I think most of us believe that tourists tend to pay too much. We don't have much information about the nature of when competition serves customers and maybe when it doesn't serve customers so well. I find that strange that there's almost no research on how to think about that. That's not really a topic that I know much about, so I will not add too much. But in general, we all can benefit from competition,. Most of us can benefit from Competition. It encourages the wiser use of resources. It pushes prices down, et cetera, Et cetera.
Author and economist Branko Milanovic of CUNY talks about the big questions in economics with EconTalk host Russ Roberts. Milanovic argues that the Nobel Prize Committee is missing an opportunity to encourage more ambitious work by awarding the prize to economists tackling questions like the rise of China's economy and other challenging but crucial areas of scholarship. In the conversation, he lays out what those questions might be and discusses what we know and don't know in these areas.