The Glory of the Market vs. the Compulsory Monopoly of Bureaucratic Government

From Carpe Diem By Professor Mark J. Perry
http://mjperry.blogspot.com/2012/01/quote-of-day-essence-and-glory-of.html

Quote of the Day: The Glory of the Market vs. the Compulsory Monopoly of Bureaucratic Government

"The essence and the glory of the free market is that individual firms and businesses, competing on the market, provide an ever-changing orchestration of efficient and progressive goods and services: continually improving products and markets, advancing technology, cutting costs, and meeting changing consumer demands as swiftly and as efficiently as possible.

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

Carpe Diem