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EconTalkMar 16, 2026

The Economics of Scarcity and the UNC-Duke Basketball Game (with Michael Munger)

Summary, books mentioned, transcript quotes, and timestamps for The Economics of Scarcity and the UNC-Duke Basketball Game (with Michael Munger) on EconTalk.

Books mentioned
The Wealth of NationsThe Road to Cert
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The Economics of Scarcity and the UNC-Duke Basketball Game (with Michael Munger) mentions The Wealth of Nations by Adam Smith and The Road to Cert with timestamps, quotes, and episode context.

The Wealth of NationsThe Road to Cert
3 books from this episode
The Wealth of Nations
Adam Smith

Adam Smith in book one, chapter five, of the wealth of nations famously said the real price of everything is the toil and trouble of acquiring it.

The Road to Cert

There's a chapter of the road to cert.

Episode summary
Duke University leaves millions of dollars on the table every year by giving away free tickets to the most sought-after game in college basketball. The bizarre ticket allocation system includes weeks of camping in tents, a 58-question trivia exam, border guards with air horns at 3 AM, and a 50-page student-written constitution with its own appeals court. In this special 20th-anniversary episode, EconTalk's Russ Roberts and returning favorite Michael Munger (appearance #51!) use the legendary Duke-UNC rivalry to explore the fundamental economics question: how do you deal with a world when there isn't enough of something to go around? Along the way, they ask why a university that squeezes students on every other margin, might deliberately forgo a fortune on ticket sales. The answer has everything to do with community, belonging, and the same psychology that bonds fighter pilots and elite military units.
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The Wealth of Nations
Adam Smith

The host references 'The Wealth of Nations' to illustrate the concept of scarcity and its implications on pricing str…

Card
The Road to Cert

The host briefly mentions 'The Road to Cert' while discussing the rigorous nature of the civil service exam and the m…

Card
Book mentions2
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What is The Economics of Scarcity and the UNC-Duke Basketball Game (with Michael Munger) about?

Summary, books mentioned, transcript quotes, and timestamps for The Economics of Scarcity and the UNC-Duke Basketball Game (with Michael Munger) on EconTalk.

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  • The conversation centers on civil service exam.
  • A second recurring theme is scarcity and pricing.
  • Referenced books include The Wealth of Nations by Adam Smith and The Road to Cert.
  • The strongest audience signal points to Students and individuals interested in economics and Individuals interested in competitive examinations and their implications..
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Which books are mentioned in The Economics of Scarcity and the UNC-Duke Basketball Game (with Michael Munger)?

The Wealth of Nations by Adam Smith and The Road to Cert are the clearest linked books in this episode, each tied back to transcript timestamps and quote cards.

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Top triggers
civil service exam(1)scarcity and pricing(1)
Mention sentiment
Deep Dive(1)Passing Reference(1)
Audience signals
Students and individuals interested in economicsIndividuals interested in competitive examinations and their implications.

Books Mentioned

The full list below is ranked by how useful each mention is to a listener: stronger recommendation language, clearer quote context, and better timestamp support rise first.

The Wealth of Nations cover
The Wealth of Nations
Adam Smith
Best for Students and individuals interested in economicsOften cited around scarcity and pricing

“Adam Smith in book one, chapter five, of the wealth of nations famously said the real price of everything is the toil and trouble of acquiring it.”

View mention details
Sentiment: Deep Dive
For: Students and individuals interested in economics
Key quote: “Adam Smith in book one, chapter five, of the wealth of nations famously said the real price of everything is the toil and trouble of acquiring it.”
The host references 'The Wealth of Nations' to illustrate the concept of scarcity and its implications on pricing strategies. By discussing Adam Smith's insights, the host aims to deepen the audience's understanding of economic principles in real-world scenarios, particularly in relation to consumer behavior at Starbucks.
Direct Amazon listing · affiliate link
Check price
The Road to Cert cover
The Road to Cert
Best for Individuals interested in competitive examinations and their implications.Often cited around civil service exam

“There's a chapter in the road to cert. If I remember correctly, it's called Who Rises to the Top. Reminds me a little bit of that.”

View mention details
Sentiment: Passing Reference
For: Individuals interested in competitive examinations and their implications.
Key quote: “There's a chapter of the road to cert.”
The host briefly mentions 'The Road to Cert' while discussing the rigorous nature of the civil service exam and the measures of devotion it entails. This reference serves to illustrate the extreme dedication required from candidates in a competitive environment.
Amazon search results · affiliate link
Find on Amazon
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The Wealth of Nations
EconTalk · 12:23
Adam Smith in book one, chapter five, of the wealth of nations famously said the real price of everything is the toil and trouble of acquiring it.
The Road to Cert
EconTalk · 41:12
There's a chapter of the road to cert.
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The Wealth of Nations cover
Mentioned at 12:23
The Wealth of Nations
Adam Smith

The host references 'The Wealth of Nations' to illustrate the concept of scarcity and its implications on pricing strategies. By discussing Adam Sm…

Check priceJump to mention
Direct Amazon listing · affiliate link
The Road to Cert cover
Mentioned at 41:12
The Road to Cert

The host briefly mentions 'The Road to Cert' while discussing the rigorous nature of the civil service exam and the measures of devotion it entails…

Find on AmazonJump to mention
Amazon search results · affiliate link

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