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Pastimes : Austrian Economics, a lens on everyday reality
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To: Wildstar who wrote (131)9/19/2002 3:41:32 PM
From: Don Lloyd  Read Replies (1) of 445
 
Wildstar,

[[I would say that the potential buyer of plywood who is the last to down rank his highest ranking of the subjective state that includes boarded up windows, as the price of plywood increases from zero, is the one with the most urgent subjective demand. ]]

This makes sense, but only if the corresponding rank-levels of various buyers (i.e., rank 1 of buyer 1 vs rank 1 of buyer 2 vs rank 1 of buyer 3, etc.) are in some way an objective cross comparison of urgency.

We know only one thing when there remains only one buyer at a given market price. That buyer has a higher subjective marginal utility for the given quantity of plywood than he does for the market price expended. For everyone else, the order is reversed.

I'm not necessarily willing to call that an objective comparison, but it's the only comparison there is.

Regards, Don
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