Another brief and wonderfully-written column. Do read the entire thing, it’s brief.
Silence golden for market economy – TribLIVE: But when the market works smoothly — as it typically does — hardly anyone notices. We take its successes for granted. That’s the thing about a steady stream of relatively small, almost daily improvements in our standard of living. We acclimate to them.
The market is a vast and complex pattern of voluntary choices and exchanges — including the taking of financial risks — that emerge when each individual is free to produce, to sell and to buy according to his or her own individual lights. The only constraints upon such exchanges are the rules of private property and of freedom of contract. If I want your pet frog or your productive factory, I can get it only if I agree to give you something that you voluntarily accept in exchange.
Unlike in politics, market participants do not confiscate the property of others. Unlike in politics, where those with the most votes get to take unilaterally from those with the fewest votes, in markets, even those with the most money are prevented from unilaterally taking even from those with the least money.