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How Markets Work

5 Units   3H 45M
Parts
  • Introduction
  • The Price System
    • Lesson 1: The Invisible Hand
    • Lesson 2: Economic Choices
    • Lesson 3: Supply & Demand
  • Pre-Conditions for Wealth
    • Lesson 4: Property Rights
    • Lesson 5: Legal Institutions
    • Lesson 6: Virtue
  • The Entrepreneur
    • Lesson 7: The Entrepreneur
    • Lesson 8: The Knowledge Problem
    • Lesson 9: Spontaneous Order
  • Money
    • Lesson 10: The National Economy, Part 1
    • Lesson 11: The National Economy, Part 2
    • Lesson 12: Monetary Policy
  • Economic Growth
    • Lesson 13: Trade
    • Lesson 14: Poverty
    • Lesson 15: The Economic Future

Lesson 9 Lesson 9: Spontaneous Order

Presented by: Dr. Tawni Ferrarini
Northern Michigan University

Playlist

  1. Spontaneous Order and Creative Destruction, Part 1
  2. Spontaneous Order and Creative Destruction, Part 2

Spontaneous Order and Creative Destruction

What enables you to merge your car into heavy traffic every day without causing an accident? Everyone gets a lane and adjusts their speed with no outside direction. This is a simple illustration of spontaneous order. It results from the voluntary activities of individuals and is not an order created by government. In this lesson we will explore its importance beyond the freeway.

Lesson Nine Quiz

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HMW Lesson 9: Spontaneous Order

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Although the spontaneous order was not created for any particular individual objective, and in this sense cannot be said to serve a particular concrete objective, it can nonetheless contribute to the realization of a number of individual objectives which no one knows in their totality.

F. A. Hayek

Learn More

h Video

Can Order be Unplanned?

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h Video

The Invisible Hand - 60 Second Adventures in Economics (The Open University)

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h PDF

James Gwartney et al., Common Sense Economics, pp. 64-78

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h PDF

F.A. Hayek, “Competition as a Discovery Procedure," pp. 9-23

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h PDF

Arthur Diamond, Jr., "Schumpeter's Creative Destruction: A Review of the Evidence," pp. 120-146

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How Markets Work

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