by John Tamny
The American Institute for Economic Research
Assuming there’s a 2020 NFL season and Anthony Fauci attends a Washington Redskins game, it’s not unreasonable to suggest that Fauci will be the smartest individual at the stadium. Some say his intelligence is formidable.
At the same time, Fauci’s mental capacity will be very small relative to the combined intelligence of every fan cheering (one can hope!) at FedEx Field. Whether 50,000 are in attendance or there’s a full-house of 82,000 (maybe the Dallas Cowboys are in town), one brilliant mind is no match for the collective wisdom of the masses. Their combined knowledge puts them at a major advantage against one, or for that matter, many.
All of the above very neatly explains why free, unfettered markets correlate so well with positive economic outcomes. Market signals are arrived at through the combined genius of tens of thousands, millions, and billions of human beings.