Sowell no ponto

"These innumerable mutual interactions are what bring the other 99 percent of knowledge into play -- and generate new knowledge.

That is why free markets, judicial restraint, and reliance on decisions and traditions growing out of the experiences of the many -- rather than the groupthink of the elite few -- are so important.

Elites are all too prone to over-estimate the importance of the fact that they average more knowledge per person than the rest of the population -- and under-estimate the fact that their total knowledge is so much less than that of the rest of the population.

They over-estimate what can be known in advance in elite circles and under-estimate what is discovered in the process of mutual accommodations among millions of ordinary people.

Central planning, judicial activism, and the nanny state all presume vastly more knowledge than any elite have ever possessed.

The ignorance of people with Ph.D.s is still ignorance, the prejudices of educated elites are still prejudices, and for those with one percent of a society's knowledge to be dictating to those with the other 99 percent is still an absurdity."