Ep8 "Why Capitalism Works" with John Cochrane
All Else Equal: Making Better Decisions
00:00
The Price of the Person With the Lowest Willingness to Pay
In the previous equilibrium, the producers paid only one person wore shoes. Now that everybody gets to wear shoes, it is another wir is even fairer. And so in that sense, now that everybody has shoes, wouldn't you say that that's fair? Yes, no question that is. It's fairer.
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