Henry Oliner writes in the American Thinker.
Sowell further explains that the most educated among us know only the smallest fraction of what is to be known. That these highly educated people may know so much more than any one of us does not mean that they know a fraction as much as do all of us.
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When prices are determined by central planning or anointed experts, shortages and gluts appear. The failed economies of the old Soviet Union and other systems determined by elite central planning evidences the flaw of thinking that elites know more than the combined individuals that comprise a healthy market.
The Wisdom of Crowds beats the elites any day.
Posted by Jill Fallon at February 1, 2010 2:17 PM | Permalink