Quotation of the Day…

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… is from page 168 of Samuel Gregg’s forthcoming book, The Civilization of Commerce [original emphasis]:

One advantage of commercial society is that the value of such knowledge is constantly put to the test. It is not enough to simply have a new idea. It is equally necessary to subject the idea to the endless feedback provided by the market. Without these ongoing reactions, the capacity of knowledge to change reality becomes more limited. Markets help us to know what is inefficient and understand what requires adaptation. They also reveal gaps in knowledge, tell us which forms of existing knowledge are becoming less economically relevant or commercially unviable, and provide us with information about possible ways forward.