Writing · Uncategorized
One of my favorite economic books of all time.
“The fact that it is not a single individual or group of individuals who control or coordinate the innumerable economic activities in a market economy, does not mean that they occur randomly or in a chaotic way. Each consumer, producer, retailer, rental land owner, or worker conducts individual transactions with other individuals on pre-agreed terms. Prices convey these terms not only to the individuals directly involved in the transaction, but throughout the entire economic system, and indeed throughout the world. When someone somewhere else has a better product or a lower price for the same product or service, this is passed on and influences everyone's decisions, without the need for a public official or planning commission to issue orders to consumers. or producers. In fact, this happens faster than any bureaucrat takes to collect the information necessary to make their decisions.”
― Thomas Sowell, Basic Economics: A Citizen's Guide to the Economy
https://lnkd.in/gYbqxJbe