Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Ilaine who wrote (9921)	9/20/2001 11:03:30 AM
From: Don Lloyd	Read Replies (2) of 74559

CB - Yesterday I started playing with an idea about measuring an economy, but without much progress. ... That is the only possible honest result. All of the economy reduces to aggregations of one individual exchanging goods and services with another, either directly or indirectly, either individually or in cooperative groups. Truly meaningful measurements are impossible. Prices are little more than random data points that only seem to have any consistency at all because of the statistics of a large sample size, and a typically limited day to day variation. All economic values are subjective and subject to diminishing marginal utility for every individual. For example, the price of cars will depend on the particular mix of one and two car families, as the transportation use value of a second car will typically be far less than the use value of a first car. This means that the automobile manufacturers must price low enough to attract a subset of the potential second car buyers unless they are going to be satisfied with first car buyers alone, leaving both revenues and profits on the table. Regards, Don

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