Question
Please listen to: The Pickle Problem https://www.npr.org/transcripts/457408717 In this podcast, you will learn about supply, demand, and the power of markets. The podcast tells the
Please listen to: "The Pickle Problem" https://www.npr.org/transcripts/457408717
In this podcast, you will learn about supply, demand, and the power of markets. The podcast tells the story of how some economists dramatically improved distribution of food throughout our nation's homeless shelters by setting up a market. When listening to this podcast, please think about Adam Smith and the Invisible Hand.
The phrase "Invisible Hand" was introduced by Adam Smith in his book 'The Wealth of Nations'. The invisible handis a metaphor for the unseen forces that move thefree market economy. Through individual self-interest, the best interest of society, as a whole, are fulfilled. Each free exchange creates signals about which goods and services are valuable and how difficult they are to bring to market.
Please explain in your words how the market mechanism improved the distribution of food.
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