75. The Mind As A Free Market of Ideas

This morning, I came across an insightful quote:

A free market is a continuous process that cannot be held still, an upward process that demands the best (the most rational) of every man and rewards him accordingly. While the majority have barely assimilated the value of the automobile, the creative minority introduces the airplane. The majority learn by demonstration, the minority is free to demonstrate. The “philosophically objective” value of a new product serves as the teacher for those who are willing to exercise their rational faculty, each to the extent of his ability. Those who are unwilling remain unrewarded—as well as those who aspire to more than their ability produces. The stagnant, the irrational, the subjectivist have no power to stop their betters . . . .
- Ayn Rand, Capitalism: The Unknown Ideal

Initially, the part that resonated with me was demanding the best. The underlying layer of all my personal and professional growth is the demand for self-improvement. I have demanded that I be the best but failed to make progress in that endeavor. I settled for improvement but now new ideas have entered the arena. Unlike a free market, I was demanding the best of myself as a singular entity, whereas I should have demanded the best of every idea in my mind. I should have treated my mind as a free market. Being the best could be reframed as being the best marketplace for ideas.

Consider your mind as a free market for a moment. We have countless thoughts. Some thoughts are anxious while others are positive. Some are deep while others are shallow. Which thoughts are good for you? In a free mind, like a free market, the most useful ideas should eventually win. But our minds are not completely free. It is riddled with ideas that stagnate the growth of knowledge. No market is completely free too but they work reasonably well. What could markets teach us about freeing our minds?

In an interview transcript, Milton Friedman explains what a free market is.

INTERVIEWER: Why are free markets and freedom inseparable?

MILTON FRIEDMAN: Freedom requires individuals to be free to use their own resources in their own way, and modern society requires cooperation among a large number of people. The question is, how can you have cooperation without coercion? If you have a central direction you inevitably have coercion. The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom.

From this excerpt, several concepts can be discovered.

1. Voluntary Exchange: Individuals and businesses engage in transactions willingly, without coercion. Each party participates because they expect to benefit from the exchange.
2. Private Property: Individuals have the right to own and control their property, including resources and goods. This right incentivizes individuals to use their property efficiently and invest in its improvement.
3. Freedom of Choice: Consumers and producers are free to make their own decisions regarding what to buy, sell, produce, and consume. This freedom drives innovation and responds to changing preferences and needs.
4. Competition: Multiple buyers and sellers are allowed to operate in the market, which promotes efficiency, innovation, and fair prices. Competition ensures that no single entity can control the market.
5. Price Mechanism: Prices are determined by the forces of supply and demand. They signal the relative scarcity or abundance of goods and services, guiding producers and consumers in their decisions.
6. Minimal Government Intervention: The role of the government is limited to protecting property rights, enforcing contracts, and maintaining the rule of law. Government intervention is minimal to allow the market to operate freely.
7. Information Accessibility: For a market to function effectively, participants must have access to relevant information to make informed decisions. Transparency is crucial for efficient market operations.

Let's apply the concept of a free market to individual thought. Here’s how the principles might translate:

1. Voluntary Exchange of Ideas: Within your mind, you freely consider and evaluate different ideas without coercion. You engage with various thoughts and perspectives because you expect to gain insights or solve problems.
2. Mental Ownership: You have the right to your thoughts and beliefs. This mental ownership motivates you to invest in understanding and refining your ideas.
3. Freedom of Thought: You are free to entertain, explore, and challenge any idea or belief.
4. Intellectual Competition: Multiple ideas and viewpoints compete within your mind. This competition ensures that you critically evaluate each idea, leading to the adoption of the most robust and well-supported concepts.
5. Cognitive Cost-Benefit Analysis: The value of ideas is determined by their utility and relevance to your goals and values. You prioritize thoughts and concepts that provide the most benefit and discard those that do not serve you well.
6. Autonomy of Thought: While external inputs (such as information from others) are considered, you maintain autonomy over your thought processes. External influence is accepted or rejected rationally, allowing your internal "market" of ideas to operate freely.
7. Access to Information: To make informed decisions about which ideas to adopt, you seek out and consider various information sources. Transparency and openness to new information are crucial for effective mental functioning.

As you work to free your mind remember this: No idea is free from competition. Not even the ideas presented here. Everything, including your most cherished beliefs, can and should be criticized. Hold on to them because they are the best, and not because they are the only ones. Thinking of our minds as free markets allows us to use free market principles to improve our ideas and, hence, our lives. And maybe this time we won't just improve but become the best.