Sowell compares and contrasts informal decision making processes (marriage) with formal decision making process (the draft. His point, I believe is not to judge the desired ends or even the process, but to evaluate the process in terms of costs and benefits. And, he takes the Hayekian stance that individual agents, voluntarily and independently acting will typically select the process that aligns both with value in society and with wealth creation, while a centralized, hierarchial, tops down selection will typically result in decisions withe perverse and unintended consequences that are, clearly unintended by the man or woman at the top making the decision.
I am excited to be reading this book and looking forward to our discussion.
Greg
Posts
