The Deepest Idea in Economics

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Donna Brazile: The notion of spontaneous order is indeed the most profound, single most profound insight of good economics. She says it remains an insight that's elusive to a lot of professional economists these days. "I see spontaneous order not surprisingly pretty much in the same way that you see it," she adds. 'There's magic without wizards if you just know how to find it'

Why is it that people in large cities like Paris or New York City people sleep peacefully, unworried about whether there will be enough bread or other necessities available for purchase the next morning? No one is in charge--no bread czar. No flour czar. And yet it seems to work remarkably well. Don Boudreaux of George Mason University and Michael Munger of Duke University join EconTalk host Russ Roberts to discuss emergent order and markets. The conversation includes a reading of Roberts's poem, "It's a Wonderful Loaf."