In Praise of Free Markets

“The modern market economy is the greatest communal enterprise ever undertaken. Friedrich Hayek did the heavy lifting on this point half a century ago in his essay “The Use of Knowledge in Society.” The efficient pricing of markets allows millions of independent actors to decide for themselves how to allocate resources. According to Hayek, no central planner or bureaucrat could ever have enough knowledge to consistently and successfully guide all of those economic actions in a more efficient manner.”