Jordan Peterson explains free market price system as a superior mechanism for determining value of everything

This excerpt is taken from Dr. Peterson's recent interview with Dr. Robert P. Murphy. Full interview here: https://www.youtube.com/watch?v=_OtZ49i-yyk

Source: Pedro Jorge YouTube channel.

Transcript:

We are basically making the case that you can't get anywhere unless you can measure. Money is the measure. And so the proposition that central planning will work is the proposition that you can substitute one expert mind for a million distributed expert minds. And that's just not the case. It's obviously not the case, because each person is going to have knowledge that pertains to their locality that isn't accessible. And that's another element of specialization that isn't accessible to everyone. And so it's much better to let everyone make the decisions and sum them. And so we have this free market society isn't a mechanism to allow property holders to exploit others, let's say. It's a mechanism that the entire human race uses to calculate the comparative value of everything. And it makes thought possible. And Mises does point that out when he talks about arithmetic. It enables us to do arithmetic, and we can decide is it worth it.