AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
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.