Ep8 "Why Capitalism Works" with John Cochrane
All Else Equal: Making Better Decisions
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Introduction
Jules van binsburg: How do competitive markets work, and why do they lead to such good economic outcomes compared to the alternative? jonathan burke: The way to introduce the topic is as follows, it's a very simple example that i use the lotting class. I say to the students, were wed a hundred people here in the classroom, and imagine that we're spending the day making shoes. Everybody can oymake one shoe, so you can either make a left shoe or a right shoe.
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