History Defies What Logic Dictates

Boettke and Roberts exchange wonderful insights in this Econtalk podcast on Boettke’s new book, co-authored with Paul Dragos Aligica: Challenging Institutional Analysis and Development: The Bloomington School.

Of particular interest will be their Hayekian critique of mechanism design and other attempts at engineering optimal outcomes through institutions such as contracts. Boettke cautions that, in efforts to orchestrate the “perfect” institutional environments, we may actually thwart otherwise emergent, desirable solutions.

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