Moroccan Medina markets in everything
Stanley emails me:
Since Google Maps and even most paper maps don’t help navigate a visitor around the Fez Medina (particularly the inner non-tourist parts), it creates an interesting markets in directions. Gentleman (nearly all as far as I can tell) stand around the various pedestrian-only streets* (if you can call them that) and offer to help, which usually ends up with them walking alongside you in the direction they think you might want to go (or the place you requested thinking it was simply a free helping hand). At the end of the partnered walk they ask for money (even though they insisted it was free or pretend they didn’t hear you ask before embarking). While most people would see this as a “tourist trap” (and it certainly is), the more interesting part to me (as a former econ major and MR enthusiast) is the the market problem – that is, lack of technology/tools and asymmetric information – is paired with a market solution, which is the locals providing only the information they know (directions)…In very minimal engagement in the market I found a piece of information cost between 5 to 20 dirham ($0.50 to $2.00) depending on the length of service (how far they walk with you) and your ability to negotiate.
The post Moroccan Medina markets in everything appeared first on Marginal REVOLUTION.
Powered by Forex Trading News