The principle of spontaneous order – or of “undesigned order,” as it might more properly be called – can be viewed as the first principle of economics. Indeed, James Buchanan has recently gone so far as to suggest that it is the only principle of economics. The principle is, in any case, a cornerstone of modern economics, whether we trace modern (i.e., post-mercantilist) economics back to Adam Smith and the other Scottish moral philosophers, or to the Physiocrats. With this principle, scholars for the first time could see economic phenomena as interdependent events. Indeed, this principle made it possible to reason systematically and coherently about economic phenomena. Much of nineteenth century economics can be seen as consisting of developments of this principle (along with minority criticisms of the principle and the systems of thought deduced therefrom).
Data Point – Driving vs Mass Transit
“Transit advocates will be quick to point out that transit ridership has grown faster than driving. But actually, it depends entirely on which years you pick. Preliminary information suggests that urban driving grew faster than transit in 2014. Since 2004, transit grew faster than driving in about half the years, and overall transit ridership … Read more
