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

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