In a modern, large-scale economy, coordination takes place through a combination of bosses and profits. Bosses order people to undertake particular tasks. Profits and losses provide incentives to engage in certain economic activities and to curtail others.
Part 3 talks about the risks of trying to “fix” outcomes of the profit system.
1. The profit system is partially self-correcting.
2. Attempts to impose corrections are not as successful as one might hope.
3. Rather than attempt to identify and correct market failures, it would be better to advocate policies that enhance the self-correcting mechanisms of the profit system. In particular, government interventions should be focused on enabling competition to overcome entrenched economic power.
The essays are now attracting readers. But my guess is that I am almost entirely preaching to the converted.