Jeffrey Tucker  – Monday, December 05, 2016 – at FEE

Let the market decide.

Those four words are among the most revolutionary in the history of humankind.

To let the market decide means deferring to the results even if we personally wish something else would happen.At first the market might look like a series of signs and indicators on a scoreboard. But behind the numbers and balance sheets lie human values, indicators on the map that people use to navigate their way out of the state of nature.

By the market, we do not mean some depersonalized force floating above and outside of our lives. We really mean the choices of people over their own lives. The market is whatever  you and I choose, and what others do to serve our every wish within the context of freedom and human rights.

To let the market decide means deferring  to the results even if we personally wish something else would  happen. It means recognizing that letting the market prevail will give us more peace and prosperity than any other system that involves imposing on the lives and property of others. We don’t have to love every result, but we recognize that over the long run, and for the most people, the market grants greater access to the best possible life we can experience on this earth.

Down with Strongmen

No one can anticipate what wins and what loses. The results defy every predictive mind, and remind us constantly of the absence of omniscience in this world.Those four words, then, represent a repudiation of dictatorship, authoritarianism, despotism, and every form of imposition against the people and their wishes. They suggest a confidence in a process shaped by people and their decisions are a better guide than even the smartest people armed with all the powers of the state. They suggest a deference to something outside our direct control but within the micro-control of everyone else: not just people we know but billions of people we do not know.

The results of the market feed no one’s vision of utopia. But that’s just the point. No one particular person gets to realize some fevered view of what should be, because we know that the realization of one person’s utopia is most likely to lead to a nightmare for everyone else. If we establish a minimum set of general rules – don’t steal, don’t use violence, do unto others as you would have them do unto you – you create a political culture that allows maximum opportunity for everyone to flourish and realize their dreams.

But Is It Wrong?

There is a persistent criticism out there that somehow this market is devoid of sentiment, virtue, and even morality. This is not true, and you only need to look at the holiday season to see it. The holiest of seasons also happens to be associated with the height of commercial exchange. This is not an accident. Commerce means people giving to others and receiving more in return. It means serving each other in peace and with love.

It’s absolutely exhilarating to watch the market in action, especially when you take the long view, such as back to 1983.If that’s true, it would make sense that holy seasons of gift-giving would enliven the market like nothing else. But there is a catch: the results of the market are unscripted. No one can anticipate what wins and what loses. They defy every predictive mind, and remind us constantly of the absence of omniscience in this world.

And if you love freedom, and are willing to live with the reality of the unknowability of the future, this is a beautiful thing. You can say … read more here