Mike Van Winkle and Sheldon Richman discuss the Bernie Madoff scandal. Does the existence of Bernie Madoff prove the government is needed to regulate the market? Without government would there be more or less fraud?
"One of my favorite economics essays from which I've drawn bottomless inspiration is Leonard Read's 'I, Pencil.' He turned a mundane writing instrument into an elementary study of free-market capitalism. What goes for the pencil goes for any of the products [Steve] Jobs introduced."
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