A blog on all things to do with economics and related subjects
Tuesday, 28 October 2008
EconTalk this week
Mike Munger of Duke University talks with Russ Roberts at EconTalk about the often-vilified middleman--someone who buys cheap, sells dear and does nothing to improve the product. Munger explains the economic function of arbitrage using a classic article about how prices emerged in a POW camp during World War II. Munger then applies the analysis to the financial crisis.