... you can't get more efficient than a perfectly competitive market. And it all follows perfectly naturally from the truth contained in the price system: prices are true representations of cost to firms, and also true representations of value to customers.
Markets allow exchange which creates value for both parties; they encourage participants to bring information that can be of value to everyone; and, of course, allow prices to balance supply with demand.
Market failures can result from...
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In 'The Origin of Wealth', Eric Beinhocker, describes the markets in an evolutionary context:
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