Mandeville discussed on EconTalk - Don Boudreaux, Michael Munger, and Russ Roberts on Emergent Order

Automatic TRANSCRIPT

Of of arab thinker whose name was in cal dune and in the fourteenth century he published a book of the book of writings of scroll called look at dima the police gomina and i i recommended to readers because it's a shockingly modern view of what i think later thinkers higher can particular but a number of others identified as the role of something called markets now that name markets is sort of like calling wife the result of these chemical processes that we don't understand in hike is pretty clear about that really don't understand most of us don't understand very well why it how it is that markets are able to coordinate all of the different activities and once and disagreements that people have and reconcile those into some kind of order but that's the thing that that emergent property gives us so the the there's also of mandeville the uh in the early eighteen th century who wrote about private vices in public benefits how these things can reconcile themselves so i i think the nice thing about the poem is that it builds on and says in distant deceptively simple ways something that is very very difficult to explain and so the drawback may be that its appearance simplicity masks the underlying complexity of the claim yeah i think that's a constant challenge we have as economists and i'm going to push our role of the law further which is that i wanted the critiques you could make of that pomace it's too simplistic not about the process but about the the outcome like it's so cheerful is spread everywhere everything's great and everything happens bonded zone and one of the things people complain about when they read it is oh don't you need government you think you don't eat any government but of course she did do need government governors for useful in creating the rules the game in creating courts in creating police and possibly some firms regulation which will talk to talk about a minute but i wanna make it clear that when i sing no one's in charge i don't be no one's in charge at the bakery of course someone's in charge at the bakery and i don't me no one's in churches city hall they have certain things they're trying to do to a what i'm.

Coming up next