It demands more of them. It took a long time to learn what markets do and how well they do it and to begin to get a philosophy, a theory of trusting markets.

Markets don't do everything. You don't want to buy and sell the truth. You don't want to buy and sell integrity. You don't want to buy and sell moral habits. You don't want to buy and sell your own body or anybody else's body, and so on. So, I don't want to suggest markets are good for everything. But in certain limits, markets are a terrific device for social intelligence. The most intelligent way to organize a society fairly that there is. And have their faults, but it took time to learn that on balance they're a lot fairer, a lot more inventive and intelligent than other models.

And so with private property. People regularly think it'd be better if we owned everything in common. The problem always arises who will stay up at night with the sick cow. One woman told me that was the problem of communism, the collective. Who would stay up at night -- if it's your cow you will. If it's your only cow. But, if it's the collective, you know the other fellow will, Boris will, or Yvonne will. And then nobody will.