The trial-and-error based profit and loss mechanism, says Baetjer, is an indispensable tool for guiding discovery and innovation in the economy.

Foundational Concepts in Economics: 10: Profit and Loss Guide Entrepreneurial Discovery

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Foundational Concepts in Economics: 10: Profit and Loss Guide Entrepreneurial Discovery

Foundational Concepts in Economics: 10: Profit and Loss Guide Entrepreneurial Discovery