… is from page 28 of the 2016 Mercatus Center re-issue of my late colleague Don Lavoie’s superb and still-relevant 1985 volume National Economic Planning: What Is Left?:
The main factor in our relative ability to solve our scarcity problem is our social intelligence.
DBx: Indeed. And the great – the fatal – conceit of many people is that they arrogantly fancy that their own individual notions of just how scarcity should be dealt with are superior to the trade-offs achieved by millions of individuals exchanging peacefully in markets and guided in their decisions by the resulting prices.
