Exploring the utilization of mathematical equations in the economy for goods and services allocation to maximize happiness while considering individual preferences and the significance of trial and error and competition in decision-making.
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.
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