Speaking on government making decisions for us, Professor Antony Davies of Duquesne University concludes “Even if it’s benevolent, it fails because it lacks the necessary information to make those decision correctly.”
The motivation of government officials coupled with their lack of information: These are two reasons why we need to remove as much decision-making as possible from the public sphere. Yet we see the rush to do the opposite. From federal government officials making health care decisions to local officials deciding when, how, and where economic development should take place, the benevolence and knowledge of these officials must be questioned.
Some believe that if we only had more altruistic leaders or smarter politicians and bureaucrats, all would be well. But there is simply no way that government can replace the collective wisdom of free people voluntarily trading in free markets, their activities coordinated by something so simple as a price system left free from government interference.
This is the essence of economic freedom as defined at EconomicFreedom.org, the producer of this video. “Economic freedom is the key to greater opportunity and an improved quality of life. It’s the freedom to choose how to produce, sell, and use your own resources, while respecting others’ rights to do the same. … Economic freedom is the key to greater opportunity and an improved quality of life. … While a simple concept, economic freedom is an engine that drives prosperity in the world and is the difference between why some societies thrive while others do not.”