amazon.com/Beyond-Politics-Roots-Government-Failure/dp/1598130420/ref=la_B001HOWKWY_1_1_title_1_pap?ie=UTF8&qid=1368273005&sr=1-1

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