Thomas Sowell Quotes About Decision Making
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It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.
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Knowledge can be enormously costly, and is often scattered in widely uneven fragments, too small to be individually usable in decision making. The communication and coordination of these scattered fragments of knowledge is one of the basic problems- perhaps the basic problem- of any society.
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Informal relationships are not mere minor interstitial supplements to the major institutions of society. These informal relationships not only include important decision-making processes, such as the family, but also produce much of the background social capital without which the other major institutions of society could not function nearly as effectively as they do.
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Freedom... refer[s] to a social relationship among people-namely, the absence of force as a prospective instrument of decision making. Freedom is reduced whenever a decision is made under threat of force, whether or not force actually materializes or is evident in retrospect.
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In their zeal for particular kinds of decisions to be made, those with the vision of the anointed seldom consider the nature of the: process: by which decisions are made. Often what they propose amounts to third-party decision making by people who pay no cost for being wrong-surely one of the least promising ways of reaching decisions satisfactory to those who must live with the consequences.
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