The idea behind the phone got thought of by someone, and that happened to be a visionary. But what we sae, oh, well, the workers are making the phone. They're the people i should be grateful to. I've no problem in that. It's easy to forget that that's way down the exchange, the creation process, manufacturing,. The conception, the risk taking intor course, most auto products fail, investors lose all their money.
Economist and author David Henderson talks about his book (co-authored with Steve Globerman) The Essential UCLA School of Economics with EconTalk host Russ Roberts. Much of the conversation focuses on the work of Armen Alchian and Harold Demsetz, who both saw economics as a powerful tool for understanding human behavior and how the world works.