Don Boudreaux, Michael Munger, and Russ Roberts on Emergent Order

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4.7 • 4.3K Ratings

🗓️ 12 June 2017

⏱️ 74 minutes

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Summary

Why is it that people in large cities like Paris or New York City people sleep peacefully, unworried about whether there will be enough bread or other necessities available for purchase the next morning? No one is in charge--no bread czar. No flour czar. And yet it seems to work remarkably well. Don Boudreaux of George Mason University and Michael Munger of Duke University join EconTalk host Russ Roberts to discuss emergent order and markets. The conversation includes a reading of Roberts's poem, "It's a Wonderful Loaf."

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:08.5	I'm your host, Russ Roberts of Stanford University's Hoover Institution.
0:13.1	Our website is econtalk.org, where you can subscribe, comment on this podcast, and find
0:18.1	links and other information related to today's conversation.
0:21.0	You'll also find our archives where you can listen to every episode we've ever done going
0:25.3	back to 2006.
0:27.5	Our email address is mailadycontalk.org.
0:30.0	We'd love to hear from you.
0:34.2	Today is May 15, 2017, and I have two guests, economist Don Boudreau of George Mason University
0:40.3	and economist Mike Munger of Duke University.
0:43.6	This will be Mike's 30-second appearance on econtalk, and Don's 13th, we know each other
0:49.4	pretty well, and I've learned a great deal from both Don and Mike about today's topic,
0:56.2	which is Emergent Order.
0:59.3	Now we talk about Emergent Order about the topic on the program quite a bit, so I thought
1:04.0	it'd be useful to devote an entire episode just to understanding it as best we can in about
1:09.2	an hour.
1:10.5	The other motivation for the topic is that I've written a poem.
1:14.8	It's called It's a Wonderful Loaf.
1:17.0	I've had the poem animated and created a website around the ideas in the poem, and that
1:21.1	poem is about Emergent Order.
1:23.3	The website is wonderfulloaf.org.
1:27.3	At some point in the episode, I'll recite the poem, but please watch the animation and
	...

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