Murray Rothbard on consumers, voters and knowledge
Consumers also take entrepreneurial risks on the market. Many critics of the market, while willing to concede the expertise of the capitalist-entrepreneurs, bewail the prevailing ignorance of consumers, which prevents them from gaining the utility ex post that they had expected ex ante. Typically, Wesley C. Mitchell entitled one of his famous essays: ‘The Backward Art of Spending Money.’ Professor […]
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