Markets are messy, part 2

posted by
November 17, 2011
Foundation for Economic Education
by Steven Horwitz  
Posted in Commentary

"The mainstream economists’ foremost model describes 'perfect competition.' It shows how, under particular assumptions, markets will produce ideal results: Resources will all be allocated to their highest valued use, prices of goods will reflect marginal costs of production, and producers, knowing exactly what goods consumers want, will produce them at minimum average total costs." (11/17/11)  


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