Sunday, July 10, 2005

L&S: What's Your Order?

Steve Horowitz now offers his first talk of the seminar, "Introduction to the Market Process." I've heard him give this talk, or earlier variations of it, many times. Yet I still find it absorbing. Steve does a great job of explaining the seeming miracles of what, for lack of a better term, we call "spontaneous orders."

As he observes, however, we have got a better term: "unplanned orders." I like that. It helps to prevent people from thinking that such things lack causes; that they arise "spontaneously," ex nihilo. Let us hope that our language, that paradigmatic unplanned order, evolves in reaction to Steve's convincing argument.

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