4min chapter

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Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith

The Joe Walker Podcast

CHAPTER

The Importance of Equilibrium in Economics

In the first experiment I did it and it perverts to the equilibrium very close with just in about three or four periods. So over the years I just disabuse myself of this notion that markets were not able to completely capable of operating on their own. And finding you see these equilibria which the people in the market don't even know about you see.

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