Donna Brazile: I think regulation is sometimes motivated by a concern for asymmetric bargaining power and sometimes out of paternalism. She says the big increases in safety, shorter work week and higher wages were driven by increased productivity of labor, not by government regulation. "I don't think anyone who knows any economics at all can disagree about the importance of allowing prices and wages to move in response to market forces," she adds. 'Market set prices are really the key to the success of the whole system'
Why is it that people in large cities like Paris or New York City people sleep peacefully, unworried about whether there will be enough bread or other necessities available for purchase the next morning? No one is in charge--no bread czar. No flour czar. And yet it seems to work remarkably well. Don Boudreaux of George Mason University and Michael Munger of Duke University join EconTalk host Russ Roberts to discuss emergent order and markets. The conversation includes a reading of Roberts's poem, "It's a Wonderful Loaf."