Markets and Models

    • Bazaars

    • Auctions

    • The Ultimatum Game

    • The Secret Document that Transformed China by David Kestenbaum and Jacob Goldstein, Planet Money January 20, 2012.

    Trade and Specialization

    • When Ideas Have Sex , by Matt Ridley. (PG rated video)
      Basic thesis: Trade is the economic equivalent of sex.

    • I, Pencil by Leonard E. Read. The article referenced toward the end of Ridley's talk. It is given a brief video presentation in Milton Friedman's video series , Free to Choose . Watching at least the first two episodes of the series is highly recommended.

    • I, Pencil: A Product of the Mixed Economy by John Quiggin. Posted on the Crooked Timber blog, April 16, 2011. Quiggin is the author of Zombie Economics: How the Dead Ideas Still Walk Among Us which (unfortunately) is more devoted to macroeconomics than micro.

    • I, Twinkie by Derek Thompson, The Atlantic Jan. 11, 2011. OK, the real title is "Hostess Files for Bankruptcy, but the Twinkie Will Never Die" -- but the theme is similar to I, Pencil , only stressing the imperfect information we have about the contents of the Twinkie. Market imperfections mentioned include imperfect information (what is Polysorbate 60? What role does chlorine play in Twinkie production? would you still buy a Twinkie if you knew all this?). The author, Steve Ettlinger, has a longer book, Twinkie, Deconstructed , and a long video exploring the Twinkie-Industrial Complex and potential downsides.

    • I, Toaster More accurately, Thomas Thwaites tries to build a toaster from scratch.