… is from page 328 of Arnold Kling‘s superb 2004 book, Learning Economics:
Ultimately, it is people who make decisions in markets and in government. People are fallible in both settings. The difference is that in a market setting mistakes are corrected more quickly than in a government setting. Thus, even if markets were wrong 9 times out of 10 and government were right 9 times out of 10, over time markets would achieve better outcomes.
Share
