5min chapter

The Joe Walker Podcast cover image

Rational Minds Part 3: Rethinking Bubbles - Vernon Smith

The Joe Walker Podcast

CHAPTER

The Evolution of Mass Retailing

Prices emerge out of human interactions, but not by conscious human design. You go into most retail stores and it's a posted price. It's kind of take it or leave it posted pricing. But that's all coming out of collectives and their interaction. And you see, it's the boundaries of each other that determine partly what we do.

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