Here’s an excellent podcast from Russ Roberts of EconTalk: Munger on Shortages, Prices and Competition.
Listen to it. This covers a gamut of topics: Vaccines, minimum wage, organ donation, airline deregulation. Roberts and Munger do a great job of explaining factors other than price that we use to allocate our resources on the margin everyday and don’t realize it.
For example: FREE VACCINE!!! Great. We’ll all get it. Right? Nope. Why not? It’s still not worth it to many because there are “costs” involved. Time waiting in line, getting there, having a chance to catch the illness while waiting in line to name a few.
I’m listening to the podcast for the second time as I write this.