Worstall: Hurricane Harvey Is When We Need Price Gouging

Tim Worstall reminds us of the value of relying on prices to help get resources to where they are most useful: The economics of this is really terribly, terribly, simple. As a result of the disaster–of any disaster that is–some things are in short supply. Perhaps because some of the supply got damaged, or perhaps … More Worstall: Hurricane Harvey Is When We Need Price Gouging

Pencil or peach, either way, a marvel of decentralized coordination

Many of you are probably already familiar with Leonard Read’s famous 1958 story I, Pencil. Told through the eyes of a pencil, it describes the process of producing a pencil and how many people are involved in doing so, but without ever having met or consciously, deliberately set out a plan under the control of … More Pencil or peach, either way, a marvel of decentralized coordination