Don Boudreaux, Michael Munger, and Russ Roberts on Emergent Order
EconTalk
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The Three Alternatives to Emergent Order
Just allowing markets gives you a differentiated order that you might not expect. In the early 19th century, the German political economist von Künen talked about the way that cities are self-organized. He said your cities are going to be surrounded by a ring of cattle farms farthest out because they need a lot of land. The incentives of profit and loss and prices hold the bread market together.
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