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Pastimes : Austrian Economics, a lens on everyday reality -- Ignore unavailable to you. Want to Upgrade?

To: Don Lloyd who wrote (331)	12/5/2003 6:29:40 PM
From: TimF	Respond to of 445

Folks came from afar just to see Two Economists who'd agreed to agree. While the event did take place, It proved a disgrace; They agreed one plus one adds to three. Robley E. George _________ An economist returns to visit his old school. He's interested in the current exam questions and asks his old professor to show some. To his surprise they are exactly the same ones to which he had answered 10 years ago! When he asks about this the professor answers: "the questions are always the same - only the answers change!" ________ If you put two economists in a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three opinions. - Winston Churchill _________ Stephen M. Goldfeld, in _The Journal of Money, Credit and Banking_. November, 1984, p. 611: "An economist is someone who sees something working in practice and asks whether it would work in principle." _________ Q: What do you get when you cross the Godfather with an economist? A: An offer you can't understand. netec.wustl.edu

To: Don Lloyd who wrote (331)	12/9/2003 12:59:07 AM
From: Wildstar	Read Replies (1) \| Respond to of 445

Don, Perhaps it might be useful to go to the heart of the matter, and come back later to these minor discrepancies. As I understand your point - 1) Consumer goods are generally cheap as the decisions for buying them are directly in the hands of consumers. 2) NFOPs are also generally cheap because they usually also serve as consumer goods, with the marginal buyer likely a consumer rather than a supplier. 3) SFOPs are not generally cheap because a suppliers have no incentive to bring down prices (during purchase of the SFOP). Wildstar