JOHN STOSSEL: The Arrogance of Health Care Reform: Why do politicians with no business experience think they can run 15 percent of the economy? “Most people are oblivious to F.A. Hayek’s insight that the critical information needed to run an economy—or even 15 percent of one—doesn’t exist in any one place where it is accessible to central planners. Instead, it is scattered piecemeal among millions of people. All those people put together are far wiser and better informed than Congress could ever be. Only markets—private property, free exchange, and the price system—can put this knowledge at the disposal of entrepreneurs and consumers, ensuring the system will serve the people and not just the political class.”
Exactly. I'm reminded of the story of the old Soviet minister who, when visiting England, marveled at what the market could provide. He asked his host, "But who is responsible for making sure London has bread?" Of course the answer is "no one in particular", but London still had bread. Compliments of the market.