Now that you understand supply and demand and markets, let's put that knowledge to the test. We go out on the streets of Los Angeles to learn about the crack cocaine trade from a man who learned economics the hard way: Freeway Ricky Ross.
Freeway Rick became the equivalent of a CEO in the drug business, mastering the art of pricing and competitive advantage. He did it all without learning to read or write. After we hear Freeway Rick's story, we bring in our resident economists, Justin Wolfers and Betsey Stevenson from the University of Michigan, and they show us that the lessons from Freeway Rick apply to all businesses. First, find a product with no substitutes where you have control over the price. Second, keep out competitors. Freeway Rick used guns, but lawyers and lobbyists are just as effective at creating a barrier to entry.
planetmoney Had to check to see if this was the Babylon bee article..
planetmoney It was a fun listen. Ultimately, the war on drugs has little impact on drug use habits and only helps fund other illegal behavior. The best way to combat drug use is to decriminalize and improve rehabilitation services.
planetmoney What is this article? 😂😂😂
planetmoney Instead of condemning drug dealers who, as NPR reports, uses guns against competitors, the MSM turns them into role models to learn from? Seriously?
planetmoney Is this real? Way to perpetuate stereotypes with your clickbait headlines. Wow.
planetmoney