Michelle Ch 3

Q: Why does economic liberalism regard competition as superior?

A: "And it [economic liberalism] regards competition as superior not only because it is in most circumstances the most efficient method known but even more because it is the only method by which our activities can be adjusted to each other without coercive or arbitrary intervention of authority. Indeed, one of the main arguments in favor of competition is that it dispenses with the need for 'Conscious social control' and that it gives the individuals a chance to decide whether the prospects of a particular occupation are sufficient to compensate for the disadvantages and risks connected with it" (Hayek 41-42).

By Michelle