Published on 18 Mar 2015
Why are price signals and market competition so important to a market economy? When prices accurately signal costs and benefits and markets are competitive, the Invisible Hand ensures that costs are minimized and production is maximized. If these conditions aren’t met, market inefficiencies arise and the Invisible Hand cannot do its work. In this video, we show how two major processes, creative destruction and the elimination principle, work with the Invisible Hand to create a competitive marketplace that works for producers and consumers.
November 27, 2015
The Balance of Industries and Creative Destruction
Comments Off on The Balance of Industries and Creative Destruction
No Comments
No comments yet.
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.
