Quote of the Day: The Glory of the Market vs. the Compulsory Monopoly of Bureaucratic Government
The libertarian economist can try to offer a few guidelines on how markets might develop where they are now prevented or restricted from developing; but he can do little more than point the way toward freedom, to call for government to get out of the way of the productive and ever-inventive energies of the public as expressed in voluntary market activity. No one can predict the number of firms, the size of each firm, the pricing policies, etc., of any future market in any service or commodity. We just know—by economic theory and by historical insight—that such a free market will do the job infinitely better than the compulsory monopoly of bureaucratic government."
~Murray Rothbard in "For a New Liberty"
HT: Dennis Gartman in today's The Gartman Letter