Baetjer argues that the incentives inherent in market institutions outperform the incentives inherent in state institutions in getting people to properly consider the well-being of others when they act.
Published 05/15/17
The trial-and-error based profit and loss mechanism, says Baetjer, is an indispensable tool for guiding discovery and innovation in the economy.
Published 05/15/17
Continuing his discussion of prices, Baetjer explains what can go wrong when outside interference prevents genuine market prices from emerging.
Published 05/15/17