The Importance of Competition in the Market Process

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I think the subject of a basic income is too big for the time we have. Agreed. But do you want to say something about free trade harming people? Well, I think the language is bad. And so the imperfections themselves in any moment in time are in an important way part of the market process. They're just part of the reality that fuels and guides the marketprocess.

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."