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.

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