The market is often described as a learning process, one that could never be replicated by a central planner. A case in point is a piece of capitalist history I didn’t know: the original cake mix required only the addition of water. But, says this, this didn’t sell well at all. Potential buyers felt a sense of guilt that it was so easy. So the Betty Crocker company started requiring that an egg be mixed in. The cake mix took off.
What Entrepreneurs Can’t Know in Advance
