Quotation of the Day…

by Don Boudreaux on November 8, 2014

in Competition, Creative destruction, Growth, Hubris and humility

… is from page 172 of W. Arthur Lewis‘s 1955 book, The Theory of Economic Growth:

Collective judgement of new ideas is so often wrong that it is arguable that progress depends on individuals being free to back their own judgement despite collective disapproval….  To give a monopoly of decision to a government committee would seem to have the disadvantage of both worlds.


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