Exploring the concept of product innovation through trial and error using the Wright brothers' approach to flying as an example, while discussing the idea of technocratic alternatives to market competition and the role of government intervention in decision-making processes.
Economics students are often taught that government should intervene when there is market failure. But what about government failure? Should we expect government intervention to outperform market outcomes? Listen as Duke University economist Michael Munger explores the history of how economists have thought about this dilemma and possible ways to find a third or even fourth option beyond government or markets.