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Pastimes : Austrian Economics, a lens on everyday reality
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To: Wildstar who wrote (251)9/10/2003 9:11:43 PM
From: Don Lloyd  Read Replies (2) of 445
 
Wildstar,

I don't see how this statement can be proven.

The difficulty in proof, even if proof were important, provides no evidence tending to make the statement untrue.

From my perspective, I receive a 'lot' of psychic profit when I obtain those $1 FRNs for my wallet. I no longer have to worry about getting to the train but not having the right kind of money to get on board.

In the bigger picture, this is not a profit, but merely an attempt to reduce the costs that the transportation system has forced upon you as it refuses to make change itself.

Similarly, I receive a 'lot' of psychit profit having a small portion of my portfolio in gold-related investment vehicles.

Again, this is not a profit, but the result of attempting to reduce the injury inflicted by an ever inflating FED.

The arbitrage and trading profits that are available on market traded exchange goods have both high risk and minuscule percentage margins. Everyone starts from essentially the same position and the system is largely, but not completely, zero sum.

When subjectively valued use-value goods are exchanged, the wide differences between the desired ends of individuals always start with large potential psychic profits to be realized.

The end point of this discussion is eventually going to be the relationship between the two types of economic goods and their interaction with the concept of marginal utility.

Regards, Don
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