Free markets are essential for economic prosperity from "summary" of The Road to Serfdom by Friedrich August Hayek
The idea that free markets are indispensable for economic prosperity is not just a theoretical concept, but a practical reality that has been proven time and time again throughout history. The ability of individuals to freely exchange goods and services based on their own preferences and interests is a fundamental driver of economic growth and innovation. When individuals are allowed to pursue their own self-interest through voluntary transactions, they are able to allocate resources more efficiently than any central planner could ever hope to achieve. The price mechanism that emerges in a free market economy serves as a powerful signal to guide individuals in making decisions about what to produce, how much to produce, and for whom to produce. Central planning, on the other hand, inevitably leads to inefficiency, waste, and stagnation. The knowledge required to effectively allocate resources in an economy is dispersed among million...
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