Quotation of the Day…

(Don Boudreaux)

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… is from page 195 of Richard Epstein’s wisdom-packed 2003 book, Skepticism and Freedom (original emphasis):

Indeed, in most cases the explicit confrontation with these cognitive biases [that have been discovered by behavioral economists] only strengthens the case for decentralized power as the preferred means to diffuse or neutralize their effects.

DBx: Yes.

I have never understood why documenting humans’ undoubted proclivity for error and bias was – and continues to be – regarded as justification for trimming the role of markets and private property and turning more power over to the humans who possess state power. I can explain this knee-jerk reaction to the findings of behavioral economists only as further evidence of yet another human irrationality: the belief in miracles.