David Friedman (daviddfriedman.com), economist and author, joins Erik on this episode. He is the son of Milton Friedman and the father of former guest, Patri Friedman.

They cover a lot of ground in this episode, including:

- The rationale for privatizing government and the failures of the existing system.

- What it would look like to have a fully privatized government, including how a private substitute for police and defense would work.

- Why he is not a utilitarian and the framework he uses to figure out what is right and wrong.

- How he would approach collective-action problems like global warming and nuclear proliferation.

- His perspective on inequality and his explanation for why people look to relative measures of affluence rather than absolute measures.

- How you would deal with punishment and criminals in a market-based society.

- And much more, including Glen Weyl’s Radical Markets, Tyler Cowen’s Stubborn Attachments, fake news, ISAs and restorative justice.

Thanks for listening — if you like what you hear, please review us on your favorite podcast platform.

Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.

Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.