Middlemen: From Mancgere to Amazon
The Answer Is Transaction Costs
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The Cost of Trust
This is a middleman joke about transactions cost from David Friedman in his book Hidden Order. He changed the way the joke works a little bit to make it more French given that France is our theme this week. The point of the joke is that middlemen can provide a service, but we would need competition among middlemen to have any reliance on them. And that's a problem we'll come back to again and again.
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