Friday, February 05, 2010

Do it in public

Alex Tabarrok and and Tyler Cowen at Marginal Revolution have been good at bringing examples of Markets in Everything to our attention (summarized here). I now see the theme popping up in various blogs. Why not Markets in Everything? Buyers and sellers have strong incentives to help each other. They even find ways to overcome legal prohibitions and taboos.

Today's WSJ includes "Bucks Populi: Making Democracy A Going Conern in Kiev ... Rent-a-Crowd Entrepreneurs Find People Fast to Cheer or Jeer for $4 an Hour." No one can be shocked that there is money in politics or gambling at Rick's. It is only a question of whether the rent-seekers and the rent-extractors do the dance in public or not. Given those options, the choice is clear.