Waldfogel on Markets, Choice, and the Tyranny of the Market

Joel Waldfogel of the Wharton School of Business talks about the idea in his new book, The Tyranny of Markets: Why You Can't Always Get What You Want. He argues that when fixed costs are large, markets don't necessarily give people what they want and that, analogous to the political process, you can be hurt as the number of people with preferences that differ from yours gets larger. Host Russ Roberts challenges Waldfogel's claim that these phenomena are widespread and argues that in many cases, markets ultimately solve these problems. They discuss the amount of variety in newspapers, radio, and airline travel, along with how economics generally looks at fixed costs and consumer sovereignty.

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Waldfogel on Markets, Choice, and the Tyranny of the Market is an episode from EconTalk Archives, 2007 by Library of Economics and Liberty.

This episode is 51:41 long.

This episode was published on Nov 12, 2007.

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