The fact that humans are subjective – make decisions subjectively and value things subjectively – implies that each human has limited knowledge and based on this limited knowledge decisions are made and things are given valuation. This is why education is highly prized, because it increases the scope of knowledge and it provides the skills and tools for processing knowledge.
Built into human civilization is the ‘mechanism’ for increasing the flow of knowledge of all types. Inherent in human civilization is the market process which optimizes the dynamic nature of all information in ways that optimize the production of goods and services for all of humanity now and across the time horizon.
This is the beauty of the market process. It is what ameliorates the weaknesses associated with human subjectiveness and yet it is what enables the subjectiveness of humans to be the determinant of what comes into being.
Undoubtedly then, all interference with the market process is detrimental to individuals and is detrimental to all human societies both now and in the future. The most generous and the most beneficent ‘policy’ is to terminate all economic intervention!
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