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Tram Town
Friday, May 18, 2007
 
Category: Truth
A very grand category selected on my part but one which just works for this article by Thomas Sowell. The BoltA pointed me at it. I know I will go back and read it again and again.
If no one has even one percent of all the knowledge in a society, then it is crucial that the other 99 percent of knowledge — scattered in tiny and individually unimpressive amounts among the population at large — be allowed the freedom to be used in working out mutual accommodations among the people themselves.
These innumerable mutual interactions are what bring the other 99 percent of knowledge into play — and generate new knowledge.
That is why free markets, judicial restraint, and reliance on decisions and traditions growing out of the experiences of the many — rather than the groupthink of the elite few — are so important.
This is a different angle on Adam Smith's all important invisible hand. Great writing by Sowell, T.

- posted by Semi @ 6:13 PM 0 comments

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