Video: Walter Williams On the Morality of the Free Market

Economist Walter Williams dispels the myth of the zero-sum game, and in so doing presents a simple and straightforward exposition of free market economics.

Far from being a system based upon greed and selfishness as some claim, Williams ably demonstrates how free exchange is a way of service and mutual benefit to all, and as such is invested with a moral quality.

And it is upon such a view of reality that free market economics reposes.

  • reggiec

    The free market absorbs millions of daily decisions by millions of people interacting in voluntary exchanges of goods and services.
    F. A. Hayek stated this very succinctly in his Nobel Prize lecture from 1974, “The Pretense of Knowledge.”
    “To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm. . . The recognition of the insuperable limits to his knowledge ought indeed to teach the student of society a lesson in humility, which should guard him against becoming an accomplice in men’s fatal striving to control society—a striving which makes him not only a tyrant over his fellows, but which may well make him the destroyer of a civilization which no brain has designed but which has grown from the free efforts of millions of individuals.”