5min chapter

The Joe Walker Podcast cover image

Rational Minds Part 3: Rethinking Bubbles - Vernon Smith

The Joe Walker Podcast

CHAPTER

The Law of One Price in a Market

Jevons and Vol Ross were already imposing on demand the idea that there's only one price in a market. Adam Smith modeled buyers is they have a maximum willingness to pay for sugar or olives, he says. And where do prices come from? They come from the group,. You know, it's buyers and sellers, handling and bargaining by different rules under different institutions that make prices.

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode