Quotation of the Day…

by Don Boudreaux on March 19, 2015

in Hubris and humility, Myths and Fallacies

… is from page 350 of Robert Cooter’s 2000 book, The Strategic Constitution:

Many social critics believe that decision makers frequently rely on false signals that reflect social stereotypes, not accurate averages.  Competition can teach a sharp lesson to businesses that rely on false signals.  Decision makers whose prosperity depends on the accuracy of their perceptions are better situated than social critics or legislators to penetrate myths.


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