How markets allow us to thrive

In the IconTalk Podcast hosted since 2006 Ross Roberts Experts share topics ranging from reimagining capitalism and property rights to the kindness of strangers and the popularity of Jane Austen. Here is a summary of the 71-minute episode in which he and Michael Munger of Duke University compare their understanding of free markets. The deep and engaging conversational quality has won these loyal podcast listeners around the world.

millimeterThe market argument is not the perfection of markets or the price mechanism. It is the imperfection of the world, as this is the best system of division of labor for the promotion of specialization. Of course the division of labor was also present in Pharaonic Egypt. But in the free market, you’re getting out of the small command economy and you don’t need to know who you’re buying things from. Reduces the cost of impersonal exchange transactions. There is no alternative system that increases the wealth of most people, for the most part. Or that it reduces poverty more, and does not approach it.

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