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Card 7 / 100: 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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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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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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