Meaning: The quote "Whoever claims that economic competition represents 'survival of the fittest' in the sense of the law of the jungle, provides the clearest possible evidence of his lack of knowledge of economics" by George Reisman, an economist, challenges the common misconception that economic competition is synonymous with the law of the jungle and the concept of "survival of the fittest." Reisman's statement is a critique of the misinterpretation of economic principles and a defense of the role of competition within a market economy.

In the context of this quote, "survival of the fittest" refers to the idea that in a competitive environment, only the strongest or most capable individuals or entities will succeed, while the weaker or less capable ones will fail. This concept is often associated with the natural world and the theory of evolution, where organisms that are best adapted to their environment are more likely to survive and reproduce. However, Reisman rejects the notion that this concept can be directly applied to economic competition.

Reisman's assertion reflects his understanding of economics as a discipline that is distinct from the laws of nature. He argues that economic competition, while competitive, operates within a framework of rules and regulations that are designed to ensure fairness and prevent exploitation. In a well-functioning market economy, competition is meant to incentivize innovation, efficiency, and consumer choice, rather than simply favoring the strongest or most powerful participants.

Furthermore, Reisman's statement highlights the importance of knowledge and understanding in the field of economics. He suggests that those who equate economic competition with the law of the jungle demonstrate a lack of comprehension of the fundamental principles of economics. This implies that a deeper understanding of economic theory and its application is necessary to appreciate the nuances of competition within a market economy.

Reisman's perspective aligns with the broader debate about the role of competition in economics. While some may view competition as a ruthless race where only the strongest survive, others argue that competition, when properly regulated, can lead to positive outcomes for both producers and consumers. Reisman's quote can be seen as a defense of the potential for fair and constructive competition within a market economy, as opposed to a chaotic and predatory environment.

In summary, George Reisman's quote challenges the oversimplified view of economic competition as a reflection of the law of the jungle. By emphasizing the importance of understanding economic principles and the regulatory framework within which competition operates, Reisman seeks to correct the misconception that economic competition is inherently ruthless and unforgiving. His perspective encourages a more nuanced and informed approach to understanding the role of competition in a market economy.