From Liberty and Property — surrounding passage

He became a voter. It has been observed by eminent economists, I think first by the late Frank A. Fetter, that the market is a democracy in which every penny gives a right to vote. It would be more correct to say that representative government by the people is an attempt to arrange constitutional affairs according to the model of the market, but this design can never be fully achieved.

“In the political field it is always the will of the majority that prevails, and the minorities must yield to it.”

It serves also minorities, provided they are not so insignificant in number as to become negligible. The garment industry produces clothes not only for normal people, but also for the stout, and the publishing trade publishes not only westerns and detective stories for the crowd, but also books for discriminating readers. There is a second important difference. In the political sphere, there is no means for an individual or a small group of individuals to disobey the will of the majority.