Sunday, July 15, 2007

Stossel on Gates

Bill Gates Needs an Econ Course:
"The problem is that Third World countries have overbearing, corrupt governments that are obstacles to private property and freedom. That's why the children's parents have no voice or power.

Poor people in the West and in East Asia lifted themselves out of poverty by relying largely on the unplanned market process. That process -- countless individuals pursuing their own interests by trading with one another -- is, as Nobel Prize-winning economist F.A. Hayek put it, a 'discovery procedure.' Through the price system and free competition, it clarifies tradeoffs of scarce resources, generates the lowest-cost solutions, and provides feedback about success and failure through profit and loss.

This spontaneous order is far better at 'saving the lives of these children.'"
Fundamentals explained eloquently. We need more of this.

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