15Market Corrections Are Necessary, but Panics Are Destructive and Avoidable
IN A FREE MARKET, MARKETS ARE CONSTANTLY CORRECTING. SINCE we as human beings are not omniscient, markets are not omniscient. Businesses are constantly failing, and new businesses are being created. New windows of opportunity to create a better quality of life are being produced by entrepreneurs using the advances in technology developed by scientists, and outdated methods of production are being discarded. This is a healthy process.
Some academic economists attack markets because they are not “perfect”; that is, the market does not always produce the optimal outcome as determined after the fact from the perspective of these academic experts. This is a completely irrational ...
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