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Fools!?! Where?
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John Succo and I write frequently about the benefits of free markets: markets in which the distorting hand of government is absent in the price discovery mechanism for stocks, bonds, commodities, heck even houses and cars. We talk too about the many costs of markets that are not free in the form of moral hazards and misallocation of productive resources. But I've never been able to relay the idea quite the way the below quote does (from today's Mises Institute daily article):
"The ultimate result of shielding men from the effects of folly is to people the world with fools." - Herbert Spencer
That is as succinct a way of describing the costs of moral hazard as I have ever read.
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