Libertarian Music Friday: Black Markets Increase Transaction Costs Edition

Lou Reed and John Cale perform Waiting for the Man. If Lou Reed came up with this song while waiting to buy smack, his time was well spent. I suspect, though, that the net effect of wating for drug dealers (they’re never early, they’re always late) is hugely wasteful.

One Response

  1. […] via forums, but not nearly as many as I’d prefer. The internets could drastically reduce the (currently very high) transaction costs of purchasing the poison of your choice. The problem, of course, is the lack of […]

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