Transaction Costs and Intermediation

How transaction costs can block trade, and intermediation can keep it going — even in a POW camp. Watch more with Dan Russell:

Russell, Daniel. “Transaction Costs and Intermediation.” YouTube. Learn Liberty, 29 June 2017.


I Bet You Thought You Were Supposed to Hate These Guys (video): Professor Steve Davies argues that ticket scalpers and middlemen play an important role in the economy.
Defending Middlemen (article): Professor Don Boudreaux argues that middlemen are “woefully misunderstood” and provide greater accessibility to products than the producers themselves are able to provide.
What Do Banks Do? (video): One common type of intermediation is financial intermediation. Professor Alex Tabarrok explains how banks help connect savers and borrowers.

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  1. This is a widely misunderstood field. I hear even intelligent people refer to traders as people who don't produce anything and make money on the backs of others, as if they are just economic leeches. Even Warren Buffet doesn't think he produces any value. It is sad that our educational system has failed them in this way. I'd like to see more videos on the allocation of resources and how that connects to people's own productivity.

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