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The biggest example, the one almost everybody agrees about is blackmail. If, Mike, you knew I could blackmail in advance of your trip to Germany, maybe you wouldn't tell me; and maybe you wouldn't go drinking, because someone else there might see you, take a picture. That's a possibility, that blackmail might actually enhance. And goodness sakes--Mike would much rather pay the than deal with his angry wife. So, compared to what you are about to do, that's better. And you are charging less than in fact I would pay. You go and you get tested, and it turns out that that's you. Well, here's what I think the problem is, and that is that we have the idea that exchange that is not truly voluntary should be restricted by the state.
Spring, it's warm enough; all of the beer that has been chilling is now ready to be served. More research is needed and I think government funding. Has anybody accosted you about your recent stardom in the rap video "Turn of the Century"? A lot of times the answers seem pretty easy, but then when you think about it, you think: Well, why is that true?
A lot of days there are 100,000 people here, sitting in big, outdoor pavilions, tables, singing really cheesy American songs. I know you don't really like beer--have you sampled any of it? As you may remember, several Econ Talk podcasts ago, we talked about price gouging--about the ice in Raleigh that was sold at a price that was higher than was allowed, and so the police came and took the ice. The problem is they were charging its market price.
The common theme in all of this that I've been interested in is there are some transactions--I can't have nuclear weapons, nuclear material that's really dangerous; I can't have a machine gun. I know it's happened to me, to anyone who has thought about economics.
You end up saying: Well, if exchange is voluntary, what's the problem? And it looks like your spell-checker is going to change that to voluntary. Well, voluntary is the one that we are arguing about; and the Greek prefix eu means well or truly.