by Leslee Kulba
Wild West blogger
Saith Donald Boudreaux over at the Cato Institute:
In private markets, each person who ignores the preferences of buyers or sellers in order to indulge his or her personal ideological interests pays the cost of doing so. For instance, a racist restaurateur who refuses to serve African-Americans forgoes the profits he would earn from such customers. As a result, markets naturally temper ideological actions that are inconsistent with sellers’ efforts to earn profits or with buyers’ efforts to stretch their spending power as far a possible. Matters differ in politics . . .