“It was the competitive market that finally gave the product life, but first it had to struggle through an incredible array of barriers, from disincentives to monopoly grants to regulatory restrictions. What might have helped people at daily life since the 1940s took a half a century. Part of that time passage is inherent in the market process, but much of the rest of it was due to intervention. It was not science as such that made the difference. It was science given flight by market forces. At each stage of its development, the market was there, encouraging, prodding, guiding, and leading to the light, despite all odds.”
http://www.fee.org/the_freeman/detail/sticky-thoughts
Related posts:
“Affordable Housing” Rules Result in Opposite
How the Thought Police Use Your Cell Phone to Track Your Every Move
Bill Bonner: What I Learned in China About the Fate of the US Dollar
Banks Get One Last Mulligan in Payments
America’s Gulag
What Happens When You Can't Believe A Thing The President Says?
The Silver Lining as Banks Say “No More Americans”
How Empires End
I, Pencil: The Movie
Glenn Greenwald at Yale Law School: "With Liberty and Justice for Some"
Detlev Schlichter: Of interest and the dangerous habit of suppressing it
Why Conservatives Accept High Taxes, the Federal Reserve System, and Fiat Money
Bill Bonner: Three Major Market Events That WILL Happen
Poor Economy = Low Gold Price?
Tyler Winklevoss: Digital Darwinism