The Ralston College Podcast cover image

Ep. 24 - Vernon Smith: Self-Interest Reconsidered

The Ralston College Podcast

00:00

A Non Zero Sum Other Regarding Reciprocity Is Inherent to Markets

Markets are based on a non zero sum other regarding reciprocity. This is inherent to markets, and explains their success in a way that maxew does not all. You have something that i value more than you dom, and i have something that you value more than i do. So we can both gain from the trade, from the exchange, you see. And so that's where economic exchange begins. It begins with each side having something that the other side. it may not be an object, that may be a service. The point is subject they valued those so called cheap trinkets far more than the whites. They were trading with. A true gan.

Transcript
Play full episode

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!
App store bannerPlay store banner
Get the app