Nobel Laureate on the Morality of Markets | Guest: Vernon Smith | Ep 88

Matt Kibbe is joined by Nobel laureate economist Vernon Smith to talk about how the market process is not only efficient, but also encourages communities to peacefully cooperate. The misconception about laissez-faire economics is that it’s ruthless and Darwinian, but Smith shows through his own experimental work that free markets foster morality and consideration of others far more than top-down systems like socialism. They also dig into the legacy of Adam Smith, the first person to fully explain these ideas to the Western world.

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