“Quotation of the Day” from Cafe Hayek:
… is from page 126 of Julian Simon’s posthumously published 1999 book Hoodwinking the Nation:
The more competition in the news marketplace the better. The greater the number of firms competing, the more it will be profitable for at least a few of the many competitors to show how others are scandalously misinforming the public; muckraking the false muckrakers can be exciting news, too.
This past Sunday, Julian (1932-1998) would have turned 80. His idea of – his explanation of – his researches into – the fact that the human mind is the ultimate resource remains one of the greatest economic insights that has yet to be remotely fully appreciated for the enormous explanatory insight that it contains. Its day will come.
My best guess is that Simon’s powerful concept of the “ultimate resource” is totally absent from all of our schools including the top universities in the nation.