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Brad DeLong on Intellectual and Technical Progress
Conversations with Tyler
The Power and Complexity of Market Systems
Market systems, based on private property and individual initiatives, decentralize decision-making to where information and brains really are. If aligned with social values, it harnesses humanity's intelligence to achieve social goals efficiently. However, challenges include aligning prices with social values, ensuring the distribution of property rights is in accord with societal needs, and addressing externalities such as information and macroeconomic externalities.
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