Bonus Quotation of the Day…

by Don Boudreaux on April 28, 2016

in Competition, Other People's Money

… 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.


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