S7 E6: Thirty Glorious Years
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Markets and Societal Needs
- Markets are essential for wealth creation because they crowdsource solutions to problems, incentivized by financial reward.
- The fall of the Iron Curtain revealed that centrally planned economies without markets were significantly less prosperous than comparable market economies.
- However, markets only address problems that can generate profit, prioritizing needs based on a combination of intensity and wealth, neglecting those without wealth.
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