In a free society, everyone is allowed to benefit from exchange as best as their knowledge allows—and if they make mistakes, they can learn from them (thanks to the existence of money and money prices). In a hampered market, people are unable to fully apply their knowledge, and errors persist rather than being corrected (and such errors will be then incorporated by people as “knowledge”—further exacerbating the error).

Ex ante he appraises his situation, present and prospective future, chooses among his valuations, tries to achieve the highest ones according to his “know-how,” and then chooses courses of action on the basis of these plans. It is erroneous, therefore, to assert that a free market society is “unplanned”; on the contrary, each individual plans for himself.”

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