AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
2min chapter
WiM055 - The Hillebrand Series | Episode 4 | Justice and Reason
The "What is Money?" Show
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.
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
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