Markets and The Northwood Idea with Professor Michael Makovi

The Northwood Idea and "When We Are Free" discuss the importance of markets. Professor Michael Makovi will explain how markets work to ensure a ready supply of goods and services to satisfy consumer demand. Attempts at socialism have failed due to the impossibility of economic calculation by central-planning. By contrast, societies with the greatest degree of economic freedom tend to be the most prosperous and deliver the highest standard of living even to their poorest members.