Price Archives - Granite Grok



Notable Quote – Prof. Don Boudreaux

Emphasis mine: Industrial policy is the replacement of price-guided resource-allocation patterns with commands issued by politicians and their hirelings. But as Hayek points out, it is impossible for politicians and their hirelings to possess any of the “knowledge of the particular circumstances of time and place” that must be known if the resulting use of …

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Notable Quote – Prof. Don Boudreaux

…This system of prices and wages conveys reasonably reliable information to each individual about the consequences that will be experienced not only by her, but also by other people – most of them complete strangers – as a result of her choice of how to use her resources.

Price Controls Are Bad…

For Socialized Drugs Just Get in Line… We all like lower prices. But how we get them does matter. Advocating for government control of prices and wages might not be such a good idea. Implementing wage and price controls is turning our economy over to the government. Socialist style price controls on medicine is bad …

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Notable Quote – Vernon Smith

At the heart of economics is a scientific mystery: How is it that the pricing system accomplishes the world’s work without anyone being in charge? Like language, no one invented it. None of us could have invented it, and its operation depends in no way on anyone’s comprehension or understanding of it. Somehow, it is …

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