Mike Bunker: We must never lose sight of the fact that markets aren't just so-so. He says a lot of economists get hung up on the fact that we could get rid of the food and drug administration. Bunker: The big picture point should be how well and remarkably markets in fact work.
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."