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Quotation of the Day…

… is from page 74 of the 5th edition (2015) of Thomas Sowell’s Basic Economics:

While systemic causation in a free market is in one sense impersonal, in the sense that its outcomes are not specifically predetermined by any given person, “the market” is ultimately a way by which many people’s individual personal desires are reconciled with those of other people.  Too often a false contrast is made between the impersonal marketplace and the supposedly compassionate policies of various government programs.  But both systems face the same scarcity of resources and both systems make choices within the constraints of that scarcity.  The difference is that one system involves each individual making choices for himself or herself, while the other system involves a small number of people making choices for millions of others.

See also here.


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