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.