Quote by Vernon L. Smith

“Most consumers believe that because prices in these industries are state regulated they are protected from the “evils of capitalism.” It is just the opposite, but both the regulators and the companies regulated have powerful incentives to nourish that misbelief. [...] Some people delude themselves into thinking they can manage markets better than market forces can. They try it, but it’s not sustainable. That made me realize that many of the basic things we believed about economics were wrong.”

Quote by Vernon L. Smith