"No economic system can depend on the continuing wisdom of its current leaders. A price-coordinated economy with competition in the marketplace does not have to, because those leaders can be forced to change course— or be replaced— whether because of red ink, irate stockholders, outside investors ready to take over, or because of bankruptcy. Given such economic pressures, it is hardly surprising that economies under the thumbs of kings or commissars have seldom matched the track record of economies based on competition and prices."
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Basic Economics (Thomas Sowell)
Basic Economics: A Common Sense Guide to the Economy by Thomas Sowell is a general introduction into the study of economics. The book was first published in 2000.
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