Millions of economic transactions take place every hour in the United States, too many for any central committee in Washington to handle or even Understand, even if they all graduated with honors from Harvard’s Kennedy School of Government.
For the most part, the economic transactions happen instantaneously, automatically sending market signals that organize production according to size and color, spontaneously determining losses, profits, wages and prices.
And so, if we want organic pomegranate granola with cherries, it’ll be there, right on time for breakfast every day on the capitalist shelves. It’s the same with red Corvettes or caramel ice cream with cinnamon bun dough and a streusel swirl.
It takes a little longer to get it right once the central controllers take charge of deciding things.
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Ralph R. Reiland (photo)