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"Many of the important insights of the early Austrian economists, including regarding the limitations of socialist economies, were derived by focusing on the process through which prices emerge. Those working in the Virginia public choice tradition focus on the processes within political and other non-market systems in order to understand how the incentives and constraints within those systems affect behavior and thereby outcomes. Practitioners within the Bloomington School focus their attention on the processes through which groups create laws and other governance systems.This emphasis on process is so important — perhaps, inevitable — because we live in a world that is constantly in flux." Read the rest at The Vienna Circle.
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