Interesting article from Russell Roberts explaining emergent economic phenomenon that a friend recommended. Check it out at econlib. Shows that gas prices should not be controlled.
example
Who invented the verb "to google?" Or the nouns "cyberspace" or "blog?" More crucially, who decided that these words could be used in common parlance without explanation? No one. Because no one is in charge, we might expect language to be chaotic and random. But words don't fall like rain. Which words live and which words die, which words delight the mind and which words get ignored, isn't a random phenomenon. Human beings and their choices make these words (and not others) part of the English language because they are useful. But no one person is the arbiter. We all are, in some sense. But not in the usual sense that we use the word "we," the sense of a collective decision. There is no collective decision, merely the result of a sufficient number of individuals using particular words that spread by word of mouth. Language emerges from the complex interaction of those who speak, read and write it.
Interesting essay, he's a good writer.
ReplyDeleteThe entire site looks interesting, I bookmarked it. Thanks.
-Mel
Good article. Thanks for posting it.
ReplyDeleteMorris