How moral panic creates black markets

How moral panic creates black markets

Today's guest is Nobel Prize-winning economist Alvin E. Roth, the author of Moral Economics: From Prostitution to Organ Sales, What Controversial Transactions Reveal About How Markets Work. He talks with Nick Gillespie about why some voluntary transactions provoke moral outrage even when no one is being directly harmed. Roth explains why black markets often emerge when governments try to ban activities with persistent demand, why both markets an…