Quote Of The Day

“No real-world market is perfect. But market failure is only grounds to deprecate markets when we have reason to believe non-market allocation mechanisms can do better. Otherwise, the only aim and effect of the deprecation can be to replace an imperfect market with something worse. (Usually the “something worse” is a committee of bureaucrats.) Can you propose a non-market allocation mechanism that would rescue academia from its present disgraceful state? Good luck with that. F. A. Hayek and David D. Friedman, among others, have shown that even a bureaucrat-god with perfect information and infinite computational capacity cannot outperform market allocation through price signals (the most accessible proof I know of this is in Friedman’s Price Theory, which I recommend)”. —Eric S. Raymond, responding to David Gelernter’s critique of capitalism

1 Response to “Quote Of The Day”


  • Excellent goods from you, man. I’ve understand your stuff previous
    to and you’re just extremely excellent. I actually like what you have acquired here, really like what you are stating and
    the way in which you say it. You make it entertaining
    and you still care for to keep it sensible. I can’t wait to read far more from you.
    This is actually a great web site.

Leave a Reply