Episode 16: Profits and Competition
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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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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