A Quote by David D. Aitken
The Free Market is Mother Nature's way of organizing economic activity.
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A market economy is a tool - a valuable and effective tool - for organizing productive activity. A market society is a way of life in which market values seep into every aspect of human endeavour. It's a place where social relations are made over in the image of the market.
My belief in free competitive economic enterprise does not rest solely or even mainly on arguments of economic efficiency, though, heaven knows, these are cogent enough. It rests essentially on the view that the free market is the only safe way of ensuring that productive effort is directed towards supplying what individuals actually want, and in a way which secures the dignity and independence of the worker.
I know of no example in time or place of a society that has been marked by a large measure of political freedom, and that has not also used something comparable to a free market to organize the bulk of economic activity.
It [the free market] is an organizational way of doing things, featuring openness, which enables millions of people to cooperate and compete without demanding a preliminary clearance of pedigree, nationality, color, race, religion, or wealth. It demands only that each person abide by voluntary principles, that is, by fair play. The free market means willing exchange; it is impersonal justice in the economic sphere and excludes coercion, plunder, theft, protectionism, and other anti-free market ways by which goods and services change hands.
Part of my advantage is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That's how I started. I watched the stock market, how equities reacted to change in levels of economic activity, and I could understand how price signals worked and how to forecast them.
The nature of the economic system should be a matter for public choice, and free market capitalism should not be accepted without any discussion of the rich variety of alternatives ... Unlike civil laws, economic laws are imposed on people with all the authority of immutable laws of nature. But the economy is created by people, supported by government intervention, regulation, statute and subsidy, and implemented in such a way that it gives substantial wealth and power to a privileged few, while the majority face a life of relentless work, stress and periodic financial insecurity.
The ultimate consequences of the individualist spirit in economic life are those which you yourselves, Venerable Brethren and Beloved Children, see and deplore: Free competition has destroyed itself; economic dictatorship has supplanted the free market; unbridled ambition for power has likewise succeeded greed for gain; all economic life has become tragically hard, inexorable, and cruel.
Economic activity, especially the activity of a market economy, cannot be conducted in an institutional, juridical or political vacuum. On the contrary, it presupposes sure guarantees of individual freedom and private property, as well as a stable currency and efficient public services.
All men are equal and free: society by nature, and destination, is therefore autonomous and ungovernable. If the sphere of activity of each citizen is determined by the natural division of work and by the choice he makes of a profession, if the social functions are combined in such a way as to produce a harmonious effect, order results from the free activity of all men; there is no government. Whoever puts a hand on me to govern me is an usurper and a tyrant; I declare him my enemy.
The free market is not only a more efficient decision maker than even the wisest central planning body, but even more important, the free market keeps economic power widely dispersed.
We need to shift from an economic organizing principle for human civilization, to a humanitarian organizing principle. Making money more important than your own children is a pathological way for an individual to run their affairs, and it's a pathological way for a society to run its affairs.
Markets are useful instruments for organizing productive activity. But unless we want to let the market rewrite the norms that govern social institutions, we need a public debate about the moral limits of markets.
The way to get a maximum rate of 'economic growth' assuming this to be our aim - is to give maximum encouragement to production, employment, saving, and investment. And the way to do this is to maintain a free market and a sound currency.
There can never be such a thing as a free market, because it is human nature to cheat, monopolize, and buy off others so as to corner the market.
There's not a single country that actually approaches economics in a pure, free market, capitalist way. I like the free market - but it very much exists only in textbooks. If I had a choice, and we could live in a very pure world, I would be a supporter of the free markets.
I have read a great deal of economic theory for over 50 years now, but have found only one economic "law" to which I can find NO exceptions: Where the State prevents a free market, by banning any form of goods or services, consumer demand will create a black market for those goods or services, at vastly higher prices. Can YOU think of a single exception to this law?
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