What, according to economist Donald Boudreaux in the "Last Word" section of the chapter, best explains why the market system is not a random, chaotic mess?
A) There is active cooperation among private property owners and government officials to correct the excesses of a market economy
B) The roundabout methods of production allocate resources from consumers to producers in an orderly fashion
C) Government planning limits the chaos, and the government regulates economic activity to create stability in the market
D) Private property rights encourage mutual accommodation that leads to an arrangement of resources that is productive

Question

Quizplus · Accepted Answer

Private property rights encourage mutual accommodation that leads to an arrangement of resources that is productive. Boudreaux argues that private property rights encourage cooperation among individuals, as they need to negotiate and trade with one another in order to make productive use of resources. Therefore, the market system is not a random, chaotic mess, but rather a system of voluntary exchange that results in efficient allocation of resources.

What, According to Economist Donald Boudreaux in the "Last Word