Mike Munger of Duke University talks with EconTalk host Russ Roberts about the often-vilified middleman—someone who buys cheap, sells dear and does nothing to improve the product. Munger explains the economic function of arbitrage using a classic article about how prices emerged in a POW camp during World War II. Munger then applies the analysis to the financial crisis. From http://www.econtalk.org/archives/2008/10/munger_on_middl.html
