Quotation of the Day…

(Don Boudreaux)

Tweet

… is from page x of my late, great colleague Walter Williams’s Foreword to Richard McKenzie’s superb 1985 book, Competing Visions (original emphasis):

Industrial planners everywhere face an information problem. From the standpoint of consumer and producer satisfaction, how can a planning board know which industries should be “born” and which should “die,” which should be subsidized and which should be self-sufficient, which should receive tax credits and which should not? A computer the size of the United States could not manage the innumerable interdependent decisions made every day in our economy. Is it reasonable to expect an army of bureaucrats to do better?