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Donald Boudreaux explains how scarce resources are allocated in a free economy. The price system, where every producer is free to charge what he wants, contains an immense amount of information that tells producers how much to make, and consumers how much to buy. Through millions of transactions every day, coordination happens throughout an entire economy—which is impossible for a central authority to replicate.
Donald J. Boudreaux is a senior fellow at the Mercatus Center and a professor of economics and former economics-department chair at George Mason University. He holds the Martha and Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center. He specializes in globalization and trade, law and economics, and antitrust economics. He is the author of the books Hypocrites and Half-Wits: A Daily Dose of Sanity from Cafe Hayek and Globalization. His articles appear in such publications as the Wall Street Journal and US News & World Report, as well as numerous scholarly journals. He writes a blog (with Russell Roberts) called Cafe Hayek and a regular column on economics for the Pittsburgh Tribune-Review. He has appeared numerous times on John Stossel’s show on Fox Business, to discuss a range of economic issues. Boudreaux earned a Ph.D. in economics from Auburn University and a law degree from the University of Virginia.
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