Is There a Yiddish Word for Rag Picker?

2min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

It's a false dichotomy to say should we allow this person to make a choice that makes him better off or not, they want to choose see. That is take away the starkness of the choice in the first place. The guy in India who has to sell his kidney to get medicine for his daughter, he shouldn't be in that position. We should make sure that he has access to medicine. I really think that's the bottom line here is people who comes back to my earlier point, what kind of world do you want to live in?

Mike Munger of Duke University talks with EconTalk host Russ Roberts about the psychology, sociology, and economics of buying and selling. Why are different transactions that seemingly make both parties better off frowned on and often made illegal? In theory, all voluntary transactions should make both parties better off. But Munger argues that some transactions are more voluntary than others. Munger lists the attributes of a truly voluntary transaction, what he calls a euvoluntary transaction and argues that when transactions are not euvoluntary, they may be outlawed or seen as immoral. Related issues that are discussed include price gouging after a natural disaster, blackmail, sales of human organs, and the employment of low-wage workers.