James Buchanan wrote among the best page in economic theory penned in the last 50 years in my opinion. As he explained:
I want to argue that the "order" of the market emerges only from the process of voluntary exchange among the participating individuals. The "order" is, itself, defined as the outcome of the process that generates it. The "it," the allocation-distribution result, does not, and cannot, exist independently of the trading process. Absent this process, there is and can be no "order."
Week in Review: July 22, 2017
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