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Monday, 17 February 2014

Mises on Competition vs Democracy

Mises compares market competition to political democracy as follows:
The market is better than political democracy because people with unpopular tastes can still get what they want, as long as people who supply them can cover their costs.
In political democracy, only the winning party gets what it wants. Even proportional representation leaves many people unsatisfied.
David Gordon, Economic Reasoning lecture