Millions of economic resources tend to get arranged logicall
What explains why millions of economic resources tend to get arranged logically and productively rather than haphazard and unproductively?
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Through the ownership of private property, resource owners will choose to use their resources in a manner that will maximize benefits to themselves (the invisible hand). This will result in the resources being utilized in the way that will best serve human goals (allocative fficiency).
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Explain the following from Hull, England a news dispatch: “The fish market here slumped today to what local commentators called a ‘disastrous level’—all because of a shortage of potatoes”.
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