Waste, by definition, means “spending to no avail or profit.” But observe that when men are free to pursue their own values, they’re incentivized to act carefully. Notably, they evaluate their purchases to ensure that what they receive is worth more to them than what they give up — they profit from their exchanges. Moreover, because everyone is free, competition arises naturally, pressuring suppliers to succeed by offering the best prices."Where does the money go? Who cares? It's other people's money." ~ Any politician in DC (except Ron Paul)Accordingly, under individualism, waste is minimized by each person, one transaction at a time. Indeed, the “cost discipline” which free markets are so famous for emerges from this very fact.
Contrast this to the collectivist approach favored by our current politicians.
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