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Showing posts with label Nobel. Show all posts
Markets where money is not allowed or doesn’t work
Thanks to one of my favourite podcasts,
Freakonomics Radio, I was introduced to Al Roth’s work. He’s a professor of economics at Stanford,
and also the Nobel Prize winner in economics in 2012.
Prof Roth takes what I am doing with my
bartering project, to a whole other level.
He develops markets where money is either
not allowed to play a role (like organ donation) or doesn’t work in that market
(like job markets).
He has developed algorithms
that lead to people being chosen, due to certain criteria, for a match where
there is a need.
It’s very interesting to see that money can
actually limit needs being met, and that there are ways around using a money system
for exchange.
Examples are what
Prof Roth and his colleagues have found – exchange systems that help the supply
of goods or services being matched with the best possible needs with no cash involved at all.
Have a listen to the podcast here.
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