Ep8 "Why Capitalism Works" with John Cochrane
All Else Equal: Making Better Decisions
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What's the Highest Price?
In the communest system you just proposed, the government took all the shoes from everybody and sold it. The person who made that one right shoe is going to get all the rents, all the proceeds from selling the pairs of shoes in the system. And those ar the two equilibrium. The commonest one is fairer, the capitalist one isn't. But there's one huge caviet and what happens to morrow? And that is what it's all about.
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