
Michael Munger on Sharing, Transaction Costs, and Tomorrow 3.0
EconTalk
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The Importance of a Settlement Price
There was a decent sized city in Samaria. And near it was between the Tigris and Euphrates. It's one of the oldest cities on earth. If something is a very old book, we call it an Ur text. So suppose I have three bags of grain in Ur. Well, but I'm 10 miles outside of town. Why don't I just go to the middle of a field and sell it? That seems like I'm going to lose because of the competition. But at the Suq there's a platform. Since that we can find each other. We can agree on a priceBecause there's many buyers and many sellers. There's a way to deliver because I
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