Wednesday, July 31, 2002

Walter Williams' gives his take on this guy "the market".

What we call the market is really a democratic process involving millions, and in some markets billions, of people making personal decisions that express their preferences. When you hear someone say that he doesn't trust the market, and wants to replace it with government edicts, he's really calling for a switch from a democratic process to a totalitarian one.

An excellent example is when people demand that government confiscate the earnings of wealthier Americans to give to poorer Americans. Michael Jordan is much wealthier than I, but whose doing is that? It's decisions made by millions upon millions of people who prefer to fork over their money to watch him play basketball. I'd be just as rich if they were willing to do the same to watch me play. When someone condemns Jordan's earnings, they are really condemning the voluntary decisions made by millions of people.

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