Quote Of The Day
Early this week, I asked whether the free market is democratic, based on commenter CJS who asserted “your small sum may be as ineffective at changing the actions of a business as it is at changing the actions of a government”.
Jim Fedako of the Mises blog proves my point:
As I see it, the fact that you can still buy wooden wagon wheels and almanacs proves that the market serves the consumer.
In a democracy >90% of the electorate would suggest that continuing to build and supply wooden wagon wheels was an economic distraction from improving the lives of the voting public. The democratic result, though, doesn’t meet the needs of members of the voting public who believe their lives would be improved by buying wooden wagon wheels.
Update – Fixed wording of final sentence to clear up unclear meaning. Thanks Akston for pointing it out.