6/28/2023 0 Comments Free to choose thomas sowell![]() ![]() Among lawyers, it largely centers on the legality of the rule.īut all of the discussion seems to ignore Sowell’s insights. Among economists, the discussion surrounds economic arguments and empirical evidence on the effects of noncompetes. A major policy change like this obviously sets off debate. ![]() I’m reminded of Sowell in witnessing the current debate surrounding the Federal Trade Commission’s (FTC) proposed rule to enact a nationwide ban on noncompetes in employment agreements. Sowell uses Hayek’s insight to understand and critique social, economic, and political institutions, which he judges in terms of “what kinds of knowledge can be brought to bear and with what effectiveness.” Hayek’s insight that markets can bring dispersed but important knowledge to bear with substantial effectiveness is one that many of us, especially economists, pay lip service to, but it often gets lost in day-to-day debates about policy. One of my favorite books is Thomas Sowell’s Knowledge and Decisions, in which he builds on Friedrich Hayek’s insight that knowledge is dispersed throughout society. ![]()
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