Episode 16: Profits and Competition

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Recorded05 Mar 2011

Publisherthescienceofeverything.net ↗

Handlerec:13631090

Show notes

A discussion of the importance of the profit motive and freedom of competition in the efficient operation of a market economy. Includes an overview of the uniformity of profit principle, and an examination of how competition serves as both an opportunity and a disciplining agent for entrepreneurs and firms, thus promoting useful innovations while weeding out bad ideas.

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“What did the council decide on item 42?” — answered with the speaker and the moment.