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Believe Quote by John James Cowperthwaite

“I still believe that, in the long run, the aggregate of the decisions of individual businessmen, exercising individual judgment in a free economy, even if often mistaken, is likely to do less harm than the centralized decisions of a Government; and certainly the harm is likely to be counteracted…” quote by John James Cowperthwaite
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“I still believe that, in the long run, the aggregate of the decisions of individual businessmen, exercising individual judgment in a free economy, even if often mistaken, is likely to do less harm than the centralized decisions of a Government; and certainly the harm is likely to be counteracted faster. As I said earlier in this debate, our economic medicine may be painful but it is fast and powerful because it can act freely.”

John James Cowperthwaite

About This Quote

Source Speech: Hong Kong Economic Report, 1970s

Free market decisions, despite errors, cause less harm and correct faster than centralized government actions.

In simple terms: Free markets self-correct quicker.

Key Takeaway

Trust decentralized decision‑making.

Themes

economics government market policy efficiency

Mood

analytical balanced

Type

economic political

When to use this quote

  • Business strategy
  • public policy
  • investment decisions
  • crisis management

Key Concepts

Decentralization spontaneous order comparative advantage

Questions to Reflect On

  • What are limits of market self‑correction?
  • When should government intervene?
A Different Perspective

Markets can fail without regulation.

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