Tweet [1]
… 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 [2] (footnote deleted):
The 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.