Is the Beer Festival Over? Nope.

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You can do what Cass Sunstein suggested and just make it a little bit harder and try to have libertarian paternalism. But the problem with regret is you're already saying that people can't make their own choices correctly because they're consistently going to make choices that they later regret. I think that even if the regret condition is not met generally that's not something the stage to interfere with. We're almost out of time. Is the beer festival over? Nope.

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.