David Frum: The idea of vertical integration isn't something to worry much about. He says it's a common mistake that people make in forgetting about opportunity costs, or other uses for those resources. "It's not just the out of pocket payment that counts," he says.
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.