WiM055 - The Hillebrand Series | Episode 4 | Justice and Reason
The "What is Money?" Show
00:00
Do Value Your Stake Higher Than My Stake?
In a free market, under the division of labor, you are insentivized to take action according to what others value. But because everyone else is doing that in this inter act of society, the cost of everything is coming down. So although you have an incentive to go and provide this good or service that other market actors value, you have the freedom to choose whether you want to work or not. The more deeply we divide labor, the high the result we achieve with the same level of effort.
Transcript
Play full episode
