Question 5 / 96:  What does it mean when an economist says, "We should let the market decide"?
Answer: 

Such a statement means that the government should not interfere

with the outcome of voluntary interactions among private

property owners. It's important for students to realize that

letting "the market" decide something isn't ceding decisionmaking

authority away from concerned individuals and into

the hands of a lifeless concept. On the contrary, "the market"

in this context refers to the decisions made by certain individuals

in the private sector, and any government involvement

would simply substitute the desires of government officials for

the people in the private sector. Decisions are always made by

individuals.

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Capitalism: The Market Economy

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Attribution:  Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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