5min chapter

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Ep. 24 - Vernon Smith: Self-Interest Reconsidered

The Ralston College Podcast

CHAPTER

Markets, Is It the Source of Many of Our Ills?

There's been a huge increase in wealth and reduction in poverty through the work of markets over the last couple of hundred years. And yet, broadly speaking, particularly amongst young people, there is a sense that capitalism is fundamentally about exploitation. What has happened from the reduction of global poverty and increase of standards of living? How is it that so many people either do not understnd that, or who go further to think that markets are, in fact, the source of many of our ills? Well, see, the thing that's invisible to people is how markets promote specialization,. We each find a means by which we can best improve ourselves byy supplying our services to markets.

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