6min chapter

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Don Boudreaux, Michael Munger, and Russ Roberts on Emergent Order

EconTalk

CHAPTER

The Pros and Cons of No One's in Charge

Mike Downey: Adam Smith used the phrase 'the invisible hand' to describe moral sentiments once in the theory of economics. He says it doesn't mean what we use today, which is a process that works on its own and has a pretty good outcome. But he adds there's an enormous magical component that we don't understand or appreciate.downey: There's a lot of emerging or that's not good about our daily interactions with each other. We all want something else but when people try to do one thing they end up doing another.

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