Don Boudreaux, Michael Munger, and Russ Roberts on Emergent Order
EconTalk
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The Importance of Understanding the Mechanism of Peaceful Global Cooperation
Russ Baker: Hayek says in order to understand why things might, and sometimes do, go wrong, we first have to understand why they work. If we don't fully appreciate this marvel of the self-organized or emergent order-based market, all the talk about market failure is just off base, he says. Baker: I'm increasingly distressed that the almost pedestrian way in which modern economists think they understand the way markets work doesn't get it.
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