Knowledge Vs. Presumptions

11 Apr

Reading through Thomas Sowell’s book, Basic Economics, it is easy to see that letting the market work is essential to having a sustainable and productive economy.

The reason “the market” works so well is that there are millions of people with specialized knowledge making decision about what to buy and what to sell.  These people – the 300+million consumers in the United States of America – each have their own individualized knowledge that helps them to make decisions

Knowledge, in itself, is a scarce resource.

When government officials start making decisions that affect the market, they are doing this based on PRESUMPTIONS.  Presumptions about what is best ARE NOT the same as specialized knowledge coming from the market, of the 300+ million people that make up our economy.

Presumptions are what get people in trouble – it is KNOWLEDGE that we need.  And thus, less government intervention, red tape, and bureaucracy in our free market would allow for more efficient and more specialized decisions from WE THE PEOPLE.  That’s the whole idea of a FREE MARKET!

-Tisha Casida

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