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Quotation of the Day…

… is from page 38 of the excellent new volume by my colleagues Matt Mitchell and Pete Boettke, Applied Mainline Economics: Bridging the Gap between Theory and Public Policy (footnote deleted):

Unknown-2The price system and the market economy, therefore, are learning devices that guide individuals to discover mutual gains and to develop new ways to use scarce resources.

DBx: Yes.  The market is a process.  Competition is a process.