Not just what, but how

posted by
January 12, 2012
Foundation for Economic Education
by Steven Horwitz  
Posted in Commentary

"There are a variety of ways to look at the fundamental problem that all economies must solve. One way is to talk about the responsiveness of producers to consumers. In this view, the problem the economy solves is figuring out what consumers want and then giving it to them. The challenge here is how producers are to know what consumers want. This view is embraced by some defenders of markets, who argue that they do the job quite well, and by many critics, who deny that proposition." (01/12/12)  

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