Quotation of the Day…

by Don Boudreaux on April 7, 2014

in Hubris and humility, Man of System, Regulation

… is from page 254 of John Allison’s insightful 2013 book, The Financial Crisis and the Free Market Cure:

People cannot think unless they are free to think.  Government rules and regulations literally prevent thought and prevent experimentation.  A free market is a massive experiment in competing ideas, the most productive of which win out.  Most of the experiments fail, but even failed experiments lead to better understanding.  When the intellectual elitists stop the experiments because they are smarter than the rest of us and know what is in the “public good,” the learning stops – witness the Soviet Union.  By now, the elitists should know better.  Often, they use the public good as an excuse for their own lust for power.  Those of us who have had to face government bureaucrats often see the lust for power as the true motivation and the “public good” as the bureaucrat’s rationalization.

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