Markets Are More Knowledgeable Than Intellectuals

"Nothing is easier than for intellectuals to express displeasure with the observed manner in which individuals make trade-offs, and then to assert that this manner of making trade-offs implies a market failure. But assertions are not analyses. When analyzed carefully through the lens of economics, the need for producers to adjust to changes in consumer tastes and opportunities is seen to be, not evidence of markets failing, but of markets successfully taking into account as fully as possible the costs and benefits of alternative uses of scarce resources, including labor." ~ Donald J. Boudreaux