Individuals know their own preferences best from "summary" of Free to Choose by Milton Friedman
The idea that individuals know their own preferences best lies at the heart of the free market system. It is a simple yet profound concept that has far-reaching implications for how we organize our society and economy. In a world where resources are scarce and unlimited wants compete for them, it is crucial that individuals have the freedom to make choices based on their own preferences. This concept is based on the belief that each individual is in the best position to know what is best for themselves. No one else can fully understand the unique combination of needs, wants, and values that drive a person's decision-making process. By allowing individuals to freely express their preferences through their consumption choices, the market can efficiently allocate resources to where they are most valued. In...
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