Knowledge, Discovery, Incentives and Institutions: Teaching Public Policy Analysis with Austrian and Public Choice Insights

This article offers the author's insights into how to approach knowledge, discovery, incentives and institutions in the free market economy. According to the author, it is important to appreciate the immense dispersion of local knowledge on which production depends. The author also emphasizes the fact that profit and loss are society's indispensable means of discovering the goods, services, and production methods that best satisfy people's wants.

Find article at the Journal of Private Enterprise.